Adjusted trial balance amount

Assignment Help Accounting Basics
Reference no: EM13148690

If in preparing a work sheet an adjusted trial balance amount is mistakenly sorted to the wrong work sheet column. The Balance Sheet columns will balance on completing the work sheet but with the wrong net income, if the amount sorted in error is:

a) An expense amount placed in the Balance Sheet Credit column.

b) A revenue amount placed in the Balance Sheet Debit column.

c) A liability amount placed in the Income Statement Credit column.

d) An asset amount placed in the Balance Sheet Credit column.

e) A liability amount placed in the Balance Sheet Debit column.

Reference no: EM13148690

Questions Cloud

Recognized gain and basis for bonds : Taxpayer receives stock as a gift from his uncle. The adjusted basis of the stock is $20,000 and the fair market value is $37,000. Taxpayer trades the stock for bonds with a fair market value of $35,000 and $2,000 cash. What is his recognized gain..
Compute the concentration of equal volume : Calculate the concentration of Hg2+, HgCl+, and HgCl2 that result when 1.00 L of a 0.100M Hg(NO3)2 solution is mixed with an equal volume of 0.100M HgCl2 solution.
Which situations would have the greatest biodiversity : Which of the following situations would have the greatest biodiversity?
Chance people that spend on average time on facebook : 35 people that spend on average less than 62 minutes per day on facebook? Assume this is normally distributed. Find the chances of each to decide which is more likely, and by how much.
Adjusted trial balance amount : If in preparing a work sheet an adjusted trial balance amount is mistakenly sorted to the wrong work sheet column. The Balance Sheet columns will balance on completing the work sheet but with the wrong net income, if the amount sorted in error is:
Determining basis for the new truck : Global, Inc., owns a delivery truck which initially cost $30,000. After depreciation of $15,000 had been deducted, the truck was traded-in on a new truck that cost $60,000. Global was required to pay the car dealer $20,000 in cash. What is Global'..
How many liters of carbon dioxide are produce : Assuming STP, how many liters of carbon dioxide are produce when 5.74 g of CaCO3 reacts with an excess of H3PO4
How many moles of (nh4)2so4 are present : How many moles of (NH4)2SO4 are there in 100.00 g of ammonium sulfate?  How many ammonium ions are in 100.00 grams of ammonium sulfate? Use Avogadro's number, 6.0221 x 1023 ions/mol.
Points on a utility possibility : Why do points on a utility possibility curve represent efficient allocations of resources? Why must the utility possibility curve be downward sloping.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Benefits and costs of sarbanes-oxley

What are the benefits and costs of Sarbanes-Oxley? Should Sarbanes-Oxley be reformed? What provisions would you include in a revised Sarbanes-Oxley.

  Amount of amortization at each interest payment point

Larson Company issued $500,000 of 8%, 5-year bonds at 106. Assuming straight-line amortization and annual interest payments, what is the amount of the amortization at each interest payment point?

  What is the depreciation expense for year 1

On January 1, year 1, an entity acquires a new machine with an estimated useful life of 20 years for 100,000. The machine has an electrical motor that must be replaced every five years at an estimated cost of 20,000.

  Allowances method of accounting for uncollectible receivable

Journalize the following transactions using the allowances method of accounting for uncollectible receivables.

  Discuss how the proposed constraint addresses concerns

Other than for financial statements, management need report only the information it knows. That is, management should be under no obligation to gather information it does not have, or does not need, to manage the business.

  Computing share price-dividend discount model

Colgate-Palmolive Company has just paid an annual dividend of $0.96. Analysts are predicting an 11% per year growth rate in earnings over the next five years.

  What is the amount of sj corporations loss

Jennie purchased 50 percent of the shares of SJ Corporation, a calendar year S corporation, for $7,000. She also guaranteed a corporate loan of $6,000. For 2011, SJ Corporation had an operating loss of $22,000. What is the amount of SJ Corporation..

  Consolidated diluted earnings per share

What was the amount of Stoop's earnings that should be included in calculating consolidated diluted earnings per share?

  Value-added for a merchandise company

Which of the following activities is most likely to be classified as value-added for a merchandise company?

  Conversion of the bonds problem

At the time of the conversion, the unamortized premium is $2,000, the market value of the bonds is $110,000, and the stock is quoted on the market at $60 per share. If the bonds are converted into common, what is the amount of paid-in capital in e..

  Steps in accounting cycle and items on balance sheet

What are the steps of the accounting cycle? Why is it necessary to make adjusting entries at the end of each accounting period? What would happen if all of the steps of the accounting cycle were not completed in a specific accounting period?

  Amount for consolidated financial statements

Required: Based on the above information, compute the amounts that should appear in the consolidated financial statements prepared for Barnes Company and it subsidiary, Dean Company, at year end for the following items: 1) sales; 2) cost of goods sol..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd