Reference no: EM13823041
An Accountant made the following adjustment at December 31, the end of the accounting period:
a. Prepaid insurance , beginning , $600. Payments for insurance during the period $2,400. Prepaid insurance ending $700
b. Interest revenue accrued $2,600
c. Unearned service revenue beginning $1,700. Unearned service revenue, ending $500
d. Depreciation, $5,800
e. Employee's salaries owed for two days of a five day work week; weekly payroll, $20,000
f. Income before income tax $21,000. Income tax rate is 35%
Requirements
1. Journalized the adjusting entries
2. Suppose the adjustment were not made. Compute the overall overstatement or understatement of net income as a result of the omission of their adjustments.
|
Reserve expands and contracts the money supply
: Describe why the Federal Reserve expands and contracts the money supply. Describe the four ways the Fed accomplishes this task. Make sure to discuss how each of the methods accomplishes the intentions of the Fed. Which method(s) is most important/des..
|
|
Write a review milestones in motor development
: Write a Review "Milestones in Motor Development," Based on the information you have learned from the Learning Resources.
|
|
Fixed overhead volume variance for the month
: The Fitzgerald Company reported the following information for 2014: Budgeted fixed overhead for the year - $300,000. The fixed overhead volume variance for the month of August would be:
|
|
Consider an electric dipole on the x-axis
: Consider an electric dipole on the x-axis
|
|
Overall overstatement or understatement of net income
: An Accountant made the following adjustment at December 31, the end of the accounting period: Prepaid insurance , beginning , $600. Payments for insurance during the period $2,400. Prepaid insurance ending $700. Journalized the adjusting entries. S..
|
|
Evaluation of effectiveness of firm business level strategy
: Evaluation of effectiveness of firm's business level strategy. Identification and VRI analysis of firm important resources, capabilities, and sources or bases of firm's business-level strategy and evaluation of associated advantages, potential for ..
|
|
Benefits of business analytics
: Business analytics can provide a significant benefit to organizations. If the organization utilizes business analytics and analyzes the data correctly, they will be able to make informed decisions that will benefit the organization in many ways.
|
|
Discuss the defenses that an employer may raise to a osha
: Define and discuss the defenses that an employer may raise to a (OSHA) citation. Give some examples of case law in your response.
|
|
Determine the equipments book value
: The business has interest expense of $3,600 that it must pay early in January 2015. Interest revenue of $4,100 has been earned but not yet received. Equipment was purchased at the beginning of this year at a cost of $60,000. The equipment’s useful li..
|