Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Omission of Accruals and Prepayments
The Dudley Company failed to recognize the following accruals. It also recorded the prepaid expenses and unearned revenues as expenses and revenues, respectively, in the year of payment or collection.
2006
2007
2008
Prepaid expenses
$500
$900
$1,100
Accrued expenses
800
700
950
Revenue received in advance
300
400
1,300
Revenue earned but not received
600
1,000
1,200
The reported pretax income was $20,000 in 2006, $25,000 in 2007, and $23,000 in 2008.
Required
1. Compute the correct pretax income for 2006, 2007, and 2008.
2. Prepare the journal entries necessary in 2008 if the errors are discovered at the end of that year. Ignore income taxes.
3. Prepare the journal entries necessary in 2009 if the errors are discovered at the end of that year. Ignore income taxes.
Suppose a consumer has a daily income of $100 and purchases just two goods A and B. The price of good A is $5 and the price of good B is $4.
David organizes White Corporation with a transfer of land (basis of $200,000, fair market value of $600,000) that is subject to a mortgage of $150,000.
winston industries and ewing inc. enter into an agreement that requires ewing inc. ton build three diesel-electric
Analyze major technological innovations from the last five (5) years to determine the most significant innovation for entrepreneurs. Provide specific examples of how this new technology has encouraged new business creation or growth.
Prepare a budget showing the quantity of switches to be purchased each month for January, February, and March and in total for the quarter.
Analyze the transactions using the table column headings. Enter the number of each transaction in the Item column, and enter the amounts in the appropriate columns. For amounts in the Other Accounts column, also indicate the account title.
the andrew jackson corporation a manufacturer of the hickory walking sticks made of hickory gathered the following
Provide an explanation of how adjusting the discount rate in the basic NPV model of capital budgeting deals with the problem of project risk.
Calculate the cost per equivalent unit for labor assuming that labor is added uniformly throughout the production process.
chiks chickens has average accounts receivables of 5433. sales for the year were 8900.00. what is its average
in its first month of operations literacy for the illiterate opened a new bookstore and bought merchandise in the
outside products company bought inside products division in 2012 and appropriately recorded 700000 of goodwill related
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd