Reference no: EM132494320
Questions -
Q1. During the year, the Jackson Company reported a decrease in liabilities of $32,400. For the year, revenues were $118,300, expenses were $197,900, and dividends were $7,000. During the year, $37,000 in common stock was issued. There were no other changes in equity. What was the decrease in assets for the year?
a. $68,000
b. $17,200
c. $82,000
d. $91,200
e. $156,000
Q2. The Piepon Corp. recorded the accrual of an expense by debiting Prepaid Expense and crediting Accounts Payable. What is the effect of the error on Assets and Net Income, respectively?
a. Understated, No error
b. Overstated, Overstated
c. Understated, Overstated
d. Overstated, No error
e. Understated, Understated
Q3. The Taylor Company reported 2014 Final Net Income of $500. The tax rate is 20%.
The 2014 Pre-tax Net Income is:
a. $650
b. $583
c. $520
d. $600
e. $625
Q4. The Packard Company fails to record depreciation at year-end. Indicate the error on the Asset Book Value and Retained Earnings, respectively.
a. No error, Overstated
b. No error, Understated
c. Overstated, Overstated
d. Overstated, No error
e. Overstated, Understated
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