Which as a result of the error

Assignment Help Accounting Basics
Reference no: EM132688358

Problem 1: In preparing its 2018 adjusting entries, the Billabong Company neglected to adjust the Office Supplies (asset) account for the amount of supplies used up during the year. As a result of this error:

Select one:

a. 2018 profit is overstated, the balance of equity is overstated, and assets are correctly stated
b. 2018 profit is overstated, the balance of equity is overstated, and assets are overstated
c. Liabilities are understated
d. 2018 profit is understated, the balance of equity is understated, and assets are understated

Reference no: EM132688358

Questions Cloud

Discuss how cultural and literacy issues : Discuss how cultural and literacy issues can impact the effectiveness of a HazCom training program. Suggest ways that these issues can be addressed.
How important is hazcom training in the big picture : How important is HAZCOM training in the big picture of things? You know, as a single parameter within an EH&S system for a company,
Record unrealized holding gain of loss for available : Record the unrealized holding gain or loss for held to maturity security. Record the unrealized holding gain of loss for available for sale
Which at the end of the first year the adjusting entry : $17 000 which is to be depreciated by 20% a year. At the end of the first year the adjusting entry to record depreciation is which of the following?
Which as a result of the error : Billabong Company neglected to adjust the Office Supplies (asset) account for the amount of supplies used up during the year. As a result of this error
Calculate the fund assessable income from investments : Calculate the fund's assessable income from investments for the 2017/18 tax year. Unfranked Dividends from listed companies$ 12,450
Health promotion program : Identify the health promotion programs that you would want to investigate and get them approved by your instructor.
Write a procedure that takes a date and outputs : Write a function which will determine whether a teacher exists. If the teacher table does not contain that teacher ID, return a FALSE value, otherwise return
Which example of a question raised by an external decision : Which example of a question raised by an external decision maker is? What will be the effect of increasing the selling price? / Is business financially sounds?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the raw material cost for one bottle

Using the preceding data, calculate the raw material cost for one bottle of the new cleaner. Explain the process that would be used to develop direct labor cost

  Analysis of given ratios robbins company is a wholesale

Using the ratios provided, what conclusion(s) can be drawn regarding the company's net investment in plant and equipment?

  Compute the contribution margin ratio

Compute the contribution margin ratio and use it to find the break-even point in sales dollars.

  What is the cost to retail percentage for the inventory

Calculate the inventory value at the end of 2011 and 2012 using the dollar-value LIFO retail method.

  Prepare an income statement

Analyze the above information and prepare an income statement for the year 2012, starting with income from continuing operations before income tax

  Prepare the entries necessary to record the encumbrance

The invoice was approved for payment because the purchase order allowed for price increases up to 5 percent. The invoice was paid on August 30. Prepare the entries necessary to record the encumbrance, approval for payment of the invoice, and payme..

  Examine the denominator-level capacity concepts

What denominator-level capacity concepts emphasize the output a plant can supply? What denominator-level capacity concepts emphasize the output customers.

  How much payments are deductible as alimony

Hillary gets divorced in 2016 and is required to pay her ex-spouse $200 per month. How much payments are deductible as alimony

  The following information is available for the abc company

the following information is available for abc company for the first month of the year.

  Compute the contribution margin ratio

Jorge Company bottles and distributes B-Lite, a diet soft drinks. Compute the contribution margin ratio and the margin of safety ratio

  Determine what is the labor quantity variance

Determine What is the labor quantity variance? A negative number indicates an favorable variance and a positive number indicates an unfavorable variance.

  Prepare an operating budget for the first quarter

ACT507 ACCOUNTING FOR MANAGERS ASSIGNMENT. Prepare an operating budget for the first quarter with the following schedules: Sales budget

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