It is very easy to find papers on the internet/web and use them as my own.

Quinlan-Cohen, Inc., publishers of movie and song trivia books, made the following errors in adjusting the accounts at year-end

saw5 [17]

Answer:

Quinlan-Cohen, Inc.

1-a. Adjusting journal entry made:

d. Debit Interest Expense $21,000

Credit Interest Expense Payable $21,000

Which recorded the full year of accrued expense.

1-b. Adjusting journal entry that should have been made:

a. Debit Rent Receivable $1,000

Credit Rent Revenue $1,000

To accrue rent.

b. Debit Depreciation Expense - Equipment $15,000

Credit Accumulated Depreciation - Equipment $15,000

To record depreciation expense for the period.

c. Debit Unearned Fee Revenue $1,500

Credit Fee Revenue $1,500

To record Earned Fee Revenue for the year.

d. Debit Interest Expense $3,500

Credit Interest Expense Payable $3,500

To accrue interest expense for the year (2 months).

e. Debit Insurance Expense $620

Credit Prepaid Insurance $620

To record insurance expense for the year.

2. Indication of the effect of each error and the amount of the effect:

Assets = Liabilities + Stockholders' Equity; Revenues - Expenses = Net Income

a. Assets $1,000 U = Liabilities + Stockholders' Equity $1,000 U

b. Assets $15,000 O = Liabilities + Stockholders' Equity $15,000 O

c. Assets = Liabilities $1,500 O + Stockholders' Equity $1,500 U

d. Assets = Liabilities $17,500 O + Stockholders' Equity $17,500 U

e. Assets $620 O = Liabilities + Stockholders' Equity $620 O

Explanation:

The accounting equation shows that with each transaction, Assets are always equal to Liabilities + Stockholders' Equity. This is illustrated with the above adjustments made.

8 0

4 years ago

What is the level of measurement where outcomes are based on some underlying continuum where it is possible to speak about how m

arlik [135]

The answer is interval level of measurement. In this level of measurement, the distance or space between points does have significance. For instance, when we measure temperature (in Fahrenheit), the distance from 80-90 is similar as the distance from 100-110. Thus, the interval between values is interpretable.

4 0

3 years ago

Which goal is an example of a measurable goal? wyd

Ket [755]

A measurable goal is one you can see the progress/ know you’ve reached it when __

7 0

4 years ago

The automobile will not remain the primary source of transportation true or false

Ivenika [448]

I think the correct answer would be false. The automobile will remain the primary source of transportation. As we can see today, almost all of the people use automobile to go to different places. As we see in the road, different vehicles are present. Also, the automobile industry, recently, is a booming industry. We have different models, colors, brands and specifications of the vehicles. I think the use of automobiles as the primary source of transportation would still go for many years as it is the most convenient and comfortable transportation as compared to others like bicycle, train and motorcycle.

8 0

3 years ago

Structuring a Keep-or-Drop Product Line Problem with Complementary Effects Shown below is a segmented income statement for Hicko

MAVERICK [17]

Answer:

Contribution margin for :

STRIP PLANK Income Statement

$ 360,000 $ 190,000 Total Net Sales

-$ 225,000 -$ 120,000 Variable Cost

$ 135,000 $ 70,000 Contributing Margin

It's more effective to keep the parquet product line, the company get

an extra return of $5,000.

Explanation:

With all the product line operating these are the results:

STRIP PLANK PARQUET Total Income Statement

$ 400,000 $ 200,000 $ 300,000 $ 900,000 Total Net Sales

-$ 225,000 -$ 120,000 -$ 250,000 -$ 595,000 Variable Cost

$ 175,000 $ 80,000 $ 50,000 $ 305,000 Contributing Margin

-$ 5,000 -$ 20,000 -$ 50,000 -$ 75,000 Machine Rent

-$ 15,000 -$ 10,000 -$ 20,000 -$ 45,000 Supervision

-$ 35,000 -$ 10,000 -$ 25,000 -$ 70,000 Depreciation

$ 120,000 $ 40,000 -$ 45,000 $ 115,000 Segment Margin

If the company keeps the parquet line will get worst result during the year.

STRIP PLANK PARQUET Total Income Statement

$ 360,000 $ 190,000 $ 0,000 $ 550,000 Total Net Sales

-$ 225,000 -$ 120,000 $ 0,000 -$ 345,000 Variable Cost

$ 135,000 $ 70,000 $ 0,000 $ 205,000 Contributing Margin

-$ 5,000 -$ 20,000 -$ 10,000 -$ 35,000 Machine Rent

-$ 15,000 -$ 10,000 $ 0,000 -$ 25,000 Supervision

-$ 35,000 -$ 10,000 $ 0,000 -$ 45,000 Depreciation

$ 80,000 $ 30,000 -$ 10,000 $ 100,000 Segment Margin

6 0

4 years ago