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SIZIF [17.4K]
3 years ago
5

Cortina Company accumulates the following adjustment data at December 31. Indicate (1) the type of adjustment (prepaid expense,

accrued revenue, and so on) and (2) the status of the accounts before adjustment (overstated or understated). (Enter your answers in alphabetical order.) Item (1) Type of Adjustment (2) Accounts Before Adjustment a. Supplies of $400 are on hand. Supplies account shows $1,600 balance. select the type of adjustment select the status of the accounts before adjustment select the status of the accounts before adjustment b. Services performed but unbilled total $700. select the type of adjustment select the status of the accounts before adjustment select the status of the accounts before adjustment c. Interest of $300 has accumulated on a note payable. select the type of adjustment select the status of the accounts before adjustment select the status of the accounts before adjustment d. Rent collected in advance totaling $1,100 has been earned.
Business
1 answer:
romanna [79]3 years ago
5 0

Answer:

Cortina Company

Indication of the type of adjustment and the status of the accounts before the adjustment:

Type of adjustment (prepaid           Status of the accounts before the

expense, accrued revenue, etc.)      adjustment:

a. Usage adjustment                        Supplies Overstated by $1,200

b. Accrued Revenue                        Service Revenue understated by $700

c. Accrued Expense                         Interest Expense understated by $300

d. Earned Revenue                          Rent Revenue understated by $1,100

                                                          and Deferred Revenue overstated by

                                                          the same amount.

Explanation:

Cortina Company must recognize all revenue and expenses, whether cash has exchanged hands or not, provided they have been earned or incurred within the stated accounting period.  This is in accordance with the accrual concept and the matching principle of generally accepted accounting principles.

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drek231 [11]

Answer:

$62,000

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Calculation to Determine Barnaby's basis at the end of the tax year

Using this formula

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Let plug in the formula

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Ending tax year Barnaby's basis in the partnership =$50,000 + $3,000 + $20,000 + $1,000 - $12,000

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5 0
3 years ago
Widgets Inc. is a vendor who supplies machine parts to an appliance manufacturing company. In return, Widgets Inc. relies on the
WARRIOR [948]

Answer:

external stakeholder

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In the case case study, Widgets Inc. acts as a vendor for the appliance manufacturing company by supplying machine parts. Widgets Inc. is outside the appliance manufacturing company but is affected by the company as its revenue depends on the appliance manufacturing company. Thus, Widgets Inc. is an external stakeholder for appliance manufacturing company.

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A service contract for a video projection system costs $90 a year. You expect to use the system for three years. Instead of buyi
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Answer:

$245.09

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The risk which is incurred between entrepreneur and inventor is that, entrepreneur undergoes huge financial risks because a lot of money is being invested while inventor has low financial risk since there is no big investment which is being required.


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