Answer:
D
Explanation:
This will help her develop journalism skills at a younger age
Answer and Explanation:
The preparation of the operating activities section is presented below:
Cash flows from operating activities
Net income $374,000
Adjustments made
Add: Depreciation $44,000
add: Amortisation expanses $7,200
Add: Accounts receivable decrease $17,100
Add: Inventory decrease $42,000
Less: Prepaid expense increase -$4,700
Less: Accounts payable decrease -$8,200
Add: Wages payable increases $1,200
Less: Gain on sale of machinery -$6,000
Net cash provided by operating activities $466,600
Answer:
a. The Debit column is correctly stated.
b. The Credit column is understated by $17,300 ($8,650 * 2).
c. The Automobiles account balance is correctly stated in the trial balance.
d. The Accounts Payable account balance is understated in the trial balance by $17,300 ($8,650 * 2).
e. If the Debit column total of the trial balance is $200,000 before correcting the error, the total of the Credit column before correction is $182,700.
Explanation:
This mistake is an Error of Commission. It is a problem of arithmetical accuracy, for example, posting to the wrong side of one ledger account. In this case, the Accounts Payable should have been credited with the amount of $8,650. As an arithmetic error, it can only be corrected by doubling the affected amount on the Credit side of the Accounts Payable account.
Answer:
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Explanation:
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