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Zarrin [17]
3 years ago
13

The bookkeeper for Wildhorse Co. asks you to record the following accrual adjustments at December 31 in the tabular summary that

follows. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)
(a) Interest on notes payable of $350 is accrued.
(b) Services performed but unbilled totals $1,850.
(c) Salaries of $700 earned by employees have not been recorded.
Assets Liabilities Stockholders' Equity Accounts_ Interest Payable +Payable Sal./Wages ^ Com Stock Adjustment Receivable + Rev. Exp Div

Business
1 answer:
dsp733 years ago
6 0

Answer:

The attached file has the answer required.

Interest on notes payable will be a liability as it is accrued. It will still be accounted from the expenses however.

Services is a revenue stream that was not recorded so it will go to Accounts Receivable and Revenue.

Salaries unpaid will become a liability and an expense in the income statement.  

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Which of the following statements is FALSE?
soldi70 [24.7K]

Answer: The following statements is false: <u><em>Mutual aid and assistance arrangements and Memorandums of Understanding (MOUs) cannot be used for supplementing incident staff.</em></u>

The above statement is wrong since mutual aid, assistance arrangements and memorandums of understanding can be used for supplementing incident staff.

<u><em>Therefore, the correct option is (c).</em></u>

8 0
3 years ago
The inventory costing method that reports the earliest costs in ending inventory is:_______
nikdorinn [45]

Answer:

a. LIFO.

Explanation:

The LIFO method refers to an inventory method that means the item which is last purchased should be sold first during the period of time. So in this inventory method the earliest cost in the closing inventory should be recorded

Therefore the given situation, the correct option is a.

And, the other options are wrong

4 0
3 years ago
What are some major factors that have contributed to the recent increase in the number of lawsuits against auditors and the size
telo118 [61]

Answer and Explanation:

There are several reasons why the number of lawsuits against auditors and the size of awards to plaintiffs has increased. Mainly, <em>Certified Public Accountant (CPA) firms are most likely to solve legal issues with companies in front of inaccuracies in audits without a judicial process</em> to avoid the fees, possible penalties they will have to take charge if found at fault. Thus, more lawsuits are created under that situation because those practices are not considered legal even if the plaintiff decides to come up to a resolution that way. This is because firms could still be operating unethically unless the law enforces laws in their operations.

7 0
3 years ago
Rayya company purchases a machine for $105000 on january 1, 2019. Straight-line depreciation is taken each year for four years a
klio [65]

Answer:

                      Journal entry For Depreciation

Date        Account and explanation            Debit    Credit

July 1 Depreciation expense                 $7,500

                (105000/7)*6/12

                       Accumulated depreciation-Machine   $7,500

                 (To record Depreciation)

1)                     Journal entry

Date        Account and explanation                      Debit     Credit

July 1        Cash                                                     $45,500

                Accumulated depreciation-Machine  $67,500  

                        Machine                                                         $105,000

                        Gain on Sale of Machine                              $8,000

                (To record sale of Machine)  

2)                                 Journal entry

Date         Account and explanation                       Debit       Credit

July 1         Cash                                                      $25,000

                 Accumulated depreciation-Machine  $67,500

                  (105000/7*4.5)

                 Loss on sale of machine                      $12,500

                         Machine                                                            $105,000

                 (To record sale of Machine)

6 0
2 years ago
Suppose during the course of a year an economy produces $7 trillion of consumer goods, $1 trillion of investment goods, $5 trill
In-s [12.5K]

Answer:

D) $12 trillion.

Explanation:

GDP is the sum of all final goods and services produced in an economy within a given period which is usually a year.

GDP = Consumption + Investment + Government Spending + Net Export

Net Export = Export - Import

Net Export = $1 - $2 = -$1

GDP = $7 + $1 + $5 - $1 = $12

All calculations are in trillion

I hope my answer helps you.

4 0
3 years ago
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