E3-19A – Overstatement or Understatement
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
Calculate the overall overstatement or understatement of net income.
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Calculate the overall overstatement or understatement of net income.
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Calculate the amounts that have been left blank for each situation.
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Given the information on the company, prepare closing entries, find how much net income the company earned, and prepare a T-account.
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Given the adjustments, prepare the adjusting entries along with the overstatement or understatement if the adjustments weren’t made.
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Given the financial statements for the business just started – create the corrected income statement, statement of retained earnings, and balance sheets.
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Given the adjusted trial balances for the corporation – figure out what you would report on the income statement for sales revenue, insurance expense, and operating expenses.
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Given the reported ratios and the completed transactions – figure out if those transactions benefited or harmed the company.
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Given information regarding items that need further consideration for financial statements… determine the adjusted amount of net income at year-end.
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Show the adjusting entries that were made for supplies, prepaid insurance, salaries payable, and deferred revenue on December 31.
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NOTE: This solver answers TWO separate Huskies problems! The second calculator is below the first one! Involves two questions. First question gives a list of transactions where you need to record adjusting entries at year-end. Second question gives you a list of transactions where you need to calculate the effect on net income.
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