During an audt of Madison Company's December 31, 2020 records it was discovered that the company đid not accurately accrue for $12.500 of depreciation expense. The accrual of interest expense of $4,500 was also omited. These errors occurred in 2019 and have a material impact on Madison's financial records. Madison's net income for the year was $123,000. The company is subject to a 35% tax rate. The company had a retained earnings balance of $557,500 on January 1, 2020. No dividends were paid Required: 1. Prepare the necessary journal entries to correct the accounting records of Madison Company's books 2. Prepare the statement of retained earnings for 2020
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- Opline Test Window- Google Chrome tests.mettl.com/test-window/f55ac827%#/testWindow/0/21/1 EY Accounting Assessment 0 Total 00:54:18 Finish Test Section 1 of 1 Section #1 v 15 16 17 18 19 20 21 22 24 23 25 22 of 45 All 2 43 Question # 22 Revisit Choose the best option Suppose that an entity has paid one of its liabilities twice during the year, in error The effects of this O Assets, liabilities, and equity are understated. mistake would be O Assets, net income, and equity are unaffected. O Assets and liabilities are understated. O Assets and net profit and equity are understated, and liabilities are overstated. Next Question Prev Question -91-82878-03040 Zaineh Support +1-650-924-9221 4:14 PM metti 1/16/2021Test2 Intermediate Accounting - Word (Product Activation Failed) NSERT DESIGN PAGE LAYOUT REFERENCES MAILINGS REVIEW VIEW Times New Ro - -A A Aa - AaBbCcl AaBt AaBbC AaBbCel AaBbCcl AaBbCc) AaBbCc IU-abe x, x A - *- A- ====- Emphasis THeading 1 THeading 3 THeading 6 1 Normal Strong Subtitle Font Paragraph December 31 Styles Assets 2010 2009 Cash Accounts receivable $73,000 85,000 170,000 75,000 260,000 (66,000) $ 22,000 76,000 189,000 100,000 200,000 (32,000) Inventories Land Equipment Accumulated depreciation Total $597,000 $555,000 Liabilities and Stockholders' Equity $ 39,000 Accounts payable Bonds payable Common stock ($1 par) Retained earnings $ 47,000 150,000 216,000 192,000 $597,000 200,000 174,000 134,000 $555,000 Total Additional information: 1. Net income for 2010 was $103,000. 2. Cash dividends of $45,000 were declared and paid 3. Bonds payable amounting to $50,000 were redeemed for cash $50,000. 4. Common stock was issued for $42,000 cash. 5. No equipment was sold during…Online Test WMindow Gooale Chrome A tests.mettl.com/test-window/f55ac827#/testWindow/0/9/1 EY Accounting Assessment O Total 00:55:24 Finish Test Section 1 of 1 Section #1 v 12 (3 7. 10 11 10 of 45 All 2 43 Question # 10 Revisit Choose the best option O Differences between net income and associated cash receipts and disbursements. The primary purpose of a statement of cash flows is to provide relevant information about O An enterprise's ability to generate future positive net cash flows. O The cash receipts and cash disbursements of an enterprise during a period. OAn enterprise's ability to meet cash operating needs. Prev Question Next Question +91-82878-03040 Zaineh | Support +1-650-924-9221 4:13 PM 1/16/2021 meiti
- Profiles Tab Window Help A CengageNOWv2 | Online teach x K Counseling eAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false MLA Citation Gen. Spinbot.com - Arti. Plagiarism Checke.. edunav cenage Inflaor 围 eBook Show Me How Retained earnings statement Instructions Labels and Amount Descriptions Retained Earnings Statement Instructions Financial information related to Healthy Products Company for the month ended November 30, 2018, is as follows: Net income for November $160,000 Cash dividends paid during November 23,500 Retained earnings, November 1, 2018 371,000 1. Prepare a retained earnings statement for the month ended November 30, 2018. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. 2. Why is the retained earnings statement…in CengageNOWv2| Online teachi x Cengage Learning 8-1 Problem Set: Module Eight X how.comn/akeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=D&inprogress3false eBook Show Me How Changes in Current Operating Assets and Liabilities-Indirect Method Covington Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $15,300 Inventory 66,500 67,200 Accounts payable 20,100 0098 Dividends payable 000' Adjust net income of $84,200 for changes in operating assets and liabilities to arrive at net cash flow from operating activities. ( Previou: Check My Work レ AD 12tests.mettl.com/test-window/f55ac827#/testWindow/0/16/1 EY Accounting Assessment O Total 00:54.47 Finish Test Section 1 of 1 Section #1 v 10 11 12 13 14 15 16 17 18 19 20 17 of 45 All 2 43 Question # 17 G Revisit Choose the best option Which of the following formula best describes the acid test or quick ratio? Current assets: Current liabilities. Debtors: Creditors O (Current assets stock) Current liabilities. O Current assets: (Current liabilities - bank overdraft). Frev Cueston Next Question +91-82878-03040 Zaineh | Support +1-650-924-9221 metil 413 PM 1/16/2021 Type here to search
- ngageNOWv2 | Online teachin x Chapter 4 Corporate Financial Ac x + /ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false ☆ E 1 Welcome - Login.gov Sign in to your acco... Control Center Part 9: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete parts 1, 2, 3, 4, 6, 7 and 8 before completing part 9. Part 5 is optional. Part 9: Prepare the closing entries below. Then, using the attached spreadsheet from part 2, post the entries to your general ledger. If an amount box does not require an entry, leave it blank. Date Account Name Post. Ref. Debit Credit 20Y8 Closing Entries May 31 Fees Earned 40,000 ✓ 0 ✓ 1,705 ✓ 0✔ 0✓ 1,600 ✔ 0 ✓ 1,370 ✔ 0✓ 330 0✔ 275 ✓ 1,295 ✔ 33,425 ✔ 0 10,500 < Previous Next Email Instructor Save and Exit Submit Assignment for Gradin 10:53 PE -- 6/13/202 WIS V…O Mail - Edjouline X E Content - ACG2 X * CengageNOW. X O (58) YouTube * from Towards a X m/ilm/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inpro. Q < ☆ STIOW Me TOW Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $410,000; Allowance for Doubtful Accounts has a credit balance of $3,500; and sales for the year total $1,850,000. Bad debt expense is estimated at 3/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Debit (Credit) Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. Check My Work Previous Next V O 11:51onnect Deep Inte X ex.html?_con=con&external_browser=0&launch Url=https%253A%252F%252Flms.mheducation.com%252Fmghmiddleware%2 Exercise 3-8 (Algo) Balance sheet; current versus long-term classification [LO3-2, 3-3] Cone Corporation is in the process of preparing its December 31, 2021, balance sheet. There are some questions as to the proper classification of the following items: a. $54,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2025. b. Prepaid rent of $28,000, covering the period January 1, 2022, through December 31, 2023. c. Notes payable of $208,000. The notes are payable in annual installments of $24,000 each, with the first installment payable on March 1, 2022. Question 5 Chapter 3 Exercises X d. Accrued interest payable of $16,000 related to the notes payable. e. Investment in equity securities of other corporations, $88,000. Cone intends to sell one-half of the securities in 2022. Required: Prepare the asset and liability sections of a…
- IOWv2 | Online teachin X + ssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Your... Startup Opportuniti. V How brands are co... A Assignment Practic... A COVID-19 Student. C20-128PR01-2016... O Final Exam Review -.. During the current year, Sokowski Manufacturing earned income of $332,760 from total sales of $5,640,000 and average capital assets of $12,000,000. A. Based on this information, calculate asset turnover. If required, round your answer to two decimal places. times B. Assume sales margin is 5.9%, what is the total ROI for the company during the current year?. If required, round your answer to one decimal place. %Online Test Window-Google Chrome tests.mettl.com/test-window/f55ac827#/testWindow/0/20/1 EY Accounting Assessment Total 00:54:23 Finish Test Section 1 of 1 Section #1 v 15 16 17 18 19 20 21 23 24 22 25 21 of 45 All 2 43 Question # 21 G Revisit Choose the best option Under the accrual basis of accounting, if cash is received prior to the sale, then. Revenue is recognized when cash is received O A liability is recognized when cash is received O A liability is removed from the system when the cash is received O Revenue is removed from the system when the services have been performed or the goods have been delivered. Next Question Prev Question +91-82878-03040 Zaineh | Support +1-650-924-9221 4:14 PM meti gRへコ伝り) A 1/16/2021 Tyne here to searchgeNOWv2 | Online teachin x + eAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false * O cel You.. F Startup Opportuniti. V How brands are co.. Assignment Practic... A COVID-19 Student.. C20-128PRO1-2016.. Final Exam Review -. G Professional Certific. Falkland, Inc., is considering the purchase of a patent that has a cost of $51,000 and an estimated revenue producing life of 4 years. Falkland has a cost of capital of 12%. The patent is expected to generate the following amounts of annual income and cash flows: Year 1 Year 2 Year 3 Year 4 Net income $5,100 $6,500 $6,300 $3,000 Operating cash flows 17,000 18,300 18,450 15,100 (Click here to see present value and future value tables) A. What is the NPV of the investment? Round your present value factor to three decimal places and final answer to the nearest dollar. B. What happens if the required rate of return increases? If the required rate of return increases, Previous Next