The adjusted trial balance for Lasell, Inc. does not reconcile. Find the errors to reconcile the adjusted balance. Show/tell your work to correct the balance.
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- Which of the following statements is not correct? Multiple Choice The cost less the salvage value equals the depreciable base of a long-term asset. Uncollectible Accounts Expense is a contra asset account. If a firm records prepaid expense items in an expense account when they pay for them, their adjustment at the end of the period to record the unexpired portion would include a debit to an asset account and a credit to an expense account. Each adjustment for an accrued expense includes a credit to a liability account.According to AASB110, which of the following is an adjusting event? Select one: a. All of the above b. Determination after the end of the reporting period of amount of profit sharing or bonus payments c. Determination after the end of the reporting period of cost of assets purchased prior to year end d. Discovery of fraud or errors showing that the financial statements are incorrectRecord the entry to adjust asset values to fair value. Record the entry to reduce additional paid in capital balance to correct figure, to close out gain account, and to eliminate deficit. How do I do this? What part of this is the adjust asset value and what part is the deficit entry
- Which of the following would have an effect on the presentation of past years' comparable financial statements? Select one: O a. A component operation of the company is discontinued O b. Revising the estimated life of equipment Oc Correcting an error due to improper revenue recognition O d. Impairment of Goodwill Oe. Using MACRS to compute the depreciation of an asset for tax purposesABC Co.’s biological asset has a fair value less costs to sell of P 100,000 and P120,000, respectively. The year-end adjusting entry will most likely include a. a credit to unrealized gain of P 20,000 to be recognized in profit or loss b. a credit to unrealized gain of P 20, 000 to be recognized in other comprehensive income c. a debit to unrealized gain of P 20,000 to be recognized in profit or loss d. none of theseIf a P2,500 adjustment for depreciation is omitted, which of the following financial statement errors will occur? a. profit will be understated c. expenses will be overstated b. assets will be understated d. owner's equity will be overstated
- 22. Which situation indicates a loss on the income statement when preparing worksheet?A. Total debits equal total credits.B. Total credits exceed total debitsC. Total debits exceed total creditD. None of the choices 23. Which of the following is not shown in the Balance Sheet?A. RevenueB. CashC. LandD. Accounts Payable 24.In which columns of a worksheet would the adjusted balance of accumulated depreciation appear?A. Adjusted trial balance credit, Balance Sheet debit.B. Adjusted trial balance credit, income statement creditC. Adjusted trial balance debit, balance sheet debitD. Adjusted trial balance credit, balance sheet credit 26. If total credits exceed total debits in the Balance Sheet columns of a worksheet:A. A loss has occurred.B. A mistake has been made.C. A profit has occurredD. No conclusion can be drawn. 27. The components of the balance sheet equation are:A. Assets, income and owner's equity.B. Assets, liabilities and owner's equity.C. Income, expenses and profit.D.…Requirements: Determing the effect of the errors to the following: 1. 20x2 net income2. 20x3 net income3. 20x4 net income4. 20x4 retained earnings, beginning5. 20x4 retained earnings, ending6. 20x4 working capitalIndicate with the appropriate letter the nature of each situation described below: Type of Change PR PP E Change in principle reported retrospectively Change in principle reported prospectively Change in estimate Change in estimate resulting from a change in principle Change in reporting entity EP R N Not an accounting change Situation 1. Change from declining balance depreciation to straight-line. 2. Change in the estimated useful life of office equipment. 3. Technological advance that renders worthless a patent with an unamortized cost of $45,000. 4. Change from determining lower of cost or net realizable value (LCNRV) for the inventories by the individual item approach to the aggregate approach. 5. Change from LIFO inventory costing to the weighted-average inventory costing. 6. Settling a lawsuit for less than the amount accrued previously as a loss contingency. 7. Including in the consolidated financial statements a subsidiary acquired several years earlier that was appropriately…
- Multiple choice: 1. If the adjustment for Supplies used during the period was not made: A. Expense would be too low. B. Asset Office Supplies would be too low. C. Expenses would be too high. D. Revenue would be too high. 2. After the adjustment for Depreciation has been made, the original cost of the Equipment: A. Increases with a Credit. B. Decreases with a Debit. C. Remains the same. D. None of these answers are correct.Which of the following types of errors will not self-correct in the next year? Accrued expenses not recognized at year-end Accrued revenues that have not been collected not recognized at year-end Depreciation expense overstated for the year Prepaid expenses not recognized at vear-end. XYZ Inc. changes its method of valuation of inventories from weighted-average method to first-in, first-out (FIFO) method. XYZ Inc. should account for this change as (a) A change in estimate and account for it prospectively. (b) A change in accounting policy and account for it prospectively. (c) A change in accounting policy and account for it retrospectively. (d) Account for it as a correctio