Question

) 120 Balance Sheet Receivable (short arketa turm y be described best as the during the period o f the coast och as building and open has buildings and equpment Decline in the market value of an is de each paned to provide for the replacement of long-lived during the period e allocation of the flowed to expose S SEHEMU Show below is an adjusted tribales for Sandra Ce c a December 31, 2011: Sans Company Adjusted Triallalance December 31, 2011 Cash Account Receivable Office Equipment Accounts Payable Depreciation Expense $ 500 5.300 5,000 Acuted Depreciation Office Supplies Common Stock Notes Payable Retained Earnings Dividends Fees Revenue Advertising Expense Rent Expense 1.600 200 7.100 SI5.700 $15.700 17. Compute net income or loss) for 2011. S300) nd loss S200 net income $200 net income, ${200) net loss None of the above 18 Compute the ending balance in Retained Earnings as of December 31, 2011, after closing entries are made $1.200 S1600 $1.800 $1,400 None of the above 19. Compute the dollar amount the balance sheet would balance at as of December 31, 2011. $7,700 $0.200 $7.900 $8.100 None of the above Compute total current assets on the balance sheet as of December 31, 2011 S4300 $2.200 $4,600 54,800 None of the above 21. Of the following adjusting entries, which one results in an increase in liabilities? The entry to record cared portion of rent previously received in advance from a tenant and initially recorded as a liability The entry to write off a portion of unexpired insurance initially recorded as an asset. "The entry to record interest accrued on a note receivable The entry to record revenue earned but not yet collected or recorded. None of the above The CPA firm waiting Dom Company found that net income had been understated. Which of the following errors could be the cause Failure to record payment of an account payable on the last day of the year Failure to make an adjusting entry to record interest aceaed on a note receivable C entry maine

Answer 1

of net income con loss Calculation for 2011! Particolaus $amount ($) amount Expensest Depreciation Espente a 200 office supplies expense 400 Salavies Expense - 5800 {advertisement Expense poo Rent expenses 200 Dividend 200 7600(4) Income I nterest Revenue thee revenue __ 100 7100 7200(B) 400 (loss) net loss CA - B) =) .. net loss hou 2011 - 400

Balancesheet on 31 december 2011 Hequity Gliabilities Slamk_blamount common stock 5000 foretained earnings 1600 () net loss you goll (400) 1200 corvent liabilities: account payables 500 Inotes payable 1000 Harfumulared depreciation 400 1900 Total 8100 Assets agoo Current assert I cash account receivable_ I puepard vent 2100 300 4600 Inon current asserst Lottice equipment office supplies 3000 500 3500 Toral 8100

HAS per all above calculations 17 net loss for 2011 - $200 Toption -D is answer 18. Retained earnings on Dec 31, 2011 >>$1900 option - A is answer 19. Toral of balance sheet is $8100 Coption -D is and wer) 2011 Total corrent adsets 44600_Coption - cis answer) 81.17 option - B is the courect answer. Iwritting off of an asset ge gauding to insurance will leads to Amaking asset z exo cov) increase in asset.
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