posted by Bonnie

Analyze the following separate errors and describe how each would affect the 10-column work
sheet Below. Explain whether the error is likely to be discovered in completing the work sheet and, if
not, the effect of the error on the financial statements.
a. Assume that the adjustment for supplies used consisted of a credit to Supplies for $3,200 and
a debit for $3,200 to Supplies Expense.
b. When the adjusted trial balance in the work sheet is completed, the $17,500 Cash balance is
incorrectly entered in the Credit column.

Balance sheet as of June 30, 2005

Property, plant equiptment $97, 250

Prepaid insurance $2,300
Supplies $3,200
Cash $17,500

Total Assets $120,250

Long term notes payable $19,000
Accounts payable $6,350
Interest payable $240
Rent payable $200
Wages payable $1,600
Property taxes payable $900
Long term notes payable (current portion) $5,000
Total Liabilities $33,290

S.Adams capital $77,600
S. Adams withdrawls ($30,000)
Net Income $39,300
Total Liabilities and Owners Equity $120,250

Respond to this Question

First Name

Your Answer

Similar Questions

  1. Propagating error

    Find the absolute and percent relative error for each calc. b) 81.5 (+/- 0.5) x 40.2 (+/- 0.2)/ 21.8 (+/- 0.2) my answer for absolute error was 150. +/- 200, which is outrageous. Can someone show how they would do it so I can compare …
  2. ashworth college

    In completing the work sheet, what is the reason for adding the net income for the year to the balance sheet credit column total It helps to put a subject in the subject box. In completing the work sheet, what is the reason for adding …
  3. accounting

    Ok, the case is this. Six months ago, you closed your business. Now, a person has expressed an interest in acquiring the business. The potential buyer requests a current balance sheet, but you provide her with the one that was prepared …
  4. Accounting

    Complete the six-column table by entering adjustments that reflect the following information: a. As of December 31, 2005, employees had earned $900 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,600 …
  5. Chemistry

    Experiment 10: Which Fuels provide the most heat?
  6. psych

    Give some background information on your hypothetical observational study - describe the setting that you would use for your observational study, why you are interested in this study and what you hope to learn. (2) Explain whether …
  7. Financial Accouting

    Prepare a 10-column work sheet for fiscal year 2005, starting with the unadjusted trial balance and including adjustments based on these additional facts: a. The supplies available at the end of fiscal year 2005 had a cost of $3,200. …
  8. Sentence Agreement Errors

    What agreement error would this sentence be?
  9. Accounting

    Assume that Esquire consulting erroneously recorded the payment of $30,000 of dividends as salary expense. How would this error affect the equality of the accounting equation?
  10. physics

    Perform error analysis on the following formulas: (a)∆ = áô, with errors á on and ô (b)r = 1/C, with an error on C (c)r = 1/n, with an error on n (d)k = Cd/åA , with errors on C, d and A

More Similar Questions