At January 31, the end of the first month of the year, the usual adjusting entry transferring expired insurance to an expense account is omitted. Which items will be incorrectly stated, because of the error, on (a) the income statement for January and (b) the balance sheet as of January 31? Also indicate whether the items in error will be overstated or understated
(a) Insurance expense (or expenses) will be understated. Net income will be overstated.
(b) Prepaid insurance (or assets) will be overstated. Shareholders' equity will be overstated.
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Which of the following is a tip for writing more effectively for business purposes?
A. Use passive voice. B. Construct interesting, complex sentences. C. Don't use italics or bolding in business writing. D. Start by telling what you expect of the reader. E. Use narrow margins and minimal white space.
Rita cosigned a promissory note for $500 at the Federal Credit Union for her friend Sue. Sue defaults on the note, and the credit union collects $500 from Rita on her suretyship obligation. Rita then not only gets the right to collect $500 from her but also gets the Federal Credit Union's rights against Sue.
Answer the following statement true (T) or false (F)
Solomon is currently meeting with his manager, Shayla, about his performance appraisal. He wants his nonverbal communication to convey to Shayla that he is open to her feedback. Which of the following things should he NOT do?
a. lean forward b. gesture frequently c. smile d. cross his legs
Expected customer services _____
a. are considered basic ingredients in the retail offering b. complement a store's extended offering c. are extra ingredients that add to the retail offering d. are provided to customers free of charge