Exhibit 22-5 Daniel Company, having a fiscal year ending on December 31, discovered the following errors in 2016: · A collection of $12,000 from a customer for rent related to January, 2017, was recorded as revenue in 2016. · Depreciation was understated by $600 in 2016. · The January 1, 2015, inventory was overstated by $10,000. · The January 1, 2016, inventory was understated by $6,000. ·
Insurance premiums of $2,000 that relate to 2017 were expensed in 2016 when paid. ? Assume no other errors have occurred and ignore income taxes. ? Refer to Exhibit 22-5. Total assets at December 31, 2016, were
A) overstated by $1,400.
B) overstated by $4,600.
C) understated by $4,600.
D) understated by $1,400.
D
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The appropriated retained earnings can be returned to the unappropriated retained earnings account
a. at year end. b. the first day of the new year (reversing entry). c. when the directors decide to restrict its use. d. when the appropriation has served its purpose.
All of the following are external end users except
a. Cost accountants b. Creditors c. Stockholders d. Tax authorities
The key advantage of using syndicated data is taking advantage of the experience of the research firm offering the service
Indicate whether the statement is true or false
Intercultural communication ______.
A. is nothing to be concerned with in today’s organizations B. is similar to the grapevine C. compares one culture to another D. focuses on the behavior of two individuals’ communication patterns