For the year ending November 30, 2010, Towson Medical Services Co. mistakenly omitted adjusting entries for (1)
Question:
(1) $1,430 of supplies that were used,
(2) Unearned revenue of $11,150 that was earned, and
(3) Insurance of $6,000 that expired. Indicate the combined effect of the errors on
(a) Revenues,
(b) Expenses, and
(c) Net income for the year ended November 30, 2010.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 31% (19 reviews)
a Revenues are understat...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
Students also viewed these Accounting questions
-
For the year ending June 30, 2012, Aspen Medical Services Co. mistakenly omitted adjusting entries for (1) $2,100 of supplies that were used, (2) unearned revenue of $13,900 that was earned, and (3)...
-
For the year ending June 30, 2008, Ambulatory Medical Services Co. mistakenly omitted adjusting entries for (1) $1,034 of supplies that were used, (2) Unearned revenue of $6,481 that was earned, and...
-
For the year ending April 30, 2016, Urology Medical Services Co. mistakenly omitted adjusting entries for (1) $1,400 of supplies that were used, (2) Unearned revenue of $6,600 that was earned, (3)...
-
A gaseous mixture consists of 80.0 mole percent N2 and 20.0 mole percent O2 (the approximate composition of air). Suppose water is saturated with the gas mixture at 25C and 1.00 atm total pressure,...
-
Modern medical practice tells us not to encourage babies to become too fat. Is there a positive correlation between the weight x of a 1-year-old baby and the weight y of the mature adult (30 years...
-
Consider the following regression: i = - 66.1058 + 0.0650 Xi r2 = 0.9460 se = (10.7509) ( ) n = 20 t = ( ) (18.73) Fill in the missing numbers. Would you reject the hypothesis that true B2 is zero at...
-
Why would a founder decide to form a membership organization rather than choosing a self - perpetuating board? When might this structure be essential? When might it be an unnecessary challenge?
-
On February 28, 2012, Starfish Corp. issues 10%, five-year bonds payable with a face value of $1,200,000. The bonds pay interest on February 28 and August 31. Starfish Corp. amortizes bonds by the...
-
After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2021, unadjusted trial balance of Business Solutions (reflecting its...
-
Consider the data for Business Weeks top U.S. MBA programs in the MBA Data sheet of the file P10_21.xlsx. Use these data to estimate a multiple regression model to assess whether there is a...
-
For the year ending February 28, 2009, Samaritan Medical Co. mistakenly omitted adjusting entries for (1) Depreciation of $4,100, (2) Fees earned that were not billed of $15,300, and (3) Accrued...
-
For each of the following errors, considered individually, indicate whether the error would cause the adjusted trial balance totals to be unequal. If the error would cause the adjusted trial balance...
-
Short-term interest rates are more volatile than long-term rates. Despite this, the rates of return of long-term bonds are more volatile than returns on short-term securities. How can these two...
-
This week will be an exercise in searching for and reading cases. Go to Google Scholar. Below the search bar, choose Legal Documents. You can then search a topic of your choice (e.g. "cats"). The...
-
Data are as follows: Beginning inventory balances for WIP and Finished Goods inventory are P 67,000 and P 54,000, respectively. Ending balances of raw materials, WIP and Finished goods inventory are...
-
Hope Company uses a process costing. In Department B, conversion costs are incurred evenly during the process (FIFO method). Materials are added following inspection, which occurs at the 90% state of...
-
Cellular Montana Alta is a business managed by Maneco and Viroldo. The average sales price of cell phones is $ 765.00. The average variable cost per unit is $ 255. For each unit sold, sellers are...
-
Problem 2 - GSW owns 20% in JV Inc. and uses the equity method to account for its interest in the joint venture. GSW has joint control over the JV Inc. In 2019, GSW sold inventory to JV Inc. for P...
-
Calculate the interquartile range for each of the following sets of data: a. \(1,2,2,3,4,5,7,10\) b. \(21,8,17,7,12,19,5,12\) c. \(6,9,5,14,3,15,19,7,13,6,8,5\) d....
-
D Which of the following is considered part of the Controlling activity of managerial accounting? O Choosing to purchase raw materials from one supplier versus another O Choosing the allocation base...
-
Throughout the system development and implementation project, the IT auditor will make control recommendations to management resulting from identified findings. Explain why recommendations from IT...
-
What is the likely limitation of general-purpose financial statements?
-
In what way is the Securities and Exchange Commission concerned about and supportive of accounting principles and standards?
-
In what way is the Securities and Exchange Commission concerned about and supportive of accounting principles and standards?
-
1. Suppose that Thomas Lee's insurer views him as having the following loss distribution: $6000000 h 0.01 $100000 h 0.02 $30000 h 0.03 = {$0 h 0.94 Claim payments are not expected to be paid until...
-
Frontier Fabrics has a workers' compensation premium rate of $3.71 per $100.00 of assessable payroll. Based on an actual assessable payroll of $178,900.00 for the previous year, calculate the...
-
A dentist wondered if his appointments were distributed evenly from Monday to Friday each week. He took a random sample of 500 appointments and recorded which day of the week they were booked for....
Study smarter with the SolutionInn App