Indicate what impact the following adjustments have on the accounting equation, Assets Liabilities Equity (assume normal balances) A B C D Prepaid Insurance adjusted from $5,000 to $3,600 Interest Payable adjusted from $5,300 to $6,800 Prepaid Insurance adjusted from $18,500 to $6,300 Supplies acco...

Business
Principles Of Accounting Volume 1
Indicate what impact the following adjustments have on the accounting

Indicate what impact the following adjustments have on the accounting equation, Assets = Liabilities + Equity (assume

Question:

Indicate what impact the following adjustments have on the accounting equation, Assets = Liabilities + Equity (assume normal balances).

Transcribed Image Text:

A. B. C. D. Prepaid Insurance adjusted from $5,000 to $3,600 Interest Payable adjusted from $5,300 to $6,800 Prepaid Insurance adjusted from $18,500 to $6,300 Supplies account balance $500, actual count $220 Impact 1 Impact 2

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Answer rating: 50% (6 reviews)

A Prepaid Insurance adjusted from 5000 to 3600 Impact 1 Assets decrease by 1400 Impact 2 Equ...View the full answer

Answered By

Hande Dereli

Enthusiastic tutor, skilled in ACT and SAT tutoring. Raised one student's score on the SATs from 1100 combined to 1400. Graduated with a 3.9 GPA from Davidson College and led a popular peer tutoring group for three years. Scored in the top 0.06% in the nation on the SATs. The real reason I'm the one to help you nail the test? Results. Clients invariably praise my ability to listen and communicate in a low-stress, fun way. I think it's that great interaction that lets me raise retest SAT scores an average of 300 points.

0.00 0 Reviews 10+ Question Solved

Related Book For book-img-for-question

Principles Of Accounting Volume 1 Financial Accounting

ISBN: 9781593995942

1st Edition

Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax

See More Books

Question Posted: Aug 09, 2022 11:57 PM

See More Questions

Students also viewed these Business questions

Indicate what impact the following adjustments have on the accounting equation: Assets = Liabilities + Equity (assume normal balances). A. B. C. D. Unearned Rent adjusted from $15,000 to $9,500...
(a) Why is the MD&A section of the annual report useful to the financial analyst? What types of information can be found in this section? (b) Using the excerpts from the MD&A of the Biolase,...
The CFO of First Things Computing, Inc. (FTC) prepared the following balance sheet as of December 31, 2016. For the sake of simplicity, assume that FTC does not incur income tax expense. Thus, the...
Sketch the graph of the function. y = e -x/2
Describe a bullish sign when using a moving average; a bearish sign. Do the same tor the advance decline line.
Refer to Exercise 14.4. The table with the prices for product A for the four quarters of last year is reproduced at right. Holt's smoothing method with w = .2 and v = .6 was applied to the data. a....
Suppose an investor has log utility u(w) = logw for each w > 0. (a) Construct a gamble w such that E[u(w)]=. Verify that E[ w]=. (b) Construct a gamble w such that w > 0 in each state of the world...
Wilburton Riding Stables provides stables, care for animals, and grounds for riding and showing horses. The account balances at the beginning of 2009 were: Cash ....................$ 2,200 Accounts...
Return to question 8 National Supply's shareholders' equity included the following accounts at December 31, 2020: 1 points Shareholders' Equity Common stock, 2 million shares at $1 par Paid-in...
Barrow Distributors packages and distributes industrial supplies. A standard shipment can be packaged in a Class A container, a Class K container, or a Class T container. A single Class A container...
Identify which type of adjustment is indicated by these transactions. Choose accrued revenue, accrued expense, deferred revenue, or deferred expense. A. Rent paid in advance for use of property B....
Search the web for instances of possible impropriety relating to earnings management. This could be news reports, Securities and Exchange Commission violation reports, fraud charges, or any other...
The curved rod AD of radius r has a weight per length of w. If it lies in the horizontal plane, determine the resultant internal loadings acting on the cross section at point B. 45 90 22.5
The following graph shows a market supply curve in orange and a market demand curve in blue. Suppose there is an increase in demand and an increase in supply. Adjust the following graph to reflect...
AICPA and PCAOB auditing standards address the confirmation of accounts receivables. Under the currently effective standards, what are the circumstances under which confirmation of accounts...
Maphitha Limited produces a single type of a product. The company uses an actual costing system. The following information has been taken from the company's production and sales records for the month...
Master Budget was made for annual sale of 100,000 units @10 per unit. Actual sales figures were 80,000 units with a sales revenues of 840,00. The standard cost sheet indicated a variable...
Sales of a product was estimated at 80,000 pieces annually with a rate of 6 pu. Its variable mfg. costs are 2.50 pu with S&D and general expenses related to product is 59,000 on annual basis. Its...
Hourly temperature data for Boulder, Colorado, San Francisco, California, Nantucket, Massachusetts, and Duluth, Minnesota, over a 12 hr period on the same day of January are shown in the figure....
A bubble-point liquid feed is to be distilled as shown in Figure. Use the Edmister group method to estimate the mole-fraction compositions of the distillate and bottoms. Assume initial overhead and...
Which budget is the starting point in preparing financial budgets? A. The budgeted income statement B. The budgeted balance sheet C. The capital expense budget D. The cash receipts budget
Replenish sells shampoo that removes chlorine from hair. It prepared a static budget for the sales of 10,000 units. These variances were observed: Determine the static budget and use the information...
Judges Gavel uses this information when preparing their flexible budget: direct materials of $3 per unit, direct labor of $2.50 per unit, and manufacturing overhead of $1.25 per unit. Fixed costs are...
Date Account and Explanation Debit Credit Jun 1 Cash 105,000 Jun 1 Capital 105,000 (capital contribution) Jun 1 Computer Equipment 56,000 Jun 1 Cash 56,000 Jun 1 Cash 198,000 Jun 1 Bank Loan Payable...
.Is bankruptcy on the part of the borrower a common risk that frequently interferes with a lenders efforts to work out a defaulted loan through either nonforeclosure means or foreclosure? Discuss.
For each of the following, compute the future value: Present Value Years Interest Rate $ 1 , 2 5 0 1 9 1 2 % $ 9 8 , 7 2 7 1 5 1 3 % $ 6 2 5 6 1 2 % $ 1 1 7 , 6 2 2 7 1 6 % 2 . For each of the...

The Way Of Ignorance And Other Essays 1st Edition - ISBN: 1593761198 - Free Book

Study smarter with the SolutionInn App