Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Chapter 2 Suppose that Laramie Company's adjusted trial balance ignored the of information, indicate what effects, if any, Company's adjusted trial balance ignored the following

image text in transcribed

Chapter 2 Suppose that Laramie Company's adjusted trial balance ignored the of information, indicate what effects, if any, Company's adjusted trial balance ignored the following information. For each item , indicate what effects, if any, these omissions would have on the stated components of Laramie Company's 2021 Income Statement and 12/31/21 Balance Sheet. Assume no income Use the following code for your answers and be sur e code for your answers and be sure to include the dollar amounts of the effects next to the letter O or U: N=No Effect O=Overstated U = Understated 2) 12/31/21 Assets 12/31/21 Liabilities 12/31/21 Owners' Equity Additional Information $2,000 interest on a Joan was not yet paid or recorded 2021 Net Income overstated 2000 2000 2000 3) 12/31/21 Assets 12/31/21 Liabilities 12/31/21 Owners' Equity 2021 Net Income Additional Information The estimated uncollectible accounts receivable is now zero and should be $25,000. 12/31/21 Assets 12/31/21 Liabilities 12/31/21 Owners' Equity 2021 Net Income Additional Information $10,000 of the paid and recorded rent expense pertains to the year 2022. 5) 12/31/21 Assets 12/31/21 Liabilities 12/31/21 Owners' Equity 2021 Net Income Additional Information $20,000 in depreciation bon some equipment was still unrecorded. 12/31/21 Assets 12/31/21 Liabilities 12/31/21 Owners' Equity 2021 Net Income Additional Information $4,000 in cash dividends declared and paid in December 2021 were unrecorded. 2 Page

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Pricing Strategy Audit

Authors: Kent B. Monroe

1st Edition

1907766006, 978-1907766008

More Books

Students also viewed these Accounting questions