Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PLEASE HELP ASAP Which of the following does not belong on a single-step income statement? O Salaries expense O Gross profit O Net sales O

PLEASE HELP ASAP image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Which of the following does not belong on a single-step income statement? O Salaries expense O Gross profit O Net sales O Rent revenue Cheyenne Marina has a September 30 year end. On August 1, 2021, it purchased a new marine crane to assist it with the autumn pull out of the boats in the marina. The physical life of the crane is expected to be 15 years, but Cheyenne plans to keep the crane for only 10 years as this represents the asset's useful life to the company and at which point they will trade it in for a newer model. The original cost of the crane is $55200. The amount of depreciation that Cheyenne should show in its financial statements for the year ended September 30, 2021 is O $920. O $3680 $613 $5520 Ladybug Creamery is producing its first financial statements for its bank. The trial balance does NOT balance. The company should O create a new account called "Suspense" and use it to balance the trial balance. give the incorrect trial balance to the bank. O ask the bank for more time to find the error. increase one of the larger accounts so that the trial balance will balance. Frank's Sports Adventures has hired a new accountant. When she reviewed the financial statements for the previous year, she found a significant error which would mean that the statements were wrong. She should NOT O create a new account called "Suspense" and use it to correct the error. O notify the management of the company immediately of the problem. O research the journal entries to try and find the error O review all of the transactions for the past year for reasonableness

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

More Books

Students also viewed these Accounting questions

Question

In Problem, is the matrix game strictly determined? 5 -4 -3 2

Answered: 1 week ago