Question
Suppose that Laramie Companys adjusted trial balance ignored the following information. For each item, indicate what effects, if any, these omissions would have on the
Suppose that Laramie Companys 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 12/31/2021 Balance Sheet. Assume no income taxes.
Additional Information: $4,500 in cash dividends declared and paid in December 2021 were unrecorded.
12/31/2021 Assets
amount:
No effect, Understated, Overstated:
12/31/2021 Liabilities
amount:
No effect, understated, overstated:
amount:
12/31/2021 Owners Equity
amount:
No effect, understated, overstated:
2021 Net Income
amount:
No effect, Understated, Overstated:
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Latest Qualified Internal Auditor Exam Questions
Authors: Pass Assured
1st Edition
1699310599, 978-1699310595
