Question
The Looper River Company makes three adjusting entries at 12/31: Depreciation $50 Accrued Revenue $80 Accrued Expense $65 Indicate the net effect of these three
The Looper River Company makes three adjusting entries at 12/31:
- Depreciation $50
- Accrued Revenue $80
- Accrued Expense $65
Indicate the net effect of these three entries on Net Income and Working Capital, respectively:
Select one:
a.Increase $15, Increase $15
b.Decrease $65, Decrease $15
c.Decrease $15, Increase $15
d.Decrease $35, Decrease $65
e.Decrease $35, Increase $15
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Auditing Cases An Active Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
2nd Edition
0130674842, 978-0130674845
