This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: What is the total indirect costs (a) under ABC system? A) 53,000 B) 57,000 C) 57,500 D) ... (Read 69 times)

scienceeasy

  • Hero Member
  • *****
  • Posts: 565
on: Jul 5, 2018
What is the total indirect costs (a) under ABC system?
 
  A) 53,000
  B) 57,000
  C) 57,500
  D) 40,000

Question 2

At the end of April, the first month of the year, the usual adjusting entry transferring rent earned to a revenue account from the unearned rent account was omitted. Indicate which items will be incorrectly stated, because of the error, on (a) the income statement for April and (b) the balance sheet as of April 30 . Also indicate whether the items in error will be overstated or understated.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Expo

  • Sr. Member
  • ****
  • Posts: 351
Reply #1 on: Jul 5, 2018
Answer to Question 1

Answer: B

Answer to Question 2

(a) Rent revenue (or revenues) will be understated. Net income will be understated.
(b) Owner's equity at the end of the period will be understated. Unearned rent (or liabilities) will be overstated.


scienceeasy

  • Hero Member
  • *****
  • Posts: 565
Reply #2 on: Jul 5, 2018
Thank you


Expo

  • Sr. Member
  • ****
  • Posts: 351
Reply #3 on: Jul 5, 2018
No problemo


« previous next »
 

Did you know?

In 1886, William Bates reported on the discovery of a substance produced by the adrenal gland that turned out to be epinephrine (adrenaline). In 1904, this drug was first artificially synthesized by Friedrich Stolz.

Did you know?

Before a vaccine is licensed in the USA, the Food and Drug Administration (FDA) reviews it for safety and effectiveness. The CDC then reviews all studies again, as well as the American Academy of Pediatrics and the American Academy of Family Physicians. Every lot of vaccine is tested before administration to the public, and the FDA regularly inspects vaccine manufacturers' facilities.

Did you know?

ACTH levels are normally highest in the early morning (between 6 and 8 A.M.) and lowest in the evening (between 6 and 11 P.M.). Therefore, a doctor who suspects abnormal levels looks for low ACTH in the morning and high ACTH in the evening.

Did you know?

Each year in the United States, there are approximately six million pregnancies. This means that at any one time, about 4% of women in the United States are pregnant.

Did you know?

The eye muscles are the most active muscles in the whole body. The external muscles that move the eyes are the strongest muscles in the human body for the job they have to do. They are 100 times more powerful than they need to be.

The respiratory system The respiratory system
Block Diagram of Single-stage Pressure System for Dual-Stage Pressure Production of Nitric Acid Block Diagram of Single-stage Pressure System for Dual-Stage Pressure Production of Nitric Acid
The cardiac conduction system. The cardiac conduction system.
Pour the injection system cleaning fluid into the open canister. Rubber gloves are highly ... Pour the injection system cleaning fluid into the open canister. Rubber gloves are highly ...
The anterolateral system. The pathways from only one side of the body are shown. The anterolateral system. The pathways from only one side of the body are shown.
What is the total resistance of the circuit in Figure 1? 150 What is the total resistance of the circuit in Figure 1? 150
Video: Cavernous Sinus Larynx Middle Ear Orbit: Granulesm Animation

For a complete list of videos, visit our video library