Author Question: What is the total costs assigned to L9 (b) under single indirect-cost pool system? A) 53,000 B) ... (Read 116 times)

maegan_martin · **on:** Jul 5, 2018

What is the total costs assigned to L9 (b) under single indirect-cost pool system?

A) 53,000
B) 57,000
C) 55,000
D) 54,000

Question 2

For the year ending December 31, Beard Clinical Supplies Co mistakenly omitted adjusting entries for (1) 9,800 of unearned revenue that was earned, (2) earned revenue that was not billed of 10,200, and (3) accrued wages of 7,000 . Indicate the combined effect of the errors on (a) revenues, (b) expenses, and (c) net income.

johnpizzaz · **Reply #1 on:** Jul 5, 2018

Answer to Question 1

Answer: A

Answer to Question 2

(a) Revenues were understated by 20,000 (9,800 + 10,200).
(b) Expenses were understated by 7,000.
(c) Net income was understated by 13,000 (20,000 7,000).