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Author Question: What is the total indirect costs (a) under ABC system? A) 53,000 B) 57,000 C) 57,500 D) ... (Read 67 times)

scienceeasy

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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.


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Expo

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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

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Reply #2 on: Jul 5, 2018
Thank you


Expo

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Reply #3 on: Jul 5, 2018
No problemo


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