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1、wiL96536_ch03_90-1331/3/069:22Page113Chapter3AdjustingAccountsandPreparingFinancialStatements113MultipleChoiceQuizAnswersonp.132mhhe.com/wildFAP18eMultipleChoiceQuizzesAandBareavailableatthebook’sWebsite.1.Acompanyforgottorecordaccruedandunpaidemployeea.$4,000
2、wagesof$350,000atperiod-end.Thisoversightwouldb.$8,000a.Understatenetincomeby$350,000.c.$12,000b.Overstatenetincomeby$350,000.d.$20,000c.Havenoeffectonnetincome.e.$24,000d.Overstateassetsby$350,000.4.OnNovember1,2008,StocktonCo.receives$3,600cashfrome.Understa
3、teassetsby$350,000.HansCo.forconsultingservicestobeprovidedevenlyover2.Priortorecordingadjustingentries,theOfficeSuppliesac-theperiodNovember1,2008,toApril30,2009—atwhichcounthasa$450debitbalance.AphysicalcountofsuppliestimeStocktoncredited$3,600toUnearnedCons
4、ultingFees.shows$125ofunusedsuppliesstillavailable.TherequiredTheadjustingentryonDecember31,2008(Stockton’syear-adjustingentryis:end)wouldincludeaa.DebitOfficeSupplies$125;CreditOfficeSuppliesExpensea.DebittoUnearnedConsultingFeesfor$1,200.$125.b.DebittoUnearn
5、edConsultingFeesfor$2,400.b.DebitOfficeSupplies$325;CreditOfficeSuppliesExpensec.CredittoConsultingFeesEarnedfor$2,400.$325.d.DebittoConsultingFeesEarnedfor$1,200.c.DebitOfficeSuppliesExpense$325;CreditOfficeSuppliese.CredittoCashfor$3,600.$325.5.Ifacompanyhad
6、$15,000innetincomefortheyear,anditsd.DebitOfficeSuppliesExpense$325;CreditOfficeSuppliessaleswere$300,000forthesameyear,whatisitsprofit$125.margin?e.DebitOfficeSuppliesExpense$125;CreditOfficeSuppliesa.20%$125.b.2,000%3.OnMay1,2008,atwo-yearinsurancepolicywasp
7、urchasedc.$285,000for$24,000withcoveragetobeginimmediately.Whatisthed.$315,000amountofinsuranceexpensethatappearsonthecompany’se.5%incomestatementfortheyearendedDecember31,2008?ASuperscriptletterdenotesassignmentsbasedonAppendix3A.DiscussionQuestionsA1.Whatist
8、hedifferencebetweenthecashbasisandtheaccrual9.Ifacompanyinitiallyrecordsprepaidexpenseswithdebitsbasisofaccounting?toexpenseaccounts,whattypeofaccountisdebitedinthe2.Whyistheaccrua
