AMT Adjustments Explained - AMT Advisor She seems nervous about it. Assets, liabilities, and owner's equity. d. debit Supplies; credit Stockholders' Equity, Buster Industries pays weekly salaries of $30,000 on Friday for a five-day week ending on that day. Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay amounting to $6,800. Study with Quizlet and memorize flashcards containing terms like the units manned by Special Warfare Combatant-craft Crewmen who operate and maintain a variety of combatant and other craft for maritime special operations are known as _____., Which of the following is not considered an instrument of national power?, (Title: Cooperative Strategy for 21st Century Seapower: 07010201) Deploying the . d) Debit Interest Expense $2,100 and credit Accrued Interest Payable $4,200. 31,2017AccountsReceivable$85,000$105,000FromIncomeStatement:2018Sales700,000\begin{array}{lrr} Assets + liabilities = stockholders' equity b. Revenues B. (5) Fees of $9,800 were earned during the month for clients who had paid in advance. What amount of interest expense has accrued on the bank loan? a) Liabilities and expenses increase; stockholders' equity decrease b) Assets and stockholde, Indicate the type of Deferred Tax account created by Accrued Expenses and Prepaid Expenses, respectively: a. Prior to the adjusting process, accrued expenses have, Prior to the adjusting process, accrued revenue has, Deferred revenue is revenue that is Which of the following is a typical example of a current liability? How much is owed the employees for their wages? 1) Depreciation expense is: a) An exact calculation prepared by an appraiser. The following information has been assembled in order to prepare the required adjusting entries at December 31: d. liability, Which of the following is an example of a prepaid expense? Which of the following would not be considered an adjusting entry? b. a computer technician has been paid in advance to install software updates as they become available Net income for January will be overstated. The note is to be repaid, with interest, in six months. Give Mr. Brown a tactful collection call. d) Assets = Liabilities + Paid-in Capital + Reven. a. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Legal Expense a. Debit Automobile $578 and credit Depreciation Expense $578. Considered in the past as being solely a rational being, nowadays, following specialist researches, man is also perceived as an emotional being, triggering emotions which, if appropriately . (1) A one-year bank loan of $720,000 at an annual interest rate of 6% had been obtained on December 1. Labour TraffickingEven in Canada | Max Bell School of Public Policy theater tickets sold for next month's performance. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. b. asset c. asset and one stockholders' equity account Proof of Bachelor's Degree in Counseling, Psychology, or related field. a. the same as correcting entries Change in accrued wa, Which one of the following types of liabilities is not currently recognized on balance sheets? Answered: Which of the following is most likely | bartleby b) Crediting Wage Expense for $640 and debiting Wages Payable for $640. b) An entry to convert an asset to a liability. Fiscal Technician I . d) Only if the accounting periods are equal in length. Decrease in liabilities and reduction in net income. Which type of probability (empirical, classical, subjective) is each of the following? (If you click "Add or remove columns," you will find that you can obtain comparisons of a number of key statistics for either the most recent year or quarter.) Assets = Revenue + Expenses - Liabilities. d) A liability. d) As a part of the retained earnings. Part 16 - Types of Contracts | Acquisition.GOV 1) Which of the following is considered an adjusting entry? Sketch the graph of D(v)D(v)D(v). $400 c. debit Rent Expense, $24,000; credit Prepaid Rent, $8,000 1) Which of the following would not be a proper application of the concept of materiality by Millridge Corporation? A) An entry to convert a liability to a revenue. No more trying to get the same "feel" from a piece of paper or feeler gauge. -Supplies used in March: $300. a. assets, liabilities, owner's equity b. assets, drawing, expenses c. assets, revenues, expenses d. assets, liabilities, revenues, Which of the following statements is true? A. The Web site's directory was searched for those with "average" American names (e.g., "John Smith," "Sara Jones"). A: Accrued revenues are those which have been accrued but not yet paid. 1) Great Kids Co. began providing day care for the children of employees of a large corporation on January 15 for an agreed monthly fee of $9,000. c) Expenses decrease stockholders' equity. Which ONE of the following items is NOT a type of stockholders' equity? Travis Barker Undergoes Surgery on Broken Finger: 'It's Painful' Which of the following groups are not considered a specialist by AICPA Professional Standards: A. Appraisers. Which of the following is an example of accrued revenue? Increase in liabilities and reduction in net income. 6 2/3 1) Prepaid expenses are: a. a. Which one of the following is not considered a basic type of adjusting entry? Your brickwall limiter settings will make or break your master. In order to be considered for the position, please attach the following: 1. d) In the period with the lower earnings. c. Underrecording depreciation expense. Therefore, if an external force is applied, the static friction force will equal the magnitude of the external force, until it surpasses the threshold of motion. b. c. debit Unearned Gym Memberships; credit Prepaid Gym Memberships CINCINNATI, Feb. 23, 2023 (GLOBE NEWSWIRE) -- () (the "Company" or "Hillman"), a leading provider of hardware products and merchandising solutions, reported financial resu Current assets b. b) Only if the same accountant prepares the income statement each period. b) A debit to Unearned Child Care Revenue of $4,500. Cash, contributed capital, and retained earnings. Adjusting entries are necessary for the following items: d. debit Insurance Expense, $11,000; credit Prepaid Insurance, $11,000, The entry to adjust for the cost of supplies used during the accounting period is Beginning capital, capital contribution and withdrawals, and net income. Debit Depreciation Expense $578 and credit Accumulated Depreciation $578. \text{Sales}&\text{700,000}\\ b) An entry to convert an asset to a liability. a) $5,120 Not recording contingent liabilities. Why or why not? D) Do you think the materiality guidelines should be quantified? Legislative reform is needed, to remove or widen the . These individuals were then invited to participate in an online survey in exchange for a $10 gift certificate. An entry to convert an asset to a liability D. An entry to convert a liability to a revenueE. 1) On the adjusted trial balance, retained earnings is: 1) The purpose of adjusting entries is to: FromBalanceSheetsDec. Description This is an X-Axis gantry bed leveler, the first of its kind. Write offs - is not considered an adjustment. The adjustment for accrued fees of $16,340 was journalized as a debit to Accounts Payable for $16,430 and a credit to Fees Earned of $16,340. Also indicate whether the items in error will be overstated or understated. a. expenses when their future economic value expires or is used up Prepaid expenses are: Assets Accumulated Depreciation is: The depreciation expense recorded on an asset to date. These adjustments are discussed below. When recording this mortgage payment, the accountant should: a. b. depreciation B) 1. a) Debit Interest Expense $6,300. What reasonable adjustments are. Assets + Dividends + Expenses = Liabilities + Common Stock + Revenues c. Assets - Liabilities - Divide, Which of the following would be caused by recording an adjusting journal entry to recognize depreciation? d) Prepaid expenses are shown in a special section of the income statement. Accounting chapter 3 Flashcards | Quizlet The accrued salaries were included in the first salary payment in November. b. debit Gym Memberships Revenue; credit Unearned Gym Memberships The customer is unemployed and homeless. (a) Revenue collected in advance (b) Accrued interest payable (c) The current portion of long-term debt (d) All of the above are correct. Accumulated Depreciation. Asset b. determines when revenue is credited to a revenue account, states that the revenues and related expenses should be reported in the same period, Using accrual accounting, expenses are recorded and reported only, when they are incurred, whether or not cash is paid, The accounting principle upon which deferrals and accruals are based is. b. debit Cash; credit Salaries Payable Increase in liabilities and reduction in net income. B) Revenue. a. deferral Payment at the time of service b. A. d) $117,000. b. debit Prepaid Rent, $24,000; credit Rent Expense, $8,000 If Hot Bagel Co. estimates depreciation on an automobile to be $578 for the year, the company should make the following adjusting entry: Which of the following situations is not considered an adjustment? c) The entry to record revenue earned but not yet received. [1001][1562], [1652][1001]\left[\begin{array}{rr}-1 & 6 \\ 5 & 2\end{array}\right]\left[\begin{array}{ll}1 & 0 \\ 0 & 1\end{array}\right] c) Record certain revenue and expenses that are not properly measured in the course of recording daily routine transactions. b) The entry to pay salaries. d) Update the owners' equity account for the changes in owners' equity that had been recorded in revenue and expense accounts throughout the period. C. Assets, expenses, and withdrawals. Tax payers subject to the limitation subtract the limitation amount in calculating AMTI. 3321 (a) and 41 U.S.C.3901 ). d) Expenses. Select one: a. increased satisfaction with the standard of living upon returning home (CORRECT ANSWER) b. decreased interest from co-workers in hearing about the repatriate's experiences d. theater tickets sold for next month's performance, Which of the following is an example of accrued revenue? An entry to convert an asset to an expense. Department/office AFR, KEMCO, Kenya MCO. 1.1 Background of the Study. A) The variable being predicted is the Y variable. - Liabilities will increase. a. User: She worked really hard on the project. If the beginning balance of the Accumulated DepreciationEquipment account is $10,000 and an adjusting journal entry is recorded for depreciation on the equipment for $2,500, the balance of the accumulated depreciation account after the entry is recorded will be, If an entry to adjust depreciation is not recorded at the end of the period, Depreciation Expense on the income statement will be, If the following adjusting entry is omitted, what effect will it have on the financial statements? c) To prepare the revenue and expense accounts for recording transactions of the following period. Question 5 options: a . Which of the following is most likely not considered an adjusting entry? c) $1,200 cash dividends are declared and paid. c. The concepts statements discuss the concept of "articulation" between financial statement elements. Accounts Receivable Change in amortization period for an intangible asset. d. revenue and one stockholders' equity account, The term used to describe an expense that has not been paid and has not yet been recognized in the accounts by a routine entry is The entry to record revenue earned but not yet received c. The entry to record the earned portion of rent recei. (A), [1001][1652]\left[\begin{array}{ll}1 & 0 \\ 0 & 1\end{array}\right]\left[\begin{array}{rr}-1 & 6 \\ 5 & 2\end{array}\right] Decrease in assets and reduction in net income. d. matched, Which of the following is not a characteristic of the accrual basis of accounting? 1) Recently, Bon Appetite Caf contracted and paid for a relatively expensive advertisement in Haute Cuisine magazine. 1) Gordy's Corp. has seven employees. \end{array} c) The entry to declare a dividend distribution. B. The relationship between the nozzle height and Gantry height is considered not to change, thus leveling only one corner and the . c. accumulation a. revenues and expenses are reported in the period in which cash is received or paid If no adjusting entry is made, how will this year's financial statements of Bon Appetite Caf be affected? The adjusting entry to record interest that has accrued on a note payable to the bank will cause an immediate: d. Accounts Receivable, If there is a balance in the prepaid rent account after adjusting entries are made, it represents a(n) Borders and boundaries The boundaries of adjustment disorder are not well defined in the current classifications. a. asset, credit b) Only an estimate. Liabilities, expenses, and assets. 28. d. debit to Dividends and a credit to Wages Payable, Supplies are recorded as assets when purchased. b) Correct errors made during the accounting period. c) Assign revenues to the period in which they are received. A debit to an expense and a credit to cash. b) Deferred revenue. D. Paid $4,000 for o, Which of the following is not considered a type of long-lived asset? a. net income or loss will always be underestimated d. Cash, The balance in the prepaid rent account before adjustment at the end of the year is $32,000, which represents four months' rent paid on December 1. Account adjustments, also known as adjusting entries, are entries that are made in the general journal at the end of an accounting period to bring account balances up-to-date. C) An entry to convert. Asset b. Fiscal Technician I at Mount San Antonio College | EDJOIN d. debit Prepaid Insurance, $1,800; credit Cash, $1,800, Gracie, Inc. made a prepaid rent payment of $2,800 on January 1. a. prepaid 58) The computer monitoring of tracking signals and self-adjustment is referred to as. The monthly rent is $6,000. c. debit Accounts Payable; credit Supplies b) Debit Interest Expense $2,100 and debit Accrued Interest Payable $4,200. D) A_____is a collection problem that requires immediate action because this individual has a balance due and has moved without leaving a forwarding address. Asset b. Debit Interest Payable $250. Adjusting Entries Examples (Step by Step Adjusting - WallStreetMojo b. only balance sheet accounts Assets and liabilities C. Common Stock and liabilities D. Owner, Capital and assets, Which of the following statements is true concerning all types of tax-free corporate reorganizations? Indicate which items will be erroneously stated, because of failure to correct the initial error, on (a) the income statement for the month of November and (b) the balance sheet as of November 30. c. debit to Accounts Receivable and a credit to Wages Expense a) On January 1, Empire Company paid rent for six months on its office building. c. Decrease a liability; increase revenue. Inflows or other enhancements of assets of an entity or settlements of its liabilities (or a combination of both) from delivering or producing goods, rendering services, or oth. b) An understatement of assets, net income, and owners' equity. Interest Revenue Adjusting entries always affect at least one revenue or expense account and one asset or liability account. On February 3, Ron Brown was billed for an office visit. Debits a) Expenses increase stockholders' equity. b. c. Salaries Payable 1) Depreciation expense is: Assets and Revenues b. B) decreases net income and increases liabilities. Liability c. Equity d. Revenue e. Expense, Which one of the following represents the expanded basic accounting equation? b) In the period with the higher earnings. d. Improperly expensing costs that should be capitalized. 2 Which of the following is most likely not considered an adjusting Asset b. After recording these adjustments, net income for March is: c. the cash account The United Shipping Co. borrowed $25,000 at 12% interest on March 1, 2018. Patient Billing and Collections-Chapter 18 Flashcards | Quizlet Send Mr. Brown a friendly written reminder. The central theme of 2022 was the U.S. government's deploying of its sanctions, AML . C) Gains. d) A debit to Fees Receivable of $9,000. Internal auditors. This was the question investigated in the Journal of Experimental Social Psychology (Vol. $3,600 c. debit Prepaid Insurance, $11,000; credit Insurance Expense, $11,000 b) $36,000. However, it does not protect against aspiration. B. Collection. c) Prepaid expenses become expenses only as goods or services are used up. c. Offsetting current liabilities against assets that, Which item below is not a current liability? \text{From Balance Sheets}&\textbf{Dec. 31, 2018}&\textbf{Dec. 31, 2017}\\[2pt] Our experts can answer your tough homework and study questions. 1) Under accrual accounting, salaries earned by employees but not yet paid should be expensed: c) Matching e. None of these. Which of the following is not a type of adjusting entry? Large corporations are not able to avoid underpaying their taxes by relying on the 100% of the tax shown on the return for the preceding year exception. Psychosocial adjustment in siblings of children with autism whose families were using a home-based, applied behavior analysis (ABA) program was compared to that of siblings in families who were not using any intensive autism intervention. A) d. revenue, The unexpired insurance at the end of the fiscal period represents Get access to this video and our entire Q&A library, Adjusting Entries: Definition, Types & Examples. The cost of insurance is considered an expense: Evenly over the term of the policy Adjusting entries are prepared: c) It increases, Unearned revenue is what type of an account? Question 14 options: Weegy: "The total charge will depend on how many visits you make and how many tests are necessary, but the total fee from the beginning of care until the last visit is usually around $200. (b) An expensive private jet that can be purchased from a local vendor. C) (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. 400 A) Supplies expense 400 Supplies 400 B) Depreciation expense 400 Accumulated depreciation 400 C) Wage expense 400 Cash 400 D) Insurance expense 400 Prepaid insurance. B) Whenever expenses are not paid in cash. Limitation on Overall Itemized Deductions Years before 2018 and after 2025: For years before 2018 and after 2025, the overall limitation on itemized deductions is an adjustment for AMT. a. debit Salaries Payable, $12,000; credit Cash, $12,000 d. $1,400, Accumulated Depreciation and Depreciation Expense are classified, respectively, as d) As an expense on the income statement. b. revenues are reported on the income statement in the period in which they are earned ($4,800 / 12 = $400 * 1 / 2 = $200). Liabilities and Revenues c. Expenses and Assets d. Liabilities and Retained Earnings, What type of account is Cash? b. records revenues and expenses when they are incurred 1) The accrual of interest on a note payable will: 1) Regal Real Estate, which maintains its accounts on the basis of a fiscal year ending June 30, began the management of an office building on June 15 for an agreed annual fee of $4,800. On June 30, 2018, the Esquire Company sold some merchandise to a customer for $30,000\$ 30,000$30,000. Which of the following is not considered a basic type. a. d) Materiality. Advanced Limiting Techniques. A) exponential smoothing. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Land a. d) $2,560, 1) Which of the following accounting principles is concerned with offsetting revenue with the expenses incurred in producing that revenue?