Accounting Equation Error Correction Homework Help
- November 28, 2017
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- Category: Accounting
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1. Assume that Esquire consulting errouneously recorded the payment of $30,000 of dividends as salary expense.
Based on this answer the following questions this week with explanations of your reasoning.
1. How would this error affect the equality of the accounting equation
2. How owuld this error affect the income statement, retained earnings statement, blance sheet and statement of cash flows?
2. Present Value of A form of an interest-bearing note used by corporations to borrow on a long-term basis.Bonds Payable; The interest deducted from the maturity value of a note or the excess of the face amount of bonds over their issue price.Discount
Pinder Co. produces and sells high-quality video equipment. To finance its operations, Pinder Co. issued $25,000,000 of five-year, 7% bonds, with interest payable semiannually, at a market (effective) interest rate of 9%.
Determine the present value of the bonds payable, using the present value tables in Exhibit 8 and Exhibit 10. Round to the nearest dollar.
3. Tolbeat Corp. shows the following information on its 2015 income statement: sales = $251,000; costs = $156,000; other expenses = $7,900; depreciation expense = $18,400; interest expense = $14,400; taxes = $19,005; dividends = $11,500. In addition, you’re told that the firm issued $5,900 in new equity during 2015 and redeemed $4,400 in outstanding long-term debt. a. What is the 2015 operating cash flow? (Do not round intermediate calculations.) Operating cash flow $ b. What is the 2015 cash flow to creditors? (Do not round intermediate calculations.) Cash flow to creditors $ c. What is the 2015 cash flow to stockholders? (Do not round intermediate calculations.) Cash flow to stockholders $ d. If net fixed assets increased by $25,000 during the year, what was the addition to NWC? (Do not round intermediate calculations.) Addition to NWC $
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4. Deutsch Company incurs these expenditures in purchasing a truck: cash price $24,000; accident insurance (during use) $2,000; sales taxes $1,080; motor vehicle license $300; and painting and lettering $1,700.
What is the cost of the truck?
5.Sunny Hills Farm estimated its payroll for the coming year to be $102,000. Its workers’ compensation insurance premium rate of 0.6% is paid at the beginning of each quarter.
1. Calculate the estimated cost of workers’ compensation insurance for the year.
2. Show the journal entry for the first quarterly payment on January 2, 20–.
3. Assume Sunny Hills Farm’s actual payroll for the year was $105,000. Calculate the additional premium owed for 20–. Record the adjustment needed at December 31, 20–. The actual payment of the additional insurance will not take place until January of the following year.
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