How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Neo Your Own Question

Neo
Neo, Tutor
Category: Homework
Satisfied Customers: 12101
Experience:  BS Accounting
4224391
Type Your Homework Question Here...
Neo is online now
A new question is answered every 9 seconds

18. If a careless bookkeeper fails to accrue $12,000 of wages

Resolved Question:

18. If a careless bookkeeper fails to accrue $12,000 of wages payable at the end of the accounting period, which of the following will be true of the financial statements?
       net income will be understated by $12,000
       retained earnings will be overstated by $12,000
       liabilities will be overstated by $12,000
       assets will be overstated by $12,000


19. When a bookkeeper closes the books, which of the following occurs?
       all revenue and expense accounts are reset to zero
       retained earnings is reset to zero
       all asset and liability accounts are reset to zero
       the company is liquidated


20. During December, Francesca was hired. She earned $2,600 for the month. By December 31, $2,000 of these wages had been paid with the remainder to be paid during January. How will this information appear on the balance sheet and income statement at December 31?
Balance Sheet        Income Statement
Submitted: 7 years ago.
Category: Homework
Expert:  Neo replied 7 years ago.

18. retained earnings will be overstated by $12,000

 

19. all revenue and expense accounts are reset to zero

 

20. Incomplete

Customer: replied 7 years ago.
20. During December, Francesca was hired. She earned $2,600 for the month. By December 31, $2,000 of these wages had been paid with the remainder to be paid during January. How will this information appear on the balance sheet and income statement at December 31?
      
Balance Sheet     Income Statement
$2,600 as a liability     $2,000 as an expense

      
Balance Sheet     Income Statement
$2,000 as a liability     $2,600 as an expense

      
Balance Sheet     Income Statement
$600 as a liability     $2,600 as an expense

      
Balance Sheet     Income Statement
$600 as a liability     $2,000 as an expense
Expert:  Neo replied 7 years ago.
THIS ANSWER IS LOCKED!

You need to spend $3 to view this post. Add Funds to your account and buy credits.
Neo and other Homework Specialists are ready to help you

Related Homework Questions