Maurice Tutor

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Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 18 Aug 2017 My Price 7.00

Trojan Corporation

During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2015, you come across several items needing further consideration. Currently, net income is $94,000

a.

An insurance policy covering 12 months was purchased on October 1, 2015, for $20,400. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2015.
b.

During 2015, the company received a $3,400 cash advance from a customer for services to be performed in 2016. The $3,400 was incorrectly credited to Service Revenue.
c.

There were no supplies listed in the balance sheet under assets. However, you discover that supplies costing $2,450 were on hand at December 31, 2015.
d.

Trojan borrowed $64,000 from a local bank on September 1, 2015. Principal and interest at 9% will be paid on August 31, 2016. No accrual was made for interest in 2015.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 03:08 PM My Price 7.00

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