Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 19 Aug 2017 My Price 9.00

debit or credit total

For each of the following errors, considered individually, indicate whether  the  error would  cause  the  adjusted  trial  balance  totals  to  be  unequal.  If  the  error  would  cause the

adjusted trial balance totals to be unequal, indicate whether the debit or credit total is

higher  and  by  how much.

a.     The adjustment for accrued wages of $5,200 was journalized as a debit to Wages Expense for $5,200 and a credit to Accounts Payable for $5,200.

b.     The entry for $1,125 of supplies used during the period was journalized as a debit to Supplies Expense of $1,125 and a credit to Supplies of $1,152.

 

 

Two income statements for Hemlock Company   follow:

 

Hemlock Company Income Statements

For Years Ended December 31

 

                                                                   2016                    2015  

 

 

Fees earned

$725,000

 

$615,000

Operating expenses

  435,000

 

  356,700

Operating income

$290,000

 

$258,300

a.     Prepare a vertical analysis of Hemlock Company’s income statements.

b.                               Does the vertical analysis indicate a favorable or an unfavorable trend?

Answers

Maurice Tutor
(5)
Status NEW Posted 19 Aug 2017 08:08 PM My Price 9.00

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