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Cortina Company accumulates the following adjustment data at December 31. Indicate 1) The type of adjustment (prepaid expense, accrued revenue, and so on.2) The status of the accounts before adjustment (overstated or understated).

Answers

Answer 1

Answer:Incomplete question.

Problems are:

A. Supplies of $400 are on hand. Supplies account shows $1,600 balance.

B. Services performed but unbilled total $700

C. Interest of $300 has accumulated on a note payable.

D. Rent collected in advance totaling $1,100 has been earned.

Explanation:

A. Prepaid expenses. Asset Overstated

B. Accrued Revenue. Expenses understated, Asset Understated

C. Accrued Expenses. Revenue understated, liability understated, Expenses Understated

D. Unearned revenue. Liabilities overstated, Revenue understated

Answer 2

Assuming Cortina Company accumulates the following adjustment data at December 31. The type of adjustment is: Prepaid expenses.

Type of adjustment and account status

A. Supplies of $400 are on hand. Supplies account shows $1,600 balance.

Type of adjustment: Prepaid expenses

Status of account:

Asset OverstatedExpenses understated

B.  Services performed but unbilled total $700.

Type of adjustment:Accrued Revenue

Status of account:

Assets UnderstatedRevenues Understated

C.  Interest of $300 has accumulated on a note payable.

Type of adjustment: Accrued Expense

Status of account:

Liability understatedExpenses Understated

D. Rent collected in advance totaling $1,100 has been earned.

Type of adjustment: Unearned Revenue

Status of account:

Liabilities OverstatedRevenue understated

Inconclusion the type of adjustment is: Prepaid expenses

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Related Questions

Stewed Tomatoes was an "all-girl power-pop trio." Its three members realized that many musicians feel stifled when making music in a sterile studio environment while the clock ticked away expensive hours, so the three girl band members created Materville Studios, a multimedia production house and recording studio in downtown Chicago. They share work responsibilities and profits equally. Materville Studios is a(n):

A. S corporation
B. Cooperative
C. Sole proprietorship
D. Partnership
E. Double proprietorship

Answers

Final answer:

Based on the shared responsibilities and profits, Materville Studios is a Partnership, which is a business structure operated by two or more individuals.

Explanation:

If the three members of Stewed Tomatoes share work responsibilities and profits equally, their multimedia production house and recording studio, Materville Studios, is most likely a Partnership. A partnership is a business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Deed. This structure allows the profits to be shared among the partners and does not require the formalities of an S corporation or a Cooperative, such as stock distribution or formal membership processes. Furthermore, unlike a Sole Proprietorship, which is owned and run by one person, a Partnership involves multiple individuals. There is no legal business structure known as a Double Proprietorship.

an amount of money is invested at 3% annual simple interest, & $2000 more than that amount is invested at 4%. The total annual interest is $920. How much is invested at each rate?

Answers

Answer:

$12,000 at 3%.

$14,000 at 4%.

Explanation:

Let A be the amount invested at 3%, and B be the amount invested at 4%. The following system of equations can be modeled from the provided information:

[tex]B=A+2,000\\0.03A+0.04B = 920\\[/tex]

Solving the linear system:

[tex]B=-0.75A+23,000\\-0.75A+23,000 = A+2,000\\A= 12,000\\B=14,000[/tex]

$12,000 were invested at 3% and $14,000 were invested at 4%.

Mr. James purchased a vacation house in Los Angeles on July 1, 2017. The purchase price was $1,000,000, and Mr. James spent $10,000 on capital additions. As of January 1, 2019, the house was worth $1,200,000. Mr. James was not entitled to depreciate thehouse as it was a personal-use asset.Assume Mr. James still owned the house as of December 31, 2019. On December 31,2019, the house was valued at $1,300,000. For tax purposes, how much income did Mr.James realize in 2019

Answers

Answer:

= $210,000

Explanation:

The question is to determine the income realized by Mr. James in 2019

The income is calculated as follows:

First, the basic information for calculation:

The Purchase price for the vacation house = $1,000,000

Spent Capital additions = $10,000

2019 worth of the house = $1,200,000

Secondly, based on the extracted figures, the income is calculated  as follows

Income realised in 2019 = 2019 worth of the house - (Purchase Price - capital addition)

= $1,200,000 - ($1,000,000 - $10,000)

= $1,200,000 - $990,000

= $210,000

Final answer:

Mr. James did not realize any income from the increase in value of his house in 2019 for tax purposes as the house was not sold.

Explanation:

For tax purposes, income is normally the amount of money received for goods or services during a certain time period. However, any increase in the value of personal assets such as a house, also known as appreciation, is not counted as income until the asset is sold. So, in 2019, even though the value of Mr. James' house increased by $100,000, from $1,200,000 on January 1 to $1,300,000 on December 31, 2019, Mr. James would not have realized, or officially 'made,' any income from his home in 2019 unless he sold it. Therefore, for tax purposes, the answer is $0.

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