Question
In: Accounting
1. Please explain what accrued expenses are and let us know why these adjustments are necessary....
1. Please explain what accrued expenses are and let us know why these adjustments are necessary. Please provide an example of an adjusting entry for an accrued expense.
2. Please explain what accrued revenues are and let us know why these adjustments are necessary. Please provide an example of an adjusting entry for accrued revenues.
3. Please explain what an Unearned Revenue account is and why an adjustment may be necessary for Unearned Revenue. Please provide an example of an adjusting entry for Unearned Revenue.
Solutions
Expert Solution
The answer has been presented in the supporting sheet. All the parts has been solved with detailed explanation and format. For detailed answer refer to the supporting sheet.
ekkarill92 answered 1 year agoRelated Solutions
Chapter 3: The Adjusting Process (Continued) 1. Please explain what accrued expenses are and let us know...
Chapter 3: The Adjusting Process
(Continued)
1. Please explain what accrued expenses are and let us know why
these adjustments are necessary. Please provide an example of an
adjusting entry for an accrued expense.
2. Please explain what accrued revenues are and let us know why
these adjustments are necessary. Please provide an example of an
adjusting entry for accrued revenues.
3. Please explain what an Unearned Revenue account is and why an
adjustment may be necessary for Unearned Revenue. Please...
Chapter 3: The Adjusting Process (Continued) 1. Please explain what accrued expenses are and let us know...
Chapter 3: The Adjusting Process
(Continued)
1. Please explain what accrued expenses are and let us know why
these adjustments are necessary. Please provide an example of an
adjusting entry for an accrued expense.
2. Please explain what accrued revenues are and let us know why
these adjustments are necessary. Please provide an example of an
adjusting entry for accrued revenues.
3. Please explain what an Unearned Revenue account is and why an
adjustment may be necessary for Unearned Revenue. Please...
What is the difference between accrued expenses compared to prepaid expenses?
What is the difference between accrued expenses compared to
prepaid expenses?
Why is it necessary to make consolidation adjustments for intragroup transactions? In making consolidation worksheet adjustments,...
Why is it necessary to make consolidation adjustments for
intragroup transactions? In making consolidation worksheet
adjustments, sometimes tax-effect entries are made, why? Give an
example about the tax-effect of intragroup transactions in catering
services for airline industries.
Describe the following adjusting entries: accounts receivable (accrued revenues) and accounts payable (accrued expenses). Explain the...
Describe the following adjusting entries: accounts receivable
(accrued revenues) and accounts payable (accrued expenses). Explain
the consequences to the balance sheet and the income statement if
each of these adjusting entries is not recorded at the end of the
period.
Why are tax effect entries sometimes necessary in making consolidation worksheet adjustments? Explain this in detail...
Why are tax effect entries sometimes necessary in making
consolidation worksheet adjustments? Explain this in detail for the
year ending 30 June 2017 using the following example:
Apple Ltd owns all the share capital of Pear Ltd. The income tax
rate is 30%.
On 30 June 2017, Apple Ltd sold a motor vehicle to Pear Ltd for
$15 000. The motor vehicle had a carrying amount to Apple Ltd of
$12 000.
Why are tax effect entries sometimes necessary in making consolidation worksheet adjustments? Explain this in detail...
Why are tax effect entries sometimes necessary in making
consolidation worksheet adjustments? Explain this in detail for the
year ending 30 June 2017 using the following example:
Apple Ltd owns all the share capital of Pear Ltd. The income tax
rate is 30%. On 30 June 2017, Apple Ltd sold a motor vehicle to
Pear Ltd for $15 000. The motor vehicle had a carrying amount to
Apple Ltd of $12 000.
7. Let us assume that what we want is to know whether the wines of the...
7. Let us assume that what we want is to know whether the wines
of the designation of origin have the same alcoholic content, as
well as their variability in the same, as those of another
designation of origin, for example Baja California. It is a
question of whether there is a clear differentiation in these two
regions, because of the geographical proximity of the two regions,
it is possible that there will be fraud and that wines from both...
Please let us know if Facebook has any long-term debt on its balance sheet. Please give...
Please let us know if Facebook has any long-term debt on its
balance sheet. Please give us some information about that long-term
debt. You will have to look in the notes to the financial
statements for this information. Also please calculate the times
interest earned ratio for this corporation and let us know what
this ratio indicates about its financial condition.
Part 2
What are unsecured notes? Why would they carry a relatively high
interest rate? What are convertible securities?...
Consolidations adjustments (what are they and why?)
Consolidations adjustments (what are they and why?)
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