27.Supplies have a ledger balance of $1,500, but a physical *

| June 2, 2016

27.Supplies have a ledger balance of $1,500, but a physical count shows $1,000 on hand. What is the effect on the financial statements if the Supplies account is not adjusted? A. Net income understated, Assets understated. B. Revenue will be overstated and expenses will be overstated. C. Owner’s Capital will be overstated and Net Income will be understated. D. Assets will be overstated and expenses will be understated. E. Liabilities will be overstated and expenses will be understated. 34.Straight-line depreciation allocates equal amounts of the asset’s depreciable cost to depreciation expense during the asset’s useful life. True or False 45 T-accounts are used to illustrate the posting process. True or False 46.Annual reports for public companies must include a report on the internal controls of the organization. True or false? 70. At the beginning of 2010, Beta Company’s balance sheet reported Total Assets of $195,000 and Total Liabilities of $75,000. During 2010, the company reported total revenues of $226,000 and expenses of $175,000. Also, owner withdrawals during 2010 totaled $48,000. Assuming the owner contributed an additional $25,000 during the year, the balance in the owner’s capital account at the end of 2010 reflected on the balance sheet would be: a.$174,000. b.$123,000. c.$148,000. d.cannot be determined from the information provided. e.$120,000.

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