Determine the Impact on the Balance Sheet Accounts If the Following

question 8

Essay

Determine the impact on the balance sheet accounts if the following information is not used to adjust the accounts of Mood Food Company for the month of January 2016. Round answers to the nearest dollar.
1. The company rents extra office space to Beulah CPAs. Beulah pays the $6000 rent annually on January 1.
2. The company has an outstanding loan to its President in the amount of $150000. The loan accrues interest at the annual rate of 6%. Principal and interest are due January 1 2018.
3. The company completed work on a project during January that was not yet billed to the client. The client will be charged $3100.

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Definitions:

Extraversion

A personality trait characterized by high levels of energy, sociability, talkativeness, and a tendency towards seeking stimulation in the company of others.

Neuroticism

A personality trait associated with negative emotions such as anxiety, depression, and irritation, reflecting how prone an individual is to psychological stress.

Cultural Characteristic

Traits or qualities that define the social practices, norms, arts, beliefs, and other human endeavors considered characteristic of a specific group or society.

Toughness

The quality of being strong and durable, also referring to the ability to endure hardship or stress without compromising one's character.