A Company Issued Financial Statements for the Year Ended December

question 167

Essay

A company issued financial statements for the year ended December 31,but failed to include the following adjusting entries:
A.Accrued interest revenue earned of $1,200.
B.Depreciation expense of $4,000.
C.Portion of prepaid insurance expired (an asset)used $1,100.
D.Accrued taxes of $3,200.
E.Revenues of $5,200,originally recorded as unearned,have been earned by the end of the year.
Determine the correct amounts for the December 31 financial statements by completing the following table:

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Definitions:

Performance And Satisfaction

The relationship between how well individuals or groups meet their objectives and their contentment or happiness with the outcomes.

Coercive Power

A form of power based on the ability to compel others to comply through threats, punishment, or force.

Control Rewards

A management strategy that involves the use of incentives and benefits to influence employee behavior and increase productivity.

Referent Power

Refers to the ability of a leader to influence others because they respect, admire, or like the leader.