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:

Interdependence of Activities

A situation in which actions or processes are mutually reliant on each other, meaning the outcome of one is affected by the execution of another.

PERT Chart

An application designed for project management to assist in planning, organizing, and managing project tasks.

Critical for Completing

Essential tasks or elements required to successfully finish a project or achieve a goal.

Critical Path Method

A project management technique that identifies the longest sequence of dependent tasks and calculates the minimum project duration.