At the End of 2017,the Unadjusted Accounting Records for Coney

question 87

Essay

At the end of 2017,the unadjusted accounting records for Coney Corporation contain the following selected accounts and balances.
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$$\begin{array} { l r l r } \text { Interest Revenue } & \$ 3,600 & \text { Wage and Salary Expense } & \$ 15,600 \\\text { Insurance Expense } & 6,500 & \text { Interest Expense } & 2,400 \\\text { Depreciation Expense } & 12,000 & \text { Advertising Fees Earned } & 54,300 \\\text { Utilities Expense } & 12,400 & \text { Income Tax Expense } & 5,800 \\\text { Accounts Receivable } & 12,300 & \text { Dividends } & 3,000\end{array}$$ A. Coney has not paid its employees for the final three days in 2017 . The amount owed is $\$ 700$ . How much wage and sal ary expense should Coney report for its year ending December 31 , 2017 ?

B. Given the account listed, what adjustments might Coney make at year-end that could result in additional revenue?

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Definitions:

External Party

An individual or group outside of an organization that has a stake or interest in the business, such as suppliers, customers, or regulatory bodies.

Significant Factor

An element or aspect that has a major impact on the outcome or understanding of a situation or study.

Internal Or External

Terms used to distinguish between activities, communications, or entities originating within an organization (internal) versus those coming from outside it (external).

Analytical Report

A document that presents detailed analysis and evaluation of a specific issue or problem, often used in business or research.