16: Identify the 2 errors in the following Income Statement. Make sure to clearly explain the errors so I understand your explanation. You will notice the amounts are all marked with XXs. You don't need to worry about the amounts in the statement. Revenues UBER Company Income Statement For the Month Ended 1/31/2021 Rides Earned Cancellation Fee Earned Cash Expenses Total Revenues Wages Expense Accumulated Depreciation Supplies Expense Rent Expense Total Expenses Net Loss XX XX XX XX XX XX XX XX (XXX)

16: Identify the 2 errors in the following Income Statement. Make sure to clearly explain the errors so I understand your explanation. You will notice the amounts are all marked with XXs. You don't need to worry about the amounts in the statement. Revenues UBER Company Income Statement For the Month Ended 1/31/2021 Rides Earned Cancellation Fee Earned Cash Expenses Total Revenues Wages Expense Accumulated Depreciation Supplies Expense Rent Expense Total Expenses Net Loss XX XX XX XX XX XX XX XX (XXX)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question 1: What should an employer use to complete Form W-3? Answer: А. Employee earnings records В. O Payroll registers C. Form 1096 D. O Form W-2s Question 2: How is self-employment income calculated? Answer: А. O Self-employment income = Revenue В. Self-employment income = Revenue + Expenses С. Self-employment income = Revenue - Expenses D. Self-employment income = Expenses Question 3: A flexible spending account is a common type of Answer: А. cafeteria plan В. medical plan С. retirement plan D. mandatory deduction
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Question 4: Us the information below to answer the following questions AR, Net of allowance for uncollectable accounts of 16 and 17 Partial Income statement Revenue COGS Gross Profit SG&A Expense Bad Debt Expense Pre Tax Income Other information Write offs were $9 and $14 in years 1 and 2, respectively There was a recovery of $2 in year 2 Year 1 140 Year 1 1,120 680 440 (350) (12) 78 Year 2 168 Year 2 1,480 720 760 (375) (13) 372 Question 4, Part 1: What entries did the firm make to the allowance for uncollectable accounts in year 1?
Create an (unadjusted) trial balance for this. Need see sample like Solutions need just see sample example ok
lll 7:57… 6 61% Done Your activity: Determine whether the business has made profit, loss or at the business is at break- even. 1. Sherlock Wills Pumping Services has the following data on December 31, 2018: Shop Revenue Other Revenue Permits and licenses Salaries expense Php 150,000.00 100,000.00 8,300.00 36,000.00 13,100.00 25,000.00 Transportation Expense Insurances Utilities Expense Your answer: 32,000.00 On June 30, 2017 Jan Frans Transit Corporation shows the following account balances: 2. Transportation Service Revenue Gasoline and Oil Php 55,000,000.00 12,000,000.00 Repairs and Maintenance Expenses Salaries and Wages Utilities Expense Commission Your answer: 3,200,000.00 10,230,000.00 960,000.00 3,580,000.00 3. The books of Jasper and John Kent (JJK) Security Services showed the following account balances on December 31, 2016: Insurance Expense Other Income Php 1,200,000.00 20,000,000.00 980,000.00 Pag-Ibig Premium PhilHealth Premium 2,500,000.00 92,000,000.00 180,000,000.00…
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