Flexsteel Industries manufactures furniture for the retail, contract, and recreational vehicle furniture markets. Suppose that the corporation's adjusted trial balance ignored the following information. For each item, indicate what effects, if any, these omissions would have on the stated components of the corporation's 2021 Income Statement and 12/31/2021 Balance Sheet. Assume no income taxes. Additional Information $5,700 in cash dividends declared and paid in December 2021 were unrecorded. 12/31/2021 Assets 12/31/2021 Liabilities

Flexsteel Industries manufactures furniture for the retail, contract, and recreational vehicle furniture markets. Suppose that the corporation's adjusted trial balance ignored the following information. For each item, indicate what effects, if any, these omissions would have on the stated components of the corporation's 2021 Income Statement and 12/31/2021 Balance Sheet. Assume no income taxes. Additional Information $5,700 in cash dividends declared and paid in December 2021 were unrecorded. 12/31/2021 Assets 12/31/2021 Liabilities

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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