3. SÍNTESIS Y CARACTERIZACIÓN DE YIG
3.2. SÍNTESIS DE POLVOS DE YIG
3.2.1. Coprecipitación inversa a partir de nitratos y cloruros
1) An adjusted trial balance does not list the revenues and expenses of a business. Answer: FALSE
Diff: 2 LO: 3-4
AICPA Functional: Measurement PE Question Type: Concept
H2 : What Is the Purpose of the Adjusted Trial Balance and How Do We Prepare It? (H1)
2) The adjusted trial balance shows ________. A) account balances after adjustments B) revenue and expense accounts only C) account balances before adjustments D) balance sheet accounts only
Answer: A
Diff: 2 LO: 3-4
AICPA Functional: Measurement PE Question Type: Concept
3) Deborah Consultants had the following accounts and account balances after adjusting entries. Assume all accounts have normal balances. Calculate the amount of service revenue and prepare the adjusted trial balance for Deborah Consultants as of December 31, 2017.
Cash $6,000 Deborah, Withdrawals $3,000 Accounts Receivable 2,000 Service Revenue ? Office Supplies 1,800 Salaries Expense 4,000
Equipment 15,000 Rent Expense 800
Accumulated Depreciation— 9,000 Depreciation Expense— 1,500
Equipment Equipment
Deborah, Capital 15,000 Supplies Expense 500 Answer: Deborah Consultants
Adjusted Trial Balance December 31, 2017
Balance
Account Title Debit Credit
Cash $6,000 Accounts Receivable 2,000 Office Supplies 1,800 Equipment 15,000 Accumulated Depreciation—Equipment $9,000 Deborah, Capital 15,000 Deborah, Withdrawals 3,000 Service Revenue 10,600 Salaries Expense 4,000 Rent Expense 800 Depreciation Expense—Equipment 1,500 Supplies Expense 500 ______ Total $34,600 $34,600 Service Revenue = $34,600 - $9,000 - $15,000 = $10,600 Diff: 2 LO: 3-4
AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application
4) Bryan Consultants had the following balances before preparing adjusting entries in the books on December 31, 2017.
Cash $6,000 T. Bryan, Withdrawals $3,000 Accounts Receivable 2,000 Service Revenue 10,600 Office Supplies 1,800 Salaries Expense 4,000
Equipment 15,000 Rent Expense 800
Accumulated Depreciation— 9,000 Depreciation Expense— 1,500
Equipment Equipment
T. Bryan, Capital 15,000 Supplies Expense 500 Prepare the adjusted trial balance after considering these adjustments:
a. Office Supplies used, $800. Assume the office supplies were initially recorded as an asset. b. Accrued salaries on December 31, $600.
c. Revenue earned but not recorded, $200. Answer: Bryan Consultants
Adjusted Trial Balance December 31, 2017
Balance
Account Title Debit Credit
Cash $6,000 Accounts Receivable 2,200 Office Supplies 1,000 Equipment 15,000 Accumulated Depreciation—Equipment $9,000 Salaries Payable 600 T. Bryan, Capital 15,000 T. Bryan, Withdrawals 3,000 Service Revenue 10,800 Supplies Expense 1,300 Salaries Expense 4,600 Rent Expense 800 Depreciation Expense—Equipment 1,500 ______ Total $35,400 $35,400 Diff: 3 LO: 3-4
AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application
Learning Objective 3-5
1) If a company fails to make an adjusting entry for accrued revenues, the net income will be overstated. Answer: FALSE
Diff: 1 LO: 3-5
AICPA Functional: Measurement PE Question Type: Concept
H2 : What Is the Impact of Adjusting Entries on the Financial Statements? (H1)
2) If a company fails to make an adjusting entry for deferred expense, the assets will be overstated. Assume the deferred expense is initially recorded as an asset.
Answer: TRUE
Diff: 1 LO: 3-5
AICPA Functional: Measurement PE Question Type: Concept
H2 : What Is the Impact of Adjusting Entries on the Financial Statements? (H1)
3) The accountant for Jones Auto Repair failed to make an adjusting entry to record $5,000 of unpaid salaries for the last two weeks of the year. Which of the following is an effect of this omission? A) The net income will be overstated.
B) The total assets will be understated. C) The net income will be understated. D) The total assets will be overstated. Answer: A
Diff: 2 LO: 3-5
AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application
H2 : What Is the Impact of Adjusting Entries on the Financial Statements? (H1)
4) Financial statements are prepared from the balances in a(n) ________. A) general journal
B) chart of accounts C) unadjusted trial balance D) adjusted trial balance Answer: D
Diff: 1 LO: 3-5
AICPA Functional: Measurement PE Question Type: Concept
5) All of the accounts and the account balances of a company appear on the ________. A) statement of retained earnings
B) balance sheet
C) adjusted trial balance D) income statement Answer: C
Diff: 1 LO: 3-5
AICPA Functional: Measurement PE Question Type: Concept
H2 : What Is the Impact of Adjusting Entries on the Financial Statements? (H1)
6) The accountant of Omega Consulting failed to make an adjusting entry to record $6,000 for unearned service revenues that were earned before the end of the fiscal year. Assume the company initially recorded a liability. Which of the following statements is true?
A) The total liabilities will be overstated. B) The total liabilities will be understated. C) The total assets will be overstated. D) The total assets will be understated. Answer: A
Diff: 2 LO: 3-5
AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application
H2 : What Is the Impact of Adjusting Entries on the Financial Statements? (H1)
7) The accountant for Sparks Electric failed to make an adjusting entry to record $3,000 of telephone expenses for the last two months of the year. Which of the following statements is true?
A) The total liabilities will be overstated. B) The total liabilities will be understated. C) The total assets will be overstated. D) The total assets will be understated. Answer: B
Diff: 2 LO: 3-5
AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application
8) The accountant of Skyscrapers Architectural Services failed to make an adjusting entry to record $7,000 of depreciation expense. Which of the following statements is true?
A) The total liabilities will be overstated. B) The equity will be understated. C) The total assets will be overstated. D) The total assets will be understated. Answer: C
Diff: 2 LO: 3-5
AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application
H2 : What Is the Impact of Adjusting Entries on the Financial Statements? (H1)
9) The accountant of Zeus Legal Services failed to make an adjusting entry for supplies that had been used for the year. Assume the supplies were initially recorded as an asset. Which of the following statements is true?
A) The total liabilities will be overstated. B) The equity will be understated. C) The total assets will be overstated. D) The total assets will be understated. Answer: C
Diff: 2 LO: 3-5
AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application
H2 : What Is the Impact of Adjusting Entries on the Financial Statements? (H1)
10) The accountant of Delta Company failed to make an adjusting entry to record $6,000 of unearned service revenue that has now been earned. Assume the deferred revenue was initially recorded as a liability. Which of the following statements is true?
A) The total revenue will be overstated. B) The total revenue will be understated. C) The total expenses will be overstated. D) The total expenses will be understated. Answer: B
Diff: 2 LO: 3-5
AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application
11) The accountant for Hobson Electrical Repair failed to make an adjusting entry to record $5,000 of unpaid salaries for the last two weeks of the year. Which of the following statements is true?
A) The total revenue will be overstated. B) The total revenue will be understated. C) The total expenses will be overstated. D) The total expenses will be understated. Answer: D
Diff: 2 LO: 3-5
AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application
H2 : What Is the Impact of Adjusting Entries on the Financial Statements? (H1)
12) The accountant of Barnes Architectural Services failed to make an adjusting entry to record $7,000 of depreciation expense. Which of the following statements is true?
A) The total revenue will be overstated. B) The total revenue will be understated. C) The total expenses will be overstated. D) The total expenses will be understated. Answer: D
Diff: 2 LO: 3-5
AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application
13) Paramount Event Planning Services collects fees from its customers in advance. On January 1, 2017, the balance of its Unearned Revenue account was $6,000 (CR). During January and February, the
company collected $3,000 and $800 as advance fees. During the two-month period, it performed services of $7,500 related to the deferred revenue. What is the balance in Unearned Revenue at the end of
February? A) debit balance of $6,000 B) credit balance of $6,000 C) debit balance of $2,300 D) credit balance of $2,300 Answer: D Explanation: D)
Beginning balance in Unearned Revenue $6,000 Credit Unearned Revenue in January 3,000 Credit Unearned Revenue in February 800 Credit 9,800 Credit Less: service rendered in January and February (7,500) Debit Ending balance in Unearned Revenue $2,300 Credit
Diff: 2 LO: 3-5
AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application
H2 : What Is the Impact of Adjusting Entries on the Financial Statements? (H1)
14) Salaries are $4,500 per week for five working days and are paid weekly at the end of the day Fridays. The end of the month falls on a Thursday. The accountant for Dayton Company made the appropriate accrual adjustment and posted it to the ledger. The balance of Salaries Payable, as shown on the adjusted trial balance, will be a ________. (Assume that there was no beginning balance in the Salaries Payable account.) A) credit balance of $3,600 B) debit balance of $900 C) debit balance of $3,600 D) credit balance of $900 Answer: A
Explanation: A) Salaries per day = $4,500 / 5 days = $900 per day
Diff: 2 LO: 3-5
AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application
15) The accounting records for Patricia Event Planning Services include the following select unadjusted balances on December 31, 2016: Salaries Expense, $6,000; Service Revenue: $19,000; Unearned Revenue, $400; Supplies Expense, $600; Rent Expense, $300; Depreciation Expense—Equipment, $200.
During December, the company worked with a new client and provided event planning services for an upcoming event. It will receive the full amount of $2,100 when the event is completed in January 2017. As of the end of December 2016, it performed one-third of the services covered by the contract. The company made the accrual adjustments. The balance of Service Revenue, as shown on the adjusted trial balance, should be a ________. A) debit balance of $21,100 B) credit balance of $19,000 C) debit balance of $2,100 D) credit balance of $19,700 Answer: D Explanation: D) Diff: 2 LO: 3-5
AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application
H2 : What Is the Impact of Adjusting Entries on the Financial Statements? (H1)
16) On the first day of January, Harris Company borrowed $3,000 on a one-year note payable bearing interest at 5% per year. The note specifies that principal and interest must be paid in full at the end of the one-year period. On June 30, the adjusted trial balance will show Interest Payable of ________.
A) $75 credit B) $75 debit C) $150 credit D) $150 debit Answer: A
Explanation: A) Interest Payable = $3,000 × 5% × 6/12 = $75
Diff: 2 LO: 3-5
AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application
17) At the end of the current year, the accountant for Colorful Graphics forgot to make an adjusting entry to accrue Wages Payable to the company's employees for the last week in December. The wages will be paid to the employees in January. Which of the following is an effect of this error?
A) Net income is overstated. B) Liabilities are overstated. C) Net income is understated. D) Expenses are overstated. Answer: A
Diff: 3 LO: 3-5
AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application
H2 : What Is the Impact of Adjusting Entries on the Financial Statements? (H1)
18) The accountant for Noble Jewelry Repair Services forgot to make an adjusting entry for Depreciation Expense for the current year. Which of the following is an effect of this error?
A) Revenues are understated. B) Total assets are understated. C) Net income is overstated. D) Total liabilities are understated. Answer: C
Diff: 3 LO: 3-5
AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application
H2 : What Is the Impact of Adjusting Entries on the Financial Statements? (H1)
19) The accountant for Belden Jewelry Repair Services forgot to make an adjusting entry for Depreciation Expense for the current year. Which of the following is an effect of this error?
A) Total assets are understated. B) Revenues are overstated. C) Total assets are overstated. D) Net income is understated. Answer: C
Diff: 3 LO: 3-5
AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application
20) What is the effect of the adjusting entry for Depreciation Expense? A) It increases total liabilities and increases total expenses.
B) It increases total assets and increases total expenses. C) It decreases total assets and increases total expenses. D) It decreases total liabilities and increases total expenses. Answer: C
Diff: 3 LO: 3-5
AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application
H2 : What Is the Impact of Adjusting Entries on the Financial Statements? (H1)
21) On October 1, 2016, Smith Service Company paid $5,000 in rent for the next five months, beginning with October 2016. On that date, Smith debited Prepaid Rent and credited Cash. If Smith fails to make an adjusting entry on December 31, 2016, indicate the effect on assets, liabilities, equity, and net income.
Understated, Overstated, No Effect
Assets Liabilities Equity Net Income Answer:
Understated, Overstated, No Effect
Assets Overstated
Liabilities No Effect
Equity Overstated
Net Income Overstated
Diff: 2 LO: 3-5
AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application
22) During December 2016, Carroll Service Company performed $1,500 of services, but as of December 31, 2016, Carroll has not yet billed the clients. If Carroll fails to make an adjusting entry on December 31, 2016, indicate the effect on assets, liabilities, equity, and net income.
Understated, Overstated, No Effect
Assets Liabilities Equity Net Income Answer:
Understated, Overstated, No Effect
Assets Understated
Liabilities No Effect
Equity Understated
Net Income Understated
Diff: 2 LO: 3-5
AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application
H2 : What Is the Impact of Adjusting Entries on the Financial Statements? (H1)
23) On December 31, 2016, $2,500 of salaries have been earned but not yet paid to employees. If the business failed to make an adjusting entry on December 31, 2016, indicate the effect on assets, liabilities, equity, and net income.
Understated, Overstated, No Effect
Assets Liabilities Equity Net Income Answer:
Understated, Overstated, No Effect
Assets No Effect
Liabilities Understated
Equity Overstated
Net Income Overstated
Diff: 2 LO: 3-5
AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application
24) On December 31, 2016, interest of $1,500 has accrued on a bank note. This interest payment is due on January 20, 2017. If no adjusting entry is made on December 31, 2016, indicate the effect on assets, liabilities, equity, and net income.
Understated, Overstated, No Effect
Assets Liabilities Equity Net Income Answer:
Understated, Overstated, No Effect
Assets No Effect
Liabilities Understated
Equity Overstated
Net Income Overstated
Diff: 2 LO: 3-5
AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application
H2 : What Is the Impact of Adjusting Entries on the Financial Statements? (H1)
Learning Objective 3-6
1) A worksheet is an external document that forms a part of the financial statements. Answer: FALSE
Diff: 1 LO: 3-6
AICPA Functional: Measurement PE Question Type: Concept
H2 : How Could a Worksheet Help in Preparing Adjusting Entries and the Adjusted Trial Balance? (H1)
2) The worksheet is NOT a journal, a ledger, or a financial statement. Answer: TRUE
Diff: 1 LO: 3-6
AICPA Functional: Measurement PE Question Type: Concept
H2 : How Could a Worksheet Help in Preparing Adjusting Entries and the Adjusted Trial Balance? (H1)
3) The worksheet is a useful step in preparing adjusting entries and the unadjusted trial balance. Answer: TRUE
Diff: 1 LO: 3-6
AICPA Functional: Measurement PE Question Type: Concept
4) An internal document that helps summarize data for the preparation of financial statements is called a ________. A) journal B) ledger C) worksheet D) chart of accounts Answer: C Diff: 1 LO: 3-6
AICPA Functional: Measurement PE Question Type: Concept
H2 : How Could a Worksheet Help in Preparing Adjusting Entries and the Adjusted Trial Balance? (H1)
5) The accounts that are used in a worksheet are taken from and listed in the same order as the ________. A) balance sheet B) audit report C) journal D) chart of accounts Answer: D Diff: 1 LO: 3-6
AICPA Functional: Measurement PE Question Type: Concept
H2 : How Could a Worksheet Help in Preparing Adjusting Entries and the Adjusted Trial Balance? (H1)
6) To fill in the unadjusted trial balance columns in a worksheet, the account balances before adjustments are copied directly from the ________.
A) ledger
B) adjusted trial balance C) chart of accounts
D) balance sheet of previous year Answer: A
Diff: 1 LO: 3-6
AICPA Functional: Measurement PE Question Type: Concept
7) The following extract was taken from the worksheet of Kelly Bakers for the year 2016. Kelly Bakers Worksheet December 31, 2016 Account Names Cash Equipment
Accumulated Depreciation - Equipment
Unadjusted Trial Balance Debit Credit
$6,800
15,900
$8,400 Adjusted Trial Balance Debit Credit $6,800
15,900
$10,000 For the above information, determine the amount of Depreciation Expense for the equipment used in the business. A) $10,000 B) $3,200 C) $5,900 D) $1,600 Answer: D Diff: 1 LO: 3-6 AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application H2 : How Could a Worksheet Help in Preparing Adjusting Entries and the Adjusted Trial Balance? (H1) 8) The following extract was taken from the worksheet of Dutch Company for the year 2016. Dutch Company Worksheet December 31, 2016 Account Names Prepaid Rent Rent Expense Depreciation Expense - Equipment Office Supplies Unadjusted Trial Balance Debit Credit 1,200
800
2,000
Adjusted Trial Balance Debit Credit 0
2,000
1,500
750 From the above information, determine the amount of the Rent Expense adjustment.
Answer: Rent Expense = $2,000 - $800 = $1,200
Diff: 1 LO: 3-6
AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application
9) The partial worksheet of Ruth Furniture is as follows: Ruth Furniture
Worksheet December 31, 2016
Unadjusted Trial Adjusted Trial Balance Adjustments Balance Account Names Debit Credit Debit Credit Debit Credit
Cash $6,500 Accounts Receivable 2,000 $3,000 Office Supplies 1,800 $500 Equipment 15,000 Accumulated Depreciation—Equipment $8,700 1,200 A. Ruth, Capital 15,000 A. Ruth, Withdrawals 3,000 Service Revenue 10,600 3,000 Salaries Expense 4,000 Rent Expense 2,000 Depreciation Expense— 1,200 Equipment Supplies Expense ______ ______ 500 _____ Total $34,300 $34,300 $4,700 $4,700 Calculate and enter the amounts for the Adjusted Trial Balance columns.
Answer: Ruth Furniture Worksheet December 31, 2016
Unadjusted Trial Adjusted Trial Balance Adjustments Balance Account Names Debit Credit Debit Credit Debit Credit
Cash $6,500 $6,500 Accounts Receivable 2,000 3,000 5,000 Office Supplies 1,800 $500 1,300 Equipment 15,000 15,000 Accumulated Depreciation—Equipment $8,700 1,200 $9,900 A. Ruth, Capital 15,000 15,000 A. Ruth, Withdrawals 3,000 3,000 Service Revenue 10,600 3,000 13,600 Salaries Expense 4,000 4,000 Rent Expense 2,000 2,000 Depreciation Expense— 1,200 1,200 Equipment Supplies Expense ______ ______ 500 _____ 500 ______ Total $34,300 $34,300 $4,700 $4,700 $38,500 $38,500 Diff: 3 LO: 3-6
AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application
Learning Objective 3-7
1) Avalon Event Planning Services records deferred expenses and deferred revenues using the alternative treatments. It makes adjusting entries as needed to bring its books to the full accrual basis once a year at the end of the year. On October 1, it paid $3,700 for insurance for a one-year period. At the end of the year, it will make an adjusting entry that debits Insurance Expense for $1,850.
Answer: FALSE
Explanation: Prepaid Expense = $3,700 × 6/12 = $1,850
Diff: 2 LO: 3-7
AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application H2 : Deferred Expenses
2) Deferred expenses are also called prepaid expenses. Answer: TRUE
Diff: 1 LO: 3-7
AICPA Functional: Measurement PE Question Type: Concept H2 : Deferred Expenses
3) Williams Enterprises prepaid six months of office rent totaling $9,000 on October 1, 2017. Assuming Williams records deferred expenses using the alternative treatment, what would be the entry on October 1, 2017?
A) Debit Prepaid Rent and credit Cash for $9,000 B) No entry is needed until the expense is incurred C) Debit Cash and credit Unearned Rent for $9,000 D) Debit Rent Expense and credit Cash for $9,000 Answer: D
Diff: 2 LO: 3-7
AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application H2 : Deferred Expenses
4) Stancil Enterprises prepaid four months of office rent totaling $8,100 on October 1, 2017. Assuming Stancil records deferred expenses using the alternative treatment, what would be the adjusting entry