Advanced Financial Reporting Project on ERRORS - DUE Saturday October 31, 2020 @8pm ET
gUesttoni
AdvancedFinancialReportingProject2StudentAnswerSheetFall2020.xlsxScoring Sheet
| Student Name: | |
| ACFI-592/492 Project #2 Scoring | |
| Possible Points | Points Earned |
| Adjusting Entries - Books Open (10 @ 2.5 each) | 25 |
| Adjusting Entries - Books Closed (10 @ 2.5 each) | 25 |
| Part C | 50 |
| Net Income | |
| Adjustments to Net Income 2018 | |
| Adjustments to Net Income 2019 | |
| Adjustments to Net Income 2020 | |
| Total Score | 100 |
Part A Books OPEN
| Project #2 Part A | ||
| Prepare the adjusting entries assuming the Books have NOT been closed for 2020. Note that you may need to add an additional column. | ||
| 1) | Debit | Credit |
| 2) | Debit | Credit |
| 3) | Debit | Credit |
| 4) | Debit | Credit |
| 5) | Debit | Credit |
| 6) | Debit | Credit |
| 7) | Debit | Credit |
| 8) | Debit | Credit |
| 9) | Debit | Credit |
| 10) | Debit | Credit |
Part B Books CLOSED
| Project #2 Part B | ||
| Prepare the adjusting entries assuming the Books HAVE been closed for 2020. Note that you may need to add an additional column. | ||
| 1) | Debit | Credit |
| 2) | Debit | Credit |
| 3) | Debit | Credit |
| 4) | Debit | Credit |
| 5) | Debit | Credit |
| 6) | Debit | Credit |
| 7) | Debit | Credit |
| 8) | Debit | Credit |
| 9) | Debit | Credit |
| 10) | Debit | Credit |
Part C
| Project #2 Part C | Name: ________________________________ | ||
| Complete the schedule correcting net income for 2018, 2019 and 2020 assuming the books have NOT been closed in 2020. | |||
| 2018 | 2018 | 2019 | 2020 |
| Reported Net Income | |||
| (1) | Inventory | ||
| (2) | Supplies | ||
| (3) | Sale of Equipment | ||
| (4) | Salaries | ||
| (5) | Change in depr. Method | ||
| (6) | Patent-infringement suit | ||
| (7) | Lease | ||
| (8) | Depreciation | ||
| (9) | Utility Payable | ||
| (10) | Warranty | ||
| Corrected Net Income | 0 | 0 | 0 |
