Chapter 2 You are reviewing O\'Brian Co\'s adjusted trial balance for the year e

Question

Chapter 2 You are reviewing O'Brian Co's adjusted trial balance for the year ended omissions and incorrect items during your review, some of which are noted below. For each one, y determine what effect, if any, these items would have on the stated components of O'Brian Co.'s 2016 Income Statement and 12/31/16 Balance Sheet if they are not corrected or updated. A 2/31/16. You notice several ssume no income taxes Use the following code for your answers. You need not include any dollar amounts. N No Effect Overstated U = Understated Additional Information 12/31/16 Assets 12/31/16 Liabilities Owners Net 12/31/16 2016 Equity Income Uncollectible accounts of $7,000, as a percentage of sales, are estimated at the end of the year. The entry has not been recorded 12/31/16 12/31/16 Assets Additional Information Liabilities 12/31/16 Owners Equity 2016 Net Income

Explanation / Answer

Additional Information 12/31/16 12/31/16 12/31/16 12/31/16 Assets Liabilities Owners Equity Net Income Uncollectable accounts of $ 7000, as a percentage of sales are estimated at the year , the entry has not been recored Unerstated No Effect Unerstated Unerstated Reason for the effect (Account receivable will be go down) No Effect Retaiend earning will be go down due to Excess provision of Expenses Net Income will be go down due to Excess provision of Expenses

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