the accountant for hallmark medical co a medical services consulting firm mistakenly 551270 | Homework Solutions

EX 3-23 Effects of errors on financial statements

The accountant for Hallmark Medical Co., a medical services consulting firm, mistakenly omitted adjusting entries for (a) unearned revenue earned during the year ($18,000) and (b) accrued wages ($3,000). Indicate the effect of each error, considered individually, on the income statement for the current year ended May 31. Also indicate the effect of each error on the May 31 balance sheet. Set up a table similar to the following, and record your answers by inserting the dollar amount in the appropriate spaces. Insert a zero if the error does not affect the item.

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Error (a)

Error (b)

Over-stated

Under-stated

Over-stated

Under-stated

1.

Revenue for the year would be

$ ____

$ ____

$ ____

$ ____

2.

Expenses for the year would be

$ ____

$ ____

$ ____

$ ____

3.

Net income for the year would be

$ ____

$ ____

$ ____

$ ____

4.

Assets at May 31 would be

$ ____

$ ____

$ ____

$ ____

5.

Liabilities at May 31 would be

$ ____

$ ____

$ ____

$ ____

6.

Owner’s equity at May 31 would be

$ ____

$ ____

$ ____

$ ____

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