Match each situation below to two applicable reasons that require an adjustment to be made. A. Revenue has been generated. B. Expense has been incurred. C. Liability has been incurred. D. Liability has been fulfilled. E. Asset has been acquired. F. Asset has been used up. Situation Reasons 1. IBM completed a consulting project for the CDC to simulate the spread of contagious viruses and will be paid next month. 2. This month Apple, Inc., redeemed iTunes gift cards that had been issued last month. 3. Schutt Sports used up some of the benefits of its football helmet manufacturing equipment. Procter & Gamble received a bill for this month's advertising services, which it will pay next month. 4.

3. During the last week of December 20X1, EZ Legal Company performed 40 hours of work on a client's legal case at a charge of$120/hour. An invoice was sent to the client, who had until January 30, 20X2 to pay. EZ Legal should have recorded an adjusting entry on December 31 to reflect the work performed for the client, but it forgot. Which of the following best describes the effect of this error on the financial statements? a. Shareholder's Equity is overstated by$4,800b. Total Assets are overstated by$4,800c. Liabilities are understated by$4,800d. Net Income is understated by$4,800e. Revenue is overstated by$4,800

Accounting Question

I already got helped with the first three parts. I got advised to repost the question to get the two other parts figured (Income statement and balance sheet). "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for you. To get remaining sub-parts solved, please repost the complete question and mention the sub-parts to be solved." Requirement: 4. Prepare an income statement for the period ended December 31, 2021, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 13-15). Income Statement: Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Balance Sheet: The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is…

A company has just discovered a material error in the financial statements. The error goes back six years, affecting both the income statement and the balance sheet each year. How should the company correct this error? Should all financial statements be revised, or should the company stick with its normal reporting of two years for the balance sheet and three years for the income statement and statement of stockholders’ equity? Can you explain how a prior period adjustment works, if applicable?

Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

I need help with: ·      Entering adjustments on the spreadsheet provided. ·      Using the new and adjusted totals, calculate the totals on the financial statements in the spaces provided.