56.The fiscal year for Networth Bank begins on June 1st each year. Its fiscal year end will be on which date?
57.Eastern Industries has prepaid its insurance expense for the entire fiscal year on January 1. Under the cash basis of accounting Eastern will
58.A company that uses accrual-basis accounting purchased equipment on July 1st of the current year for $20,000. The company expects to use the equipment consistently for four years, and willrecord ________ depreciation in its December 31st financial statements.
59.Meadows Manufacturing follows the accrual system. An accrual results when ____________ anda deferral results when __________. $6,000 cash is received after a customer has been billed; $4,500 cash is paid for next quarter's insurance for property.A.The income statement of Gopitkumar Co. for the month of July shows net income of $1,600 based on Service Revenue $6,000, Salaries and Wages Expense $2,500, Supplies Expense $1,300, and Utilities Expense $600. In reviewing the statement, you discover the following.1.Insurance expired during July of $300 was omitted.2.Supplies expense includes $250 of supplies that are still on hand at July 31st3.Depreciation on equipment of $350 was omitted.4.Accrued but unpaid salaries and wages at July 31 of $400 were not included.5.Services performed but unrecorded totaled $600.