1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
yawa3891 [41]
2 years ago
8

It is obvious that an error occurred in the preparation and/or posting of closing entries if: Multiple Choice the Retained earni

ngs account is debited for the amount of the net loss for the period.
Business
1 answer:
Contact [7]2 years ago
7 0

There are different ways to make entry in a balance sheet. It is obvious that an error occurred in the preparation and/or posting of closing entries, if all balance sheet accounts have zero balances.

<h3>Should a balance sheet always have a zero balance?</h3>

Note that the sum of a company assets, liabilities and equity must always balance to zero.

For one to be able to have or generate a balance sheet report that is not equal zero, the balance sheet is said to be out of balance and this may create  an error in the ledger transactions.

Learn more about balance sheet accounts from

brainly.com/question/1113933

You might be interested in
On March​ 15, Maxwell Plush sold and shipped merchandise on account for​ $6,000 to Kittson Amusement​ Park, terms FOB shipping​
a_sh-v [17]

Answer:

(a)- Its assets will​ increase, as will its equity

Explanation:

The commercial terms state FOB shipping​ point therefore the transfer succeeds once the cargo enter the port.

The sale is thus completed. The revenue can be recognize thus, increasing the company's equity and assets.

Account receivable(+Assets)     debit

             Sales Revenue(+Equity)           credit

8 0
3 years ago
Which kind of feasibility is concerned with whether the organization has the skills needed to properly apply a given technology
tino4ka555 [31]

Answer: technical feasibility

Explanation:

Technical feasibility shows how s company or an organization will deliver the goods and service to the customers. Technical feasibility is vital as companies will be able to know whether the technical resources that the company possesses will meet its capacity.

It should also be noted that technical feasibility is concerned with whether the organization has the skills needed to properly apply a given technology.

7 0
3 years ago
Compute the current ratio, acid-test ratio, and gross margin ratio as of January 31. (Round your answers to 2 decimal places.)
Ierofanga [76]

Answer:

Can you plssssssssssss help me

Can you do plsssssssss help me

7 0
3 years ago
Read 2 more answers
Which network signaling method uses digital signals and consumes the entire available bandwidth of the network media as a single
satela [25.4K]
Verizon ?............
6 0
3 years ago
A report that shows the financial picture of a company at a given time and itemizes assets, liabilities and stockholders' equity
natta225 [31]

Answer: e

Explanation :

A balance sheet is a statement of the financial position of a business that lists the assets, liabilities and owner's equity at a particular point in time. In other words, the balance sheet illustrates your business's net worth.

The balance sheet may also have details from previous years so you can do a back-to-back comparison of two consecutive years. This data will help you track your performance and will identify ways to build up your finances and see where you need to improve.

A balance sheet reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure . the balance sheet is divided into two sides (or sections). The left side of the balance sheet outlines all a company’s assets. On the right side, the balance sheet outlines the companies liabilities and shareholders’ equity. On either side, the main line items are generally classified by liquidity. More liquid accounts like Inventory, Cash, and Trades Payables are placed before illiquid accounts such as Plant, Property, and Equipment (PP&E) and Long-Term Debt. The assets and liabilities are also separated into two categories: current asset/liabilities and non-current (long-term) assets/liabilities.

3 0
3 years ago
Other questions:
  • General motors and chrysler recently experienced financial distress resulting in near bankruptcies fundamentally because
    14·1 answer
  • Henrique​ Correa's bakery prepares all its cakes between 4 A.M.and 6 A.M.so they will be fresh when customers arrive.​ Day-old c
    10·1 answer
  • The financial model that measures the current value of all cash inflows and outflows using management's minimum desired rate of
    9·1 answer
  • 1. Depreciation on the equipment for the month of January is calculated using the straight-line method. The company estimates fu
    7·1 answer
  • True or False: Using specific position titles in ICS helps to describe the responsibilities of the position.
    5·2 answers
  • The price elasticity of demand for tickets to local baseball games is estimated to be equal to 0.89. In order to boost ticket re
    5·1 answer
  • Wal-Mart was one of the most successful firms of the 1970s and 1980s. Much of Wal-Mart's success can be credited to its expansio
    14·1 answer
  • George Wilson purchased Bright Light Industries common stock for $47.50 on January 31, 2016. The firm paid dividends of $1.10 du
    14·1 answer
  • When and why did McDonald's expand its business to Australia​
    14·1 answer
  • Sonia creates tests for judging product safety and advises companies about how to reduce harm from use or misuse of the product.
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!