Answer:
(a)Income statement:
Insurance expense - understated
net income - overstated
(b) balance sheet:
prepaid insurance - overstated
stockholders equity - overstated
Explanation:
1.9 billion servings world wide per day
It is important to note that politics and the economy have effects on the transportation industry, as the industry is ever changing with new policies, regulations, or capacity issues.
Politicians and the policies they create dictate the US economy, effecting all industries. It is seen that the transportation industry saw effects because of the trade and tariff wars. The overall regulations depend largely on the economic and political outlook of the party in power.
For instance, a government that is inclined to pursue neo-liberal policies, could pass more legislations favoring industries and big businesses, while a government inspired by socialism could push policies favoring small businesses.
Hence, the answer was given and explained above.
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Goods and services that cannot be readily provided by markets, such as national security and education, are called Public Goods.
<h3>
What are Public Goods?</h3>
- Products and services that cannot easily be obtained through markets, either because they are too expensive for a single person to purchase or because everyone else would utilize them for free if one person did.
- A good must be both non-excludable and non-rival in order to be categorized as a public good.
- If the provider of the good cannot stop individuals who don't pay from using or consuming it, the good is nonexcludable.
- If the consumption of one person does not prevent the consumption of any other person, the good is nonrival.
- A prime example of a public good is national security. We all take advantage of this government service without giving it much attention.
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Hutton Company reported a $750 unfavorable overhead variance on a recent performance report. This means that factory overhead was underapplied during the period.
<h3>What does an unfavorable overhead volume variance mean?</h3>
An unfavorable volume variance indicates that the amount of fixed manufacturing overhead costs applied (or assigned) to the manufacturer's output was less than the budgeted or planned amount of fixed manufacturing overhead costs for the same time period.
Unfavorable variance is an accounting term that describes instances where actual costs are greater than the standard or projected costs. An unfavorable variance can alert management that the company's profit will be less than expected.
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