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choli [55]
2 years ago
7

To complete the measurement process, companies need to update balances of assets, liabilities, revenues and expenses for changes

created by entries.
Business
1 answer:
vredina [299]2 years ago
5 0

To complete the measurement process, companies need to update balances of assets, liabilities, revenues and expenses for changes created by adjusting entries.

<h3 /><h3>What is adjusting entry?</h3>

An adjusting entry is the entry that is posted after the posting of all the journal entries for a period, all the transactions are posted and then at the end of the period the adjusting entry is recorded.

The adjusting entry balances and effects the balance of the assets, liabilities, revenue and expenditure at the end of the period.

Adjusting entry is also posted when the reversing effect of the journal entry is to be posted and this results in the change of the account balances of assets and liabilities of the company.

The balance sheet and income statement is prepared after the posting of journal and adjusting entries.

Learn more about adjusting entry at brainly.com/question/27274229

#SPJ1

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Company ABC, based in Tennessee, sources goods from Southeast Asia to take advantage of labor cost savings. This is an example o
hammer [34]

Answer:

the globalization of production.

Explanation:

Since company ABC, based in Tennessee, sources goods from Southeast Asia to take advantage of labor cost savings. This is an example of the globalization of production.

Globalization of production can be defined as the process of sourcing goods and services from other countries (locations) around the world in order to take advantage of labor cost savings and quality of other factors of production such as land and capital.

Additionally, globalization can be defined as a strategic process which involves the integration of various markets across the world to form a large global marketplace.

<em>Basically, globalization makes it possible for various organizations to produce goods and services that is used by consumers across the world</em>.

3 0
3 years ago
An advertisement that informs people what a company is, what it can do, and where it is located is referred to as a(n competitiv
STatiana [176]
A competitive institutional advertising is a marketing strategy wherein a company describes itself and where is it located. It is an effective means of advertising because it creates a good image and has its unique philosophy that causes significant attraction to the consumers. 
4 0
3 years ago
Suppose during 2017 that Federal Express reported the following information (in millions): net sales of $34,450 and net income o
Ronch [10]

Answer:

The asset turnover is 1.44 and return on assets is 0.37%

Explanation:

Average Total assets    

Assets in the beginning $24,590  

Assets at the end          $23,300  

Average assets          $23945

Sales                   $34,450  

Divide: Average assets        $23945  

Assets turnover ratio  1.44

Net Income                   $89

Divide: Average assets          $23945  

Return on assets           0.37%

Therefore, The asset turnover is 1.44 and return on assets is 0.37%

3 0
4 years ago
What are the services that are rendered to the wholesalers by the retailers?​
irinina [24]
Economies of Large Scale 2. Facilitate Distribution of Goods 3. Warehousing and Marketing 4. Financial Assistance 5. Risk Bearer 6. Forecasting of Demand 7. Regulate Production 8. Stabilisation of Prices

9. Connecting Link 10. Transportation 11. Provides Market Information 12. Price Stability 13. Risk Bearing 14. Marketing Functions 15. Promotion of Goods 16. Demand Analysis and Forecasting 17. Help in Sales Organization
4 0
2 years ago
In 2021, Carson is claimed as a dependent on his parents' tax return. His parents report taxable income of $200,000 (married fil
serg [7]

Carson's tax liability for 2021 as a 23-year full-time student, who earns from the summer internship and part-time job and receives a qualified dividend is $645.

<h3>What is tax liability?</h3>

Tax liability refers to the amount that a taxpayer is obliged to pay.

The tax liability is a function of the taxpayer's taxable income, tax bracket, deductions, and applicable tax rate.

In this case, we have assumed a flat tax rate of 10% for both Carlson's earned income and the dividend income.

<h3>Data and Calculations:</h3>

Earned income = $14,000

Qualified Dividend income = $5,000

Adjusted taxable income = $6,450 ($19,000 - $12,550)

Tax liability = $645 ($6,450 x 10%)

Thus, Carson's tax liability for 2021 is $645.

Learn more about tax liabilities at brainly.com/question/7409145

4 0
2 years ago
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