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
Elina [12.6K]
1 year ago
6

What is the effect of an accrued expense (such as salaries expense) adjustment on the income statement and the balance sheet? (c

heck all that apply.)
Business
1 answer:
vredina [299]1 year ago
7 0

A liability (such as salaries payable) will be increased. Expenses are increased. Net income is reduced.

<h3>What is liability?</h3>

What a person or business owes is known as a liability, and the amount owed is typically monetary. The transmission of economic rewards, such as money, products, or services, settles liabilities over time. Having to pay anything to someone else under the law is known as having a liability. To pay for a business's continuous operations, liabilities are incurred. Accounts payable, accumulated costs, owed wages, and owed taxes are a few examples of liabilities.

What your business has that has the potential to generate future financial benefits are its assets.

What you owe other people is your liability. To put it simply, assets increase your financial security while liabilities decrease it.

Obligations aren't always a terrible thing. Some loans are taken out to buy new equipment, such as machinery or automobiles, which aids small businesses in running and expanding.

To learn more about liability visit:

brainly.com/question/18484315

#SPJ4

You might be interested in
Exercise 10-7 Direct Materials Variances [LO10-1] Huron Company produces a commercial cleaning compound known as Zoom. The direc
Musya8 [376]

Answer:

Direct Material Price Variance = $1,100 Favorable

Direct Material Quantity Variance = - $9,075 Unfavorable

Explanation:

Direct Material Price Variance = (Standard Price - Actual Price) X Actual Quantity

Provided Standard Price = $2.50

Actual Price = $2.40

Actual Quantity = 11,000 pounds

Direct Material Price Variance = ($2.5 - $2.4) X 11,000 pounds

                                                  = $1,100 Favorable

This is favorable because actual price is less than Standard Price.

Direct Material Quantity Variance = (Standard Quantity - Actual Quantity) X Standard Price

Standard Quantity for Actual Output = 1,100 X 5.70 pounds per unit = 6,270 pounds

Actual Quantity used = 9,900 pounds

Standard Price = $2.50

Direct Material Quantity Variance = (6,270 - 9,900) X $2.5

                                                        = - $9,075 Unfavorable

This is unfavorable because as per standard norms only 6,270 pounds of raw material was needed to produce 1,100 units of Zoom.

Final Answer

Direct Material Price Variance = $1,100 Favorable

Direct Material Quantity Variance = - $9,075 Unfavorable

4 0
3 years ago
Sarjit Systems sold software to a customer for $293,000. As part of the contract, Sarjit promises to provide "free" technical su
kakasveta [241]

Answer:

Dr Cash/ Accounts Receivables $249,050

Cr Revenue $249,050

Explanation:

The customer receives a discount for purchasing the bundle of goods because the sum of the stand-alone selling prices ($300,000) exceeds the promised consideration ($293,000). There is a discount of $7,0000

This would be split between the two performance obligations as follows

Technical support = $45,000/$300,000 X $7,000 = $1,050

Software = $255,000/$300,000 X $7,000 = $5,950

The software sale is $255,000 - $5,950 = $249,050

3 0
3 years ago
Read 2 more answers
The National Sanitation Association is a non-profit organization with more than 7,000 members from around the world,
melomori [17]

Answer: true

Explanation:

The National Pest Management Association (NPMA), a non-profit organization with more than 5,500 members from around the world, was established in 1933 to support the pest management industry's commitment to the protection of public health, food and property. This commitment is reflected both in the continuing education of pest management professionals and the dissemination of timely information to homeowners and businesses.  

VISION STATEMENT

Every household and business is protected by professional pest management services.

MISSION STATEMENT

NPMA supports members in being professional, knowledgeable, and profitable through education, industry leadership, public policy advocacy, and growth of the market.

GOAL #1: CONSUMER CONNECTIONS

A growing number of consumers are actively seeking protection of their residences and businesses with pest management professionals

GOAL #2: MEMBERS

An increasing number of pest management companies are using NPMA benefits to improve the quality of their businesses

GOAL #3: PUBLIC HEALTH LEADERSHIP

NPMA and pest management professionals are the trusted source for protecting people, structures and land from pest-related health threats

GOAL #4: REGULATORS AND POLICY MAKERS

NPMA is increasing its influence in the development of balanced and proactive legislation and regulations.

 

NPMA exists to positively impact the businesses and livelihoods of those in the pest management community each and every day. Headquartered in Fairfax, Va., just outside of Washington, D.C., the association today is guided by the vision of knowledgeable industry professionals who serve on NPMA's Board of Directors.

The organization's professional staff addresses the technical, governmental, educational, business, and networking needs of its members.

3 0
3 years ago
On January 1, 2017, Frostburg Company purchased for $68,500, equipment having a service life of six years and an estimated resid
m_a_m_a [10]

Answer:

Explanation:

Cost =   68500

Date = January 1, 2017

December 31, 2019

Cost  =                                   68500

Acc. Depreiciation         =   -34,250       (68500/6)*3  

book Value                      =    34,250

Exchanged asset cost    =     35000

Trade in gain                   =      750

Accounting Entries

Asset                                     35000

Accumulated depriciation  34250  

                     Asset                                    68500

                     Gain on Exchange                  750

7 0
3 years ago
Guggenheim, Incorporated, has a bond outstanding with a coupon rate of 7.3 percent and annual payments. The yield to maturity is
Anni [7]

Based on the coupon rate of Guggenheim Inc's bond as well as its yield to maturity, the market price is $1,768.55.

<h3>What is the market price of the bond?</h3>

First, find the coupon amount:

= 7.3% x 2,000

= $146

The market price is:

= ( 146 x (1 - (1 + 8.5%)⁻²¹) / 8.5%)  + 2,000 / (1 + 8.5%)²¹

= 1,407.97 + 360.58

= $1,768.55

Find out more on bond pricing at brainly.com/question/25596583.

#SPJ1

4 0
1 year ago
Other questions:
  • A patient who contributes to causing harm is guilty of what kind of negligence ?
    13·1 answer
  • Yet a fever, when allowed to run its course, is actually ____________ .
    8·1 answer
  • Describe a pleasure trip and a business trip, then compare and contrast the two.
    10·1 answer
  • Gibson valves produces cast bronze valves on an assembly line, currently producing 1600 valves per shift. if the production is i
    6·1 answer
  • Ryngaert Inc. recently issued noncallable bonds that mature in 15 years. They have a par value of $1,000 and an annual coupon of
    10·1 answer
  • Why should you avoid the use of sarcasm , cliches, and idioms in business letters?
    11·1 answer
  • What is the purpose of capital markets?
    5·1 answer
  • 5 products of primary production
    11·2 answers
  • Makes sure an agenda is sent out before the meeting
    12·1 answer
  • Any unamortized premium is reported on the balance sheet
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!