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ira [324]
1 year ago
12

Brenda says her assets are definitely greater than her liabilities. which explains whether brenda is correct? brenda is correct

because she has five assets and only three liabilities. brenda is correct because all the items should be in the assets column of the balance sheet. brenda is not correct because the total value of her assets could be less than the liabilities. brenda is not correct because she needs to list more liabilities.
Business
1 answer:
yuradex [85]1 year ago
3 0

Brenda is not correct because the total value of her assets could be less than the liabilities.

<h3>What are liabilities?</h3>

A liability is an obligation that a person or business has, typically financial in nature. Over time, liabilities are resolved by the transmission of economic advantages like cash, products, or services.

Liabilities on the balance sheet's right side are represented by debts like as loans, accounts payable, mortgages, deferred revenue, bonds, warranties, and accumulated costs.

Assets can be contrasted with liabilities. Assets are items you own or owe money to, whereas liabilities are debts or other obligations.

An obligation between two parties that has not yet been fulfilled or paid for is generally referred to as a liability.

Learn more about liabilities

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Vaughn Manufacturing began the year with retained earnings of $114000. During 2022, the company issued $84500 of common stock fo
aalyn [17]

Vaughn's net income for the year 2022 is: c. $88,000.

<h3>Net income</h3>

Using this formula

Net income=Revenues - expenses

Where:

Revenues=$735,000

Expenses=$647,000

Let plug in the formula

Net income=$735,000-$647,000

Net income=$88,000

Therefore the correct option is c.

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3 0
1 year ago
True or False: In the event of the firm's bankruptcy, the most shareholders can lose is their original investment in the firm's
KATRIN_1 [288]

Answer:

The answer is true.

Explanation:

Preference or preferred shareholders are synonymous to lenders to a business or company. Preferred shares are like debt to a business. They possess the characteristics of both debt and equity and in the case of liquidation, they have to be settled first. Common shareholders are the last shareholders to settled.

3 0
2 years ago
Lake Co. receives nonrefundable advance payments with special orders for containers constructed to customer specifications. Rela
klasskru [66]

Solution :

We calculate the advances form the customer to be reported as the current liability as on Dec. 31, 2009 in the balance sheet as follows :

          <u>  Particulars  </u>                                                               <u>  Amount ($)</u>

Customer advances the balance Dec 31, 2008                           110

Add : advances that is  received with 2009 orders is                 195

Less : advances applicable to the orders in 2009                      -180

Less : advances from orders that are canceled in 2009          <u>  -45  </u>

Advances from the customers liability Dec. 31, 2009                  80

Therefore, the advance from the customer to be reported in the balance sheet as the current liability is $80.

6 0
2 years ago
There are several steps you can take to reduce the potential of being a victim
vitfil [10]

Answer:

Here are some steps to be taken to avoid being a victim of consumer fraud:

  • Spot Imposters: Scammers often pretend to be someone else, especially one you can trust, like a government official.
  • Online searching: Search about the company of product online to see if it is legit or not.
  • Don't pay in advance: Scammers always try to get money in advance, in terms of taxes or fees.
  • Discuss with someone: Before giving someone your money, talk to someone you trust or preferably to an expert.
  • Personal information: Don't given any unknown person your personal information, money, or any kind of financial details

7 0
3 years ago
In employee selection, initial screening consists of two stages. They are the:
Nadya [2.5K]

Option a; In employee selection, initial screening consists of two stages of Employment application form and the preliminary review.

Any new product development process must include idea screening. Using predetermined criteria, data (such as market research), or scoring models, it aids in the vetting and evaluation of potential ideas.

Consider the following while evaluating new concepts: relevance, limits, budgets, value, dangers, and/or feasibility. Even though this list is by no means comprehensive, it should give you some background on how to go about idea screening.

In addition to the aforementioned, you can leverage previous market research or client information/feedback to judge the viability and worth of a novel idea. Everything begins with your ideas. The finest product concepts combine viewpoints from several teams and stakeholders as well as market and consumer research (where possible).

Learn  more about Screening here:

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6 0
1 year ago
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