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maria [59]
1 year ago
8

question content area for the year ended december 31, orion, inc. mistakenly omitted adjusting entries for $1,500 of supplies th

at were used, (2) unearned revenue of $4,200 that was earned, and (3) insurance of $5,000 that expired. for the year ended december 31, what is the effect of these errors on revenues, expenses, and net income?
Business
1 answer:
Oduvanchick [21]1 year ago
6 0

Errors will have a $2,300 overstatement of net income on revenues, costs, and net income.

The amount earned by an individual or business after costs, allowances, and taxes is referred to as net income. Net income in the company is the amount that remains after all costs, such as salaries and wages, the cost of goods or raw materials, and taxes, have been paid.

Net income = Total revenue - total expenses

where,

Total revenue = Unearned revenue = $4,200

Total Expense = Supplies expense + insurance expense = $1,500 + $5,000 = $6,500

Net Income = Total revenue - Total Expenses = $4,200 - $6,500

Net Income = -$2,300

Therefore, there's an overstatement of $2300 in Net Income.

To know more about Net Income, refer to this link:

brainly.com/question/6391667

#SPJ9

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Answer:

false

Explanation:

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3 years ago
Macroeconomic analysis is concerned with: Group of answer choices government regulation of industry The structure of a market an
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Answer:

The answer is C.

Explanation:

Macroeconomics is the study of the economy as a whole, unlike microeconomics which is the study of the individual firms/markets.

Macroeconomics focuses on the standard of living, unemployment rate, inflation rate etc. and how this affects the whole economy.

Option A is wrong because it is the microeconomics and not macroeconomics that studies the market and the firm.

Option B and D are wrong because these are for microeconomics

8 0
3 years ago
Cute Camel Woodcraft Company just reported earnings after tax (also called net income) of $9,750,000 and a current stock price o
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Answer:

Explanation:

a)

earning per share =  Net income / outstanding shares  

= $9,750,000 / 5,500,000  = $1.77

price earning ratio = Current stock price \  earning per share

= $39.50 \ $1.77  = 22.32

new Earning per share = Net income / outstanding shares

= $9,750,000 * 125% / 8,400,000  = $1.45

the stock price after one year would be

= Price earning ratio * New earning per share  = 22.32 * $1.45  = $32.36

b)

Market to book ratio = Market value/ book value  

Market value = Share price * number of outstanding shares

= $47.12 * 8,400,000 shares  = $395,808,000

book value is $54,364,800

M/B = $395,808,000 / $54,364,800  = 7.28 times

Is it possible for a company to exhibit a negative EPS and thus a negative P/E ratio?

Yes, if company is having losses

7 0
3 years ago
Individuals and business organizations that buy finished goods and resell them to make a profit without changing the physical ch
marysya [2.9K]

Answer: reseller markets

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Re sellers can constrain their acquisitions to one product or company or offer a variety of brands and products.

These are the part of supply chain which makes their profit by adding value in the goods in form of providing any kind of service. For example the retailer provides commodities near the customer place hence charges extra for the time saving customer.

4 0
3 years ago
Determining the true cash balance, starting with the unadjusted book balance
Law Incorporation [45]

Answer:

True Cash Balance $7,688

Explanation:

The computation of the true cash balance is shown below:

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Add: Interest Earned   $14

Note Collected by Bank $600

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True Cash Balance $7,688

Hence, the true cash balance is $7,688 and the same is to be considered

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3 years ago
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