The impact of the given error on the financial statement should be an overstatement of the assets.
- Since the adjusting entry for depreciation is omitted i.e.
Depreciation expense Dr XXXXX
To accumulate depreciation XXXXXX
(being depreciation expense is recorded)
Here depreciation expense is debited as it increased the assets and credited the accumulated depreciation as it decreased the assets.
So if the above journal entry is omitted so it means the assets should be overstated.
Learn more about the depreciation here: brainly.com/question/15085226
Answer:
Deluxe should report a liability for unredeemed coupons of $1,204,850
Explanation:
Estimated coupons to be redeemed $501,970
(707,000 * 71%)
Less: Coupons redeemed <u>$261,000</u>
Coupons unredeemed $240,970
X Cost per Coupon <u> 5.00 </u>
Liability for unredeemed Coupons <u>$1,204,850</u>
The return on assets.
Hope this helps!
Answer:
c. the effect on net income will depend on the behavior pattern of various costs.
Explanation:
When sales volume increases or decreases, to determine the effect of this on net income it is important know the behavior pattern of a cost because costs also affect the net income and they have show different patterns. Variable costs will increase or decrease according to the variation of the quantities sold and fixed cost tend to stay the same. However, they may change if, for example, it is necessary to rent a bigger space to be able to increase production and this increase in a fixed cost might take the effect in the net income of an increase in the sales volume. So, understanding this type of behavior is important to understand how changes in sales volume can affect the net income.
Answer:
24 years
Explanation:
In a situation where a country GDP which is fully known as GROSS DOMESTIC PRODUCT was been expected to increase or grow at a rate of 3% per year or per annual which means that it will actually takes up to 24 years for a country economy living standard to double .
Therefore the numbers of years it would take for a country living standards to double will be 23 years.