Answer:
stockholer's equity will be overstated by $800.
Explanation:
The adjustment required is to record $800 of supplies used as an expense, hence, by carrying out the adjustment, net income is overstated by $800 so also retained earnings and shareholders' equity.
In other words,the balance that would be left in supplies is opening balance of $200 plus purchase of supplies which is $950 minus the supplies used.
balance of supplies=$200+$950-$800=$350
Option B is wrong the balance expected is $350 and the balance without adjustment is $200,that is $150 understatement not $350
In an audit of inventories, an auditor would least likely verify that all inventory owned by the client is on hand at the time of the count.
An auditor no longer assumes all inventories to which the auditee has a name to be available a the date of the depend. A few bought goods may also still be in transit at that time. Additionally, some stock may be on consignment or in public warehouses through properly included in the county.
An audit is an "impartial exam of monetary statistics of any entity, whether or not profit oriented or now not, no matter its size or legal form whilst such an exam is performed so one can explicit an opinion thereon.”
An auditor is a person or a firm appointed with the aid of an employer to execute an audit. to act as an auditor, someone should be licensed by means of the regulatory authority of accounting and auditing or possess sure detailed qualifications.
Learn more about audit here brainly.com/question/24317218
#SPJ4
I guess the closest answer is $31,060.
If you purchased a parcel of land for $10,000. If you expect a 12% annual rate of return on your investment. Therefore you can sell the land for in 10 years in $31,060.
Answer:
4. Fiscal year
Explanation:
Reporting period refers to the period or time covered by a set of financial statements. It is the accounting period in which a given financial report will be covered. It may either be monthly, quarterly or yearly depending on organization's choice.
Now, fiscal year is an accounting period or reporting period that consist of 12 month used for accounting purposes. It is a yearly reporting period made up of 12 consecutive months. It may or may not correspond to the normal calendar year depending on the organization's choice or decision.
Answer:
This is a recessionary gap of $60 billion.
Simple multiplier = 1/ (1-.75) = 1/.25 = 4
The government would then have to increase its spending on goods and merchandise by total gap divided my simple multiplier.
$60 billion/ 4 = $15 billionTransfer multiplier - Each dollar of a Transfer payment will increase real GDP by Transfer Payment Multiplier
= MPC / (1-MPC) = 0.75 / (1-0.75) = 0.75/0.25 = $3
The government must increase spending on transfer payments by total gap divided by transfer payment multiplier = $60 billion / $3 = $20 billion
