if no adjusting entry is made at year-end, the financial statements will be affected:
Net - income: will be overstated
Assets: will be overstated
<h3>What are Financial statements?</h3>
- The financial actions and position of a company, individual, or other entity are formally recorded in financial statements (also known as financial reports).
- The presentation of pertinent financial data is organized and presented in an understandable style.
- The purpose of financial statements is to give information about an organization's financial situation, performance, and changes in financial position that may be used by a variety of users to make financial decisions.
- Financial statements must be clear, pertinent, dependable, and similar.
- The financial condition of an organization is directly tied to the reported assets, liabilities, equity, income, and expenses.
To learn more about financial statements, refer to:
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Answer:
The correct answer is letter "C": Enhance innovation and creativity.
Explanation:
Phil is enhancing innovation and creativity by introducing his new management assessment. Those assessments are typically directed to executives and how they should use their resources to drive companies to success. However, Phil is promoting the idea of obtaining valuable information from knowledgeable employees of the entity that could help managers to make better decisions.
Answer:
d. special issues or constraints
Explanation:
Based on the information provided within the question it can be said that this information should be included as part of the special issues or constraints section of the system request. These are issues that need to be handled because they are halting the progress of the company. Such is the case in this scenario since financial reporting system must be completed before the next fiscal year or else they have to shut down production.
Answer:
$6,400
Explanation:
Re-write the Question for Easier Understanding
Purchasing Maintenance Fabrication Assembly
$32,000 $18,0000 $96,000 $62,0000
(No of Purchase Orders) 16 4
(Sq Foot of Space) 3,300 2,700
Find:
Amount of Purchasing Department Expense to be allocated to Assembly.
- The Question clearly states that Purchasing Department's expenses are allocaated based on the Operating Department's Purchase Order
- Since total Purchase Order is 20 and Assembly's purchase order is 4
- Assembly's allocation of Purchasing Expense= Assembly's Purchase Order/ Total Purchase Order × Purchase Department Expense
=Total Purchase Order= Fabrication (16) + Assembly (4)= 20
=Purchase Order for Assemby= 4
=Purchasing Department Expense= $32,000
- =(4/20)× $32,000
- =0.2 × $32,000
- = $6,400
