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adoni [48]
3 years ago
5

You’ve just graduated from Berkeley College with a major in accounting and have landed your first accounting job. Your assignmen

t at work today is to complete a Trial Balance. No matter what you do, you just can’t get it to balance and you’re off by $2500. You have a 5pm deadline for completion of the Financial Statements, which must be delivered to the bank this evening to comply with a major loan agreement. It’s now 3:30 and you’re worried that if you don’t get these statements done, it will cost you your job. You decide to increase the owner’s capital account by $2500 to get everything to balance and you complete the Financial Statements in time. You hope that no one will notice the error and you believe that you will be able to find and correct the error by the end of next month. Are your actions ethical? Why or why not? Did you have any other alternatives?
Business
1 answer:
Eduardwww [97]3 years ago
7 0
No, this action would not be concidered ethical in this situation you would have been better off bringing this issue to your supervisors attention  
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Brian is the 99% shareholder, president, and director of Arapine Corp. He frequently uses the corporation credit card for his pe
Alika [10]

Answer: (C) Brian is liable because the court will pierce the corporate veil.

Explanation:

The phrase "PIERCING THE CORPORATE VEIL" is used to describe a situation where a Court decides to hold Corporate Shareholders and/or LLC Owners personally liable for the liabilities of a corporation.

When individuals act in a way that does not separate them from the company (dissolving this 'veil'), the Court looks upon this seriously and treats it in kind. Some instances of this happening are, failure to keep business and personal funds separate and diverting business assets for personal use without proper documentation as Brian seems to have done.

For this reason, the Court will very much likely Pierce the veil.

If you need any clarification do react or comment.

6 0
3 years ago
In an open economy, national saving equals a. domestic investment. b. domestic investment plus net capital outflow. c. domestic
egoroff_w [7]

In an open economy, national saving equals to domestic investment and net capital outflow

Explanation:

In an open economy national saving as considered or calculated an equal to the domestic investment and net capital outflow.

The savings saved by the households are generally deposited in the the banks accounts and banks use this amount to give loans to the business organisation and they make money from these loans.

Apart from this, countries also invests in the other foreign countries which is also considered as domestic (national) saving.

7 0
3 years ago
n a free-market system, the allocation of benefits and costs is determined primarily by a. Interaction between a private party a
ivann1987 [24]

Answer:

The answer to this question is A. Interaction between a private party and another private party

Explanation:

A free market economy, otherwise known as a capitalist economy is one that is controlled by private individuals with little or no government control.

A free or capitalist system may be defined as one in which all or most means of production are owned and controlled by private individuals and in which the economic activity of the government is at minimum.

In a capitalist economic system, private individuals play greater role than the government in taking decision about on what to produce, how to produce and the distribution of what is produced.  

Hence, the allocation of benefits and costs is determined in a free market economy by  A. Interaction between a private party and another private party

7 0
3 years ago
The following selected transactions were taken from the records of Shipway Company for the first year of its operations ending D
alexdok [17]

Answer:

The year-end adjusting entries for the uncollectible accounts will be:

April 13:

Debit Allowance for doubtful accounts             $6,530

Credit Accounts receivable                                $6,530

<em>(To record write-off of accounts receivable - Dean Sheppard)</em>

May 15:

Debit Cash                                                          $3,270

Credit Accounts receivable                               $3,270

<em>(To record collection on account - Dan Pyle)</em>

Debit Allowance for doubtful accounts            $5,410

Credit Accounts receivable                               $5,410

<em>(To record write-off of accounts receivable - Dan Pyle)</em>

July 27:

Debit Accounts receivable                                $6,530

Credit Allowance for doubtful accounts           $6,530

<em>(To re-establish accounts receivable from Dean Sheppard)</em>

Debit Cash                                                          $6,530

Credit Accounts receivable                               $6,530

<em>(To record collection on account - Dean Sheppard)</em>

December 31:

Debit Allowance for doubtful accounts           $13,330

Credit Accounts receivable                              $13,330

<em>(To record write-off of accounts receivable - Miscellaneous)</em>

Explanation:

  • April 13: Shipway Company wrote-off account of Dean Sheppard, this means there would be a reduction in both allowance for doubtful accounts and accounts receivable.
  • The receipt on May 15 of $3,270 reduced the accounts receivable but increased cash. However, the write-off of $5,410 caused a reduction in both the allowance account and accounts receivable.
  • When there was a receipt of $6,530 on July 27, the accounts receivable would be reinstated and then adjusted for the cash receipt.
  • Lastly, the write-off of the uncollectible accounts from miscellaneous customers were added up to arrive at $13,330.
8 0
3 years ago
A comprehensive evaluation of the group of businesses a company has diversified into involves: a.evaluating the attractiveness o
MariettaO [177]

Answer:

All of the options

Explanation:

A comprehensive evaluation of the group of businesses a company has diversified into involve:

Evaluating the attractiveness of industries the company has diversified into and the competitive strength  of each of its business units.

Evaluating the strategic fits and resource fits among the various sister businesses.

Ranking the performance prospects of the businesses from best to worst and determining what the  corporate parent's priorities should be in allocating resources to its various businesses.

Using the results of the prior analytical steps as a basis for crafting new strategic moves to improve the  company's overall performance.

5 0
3 years ago
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