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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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Accrual accounting: A. results in the balance sheet showing the fair value of the entity's assets. B. is designed to match reven
satela [25.4K]

Answer:

The answer is B. is designed to match revenues and expenses.

Explanation:

Accrual Accounting method records revenues and expenses when they are incurred, regardless of when cash is received or paid.

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3 years ago
A business chartered by a state that legally operates as a separate entity from the owner(s) is called
Svetllana [295]
A business operated by state legally...... is called corporation 

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3 years ago
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At the end of 2009, the following information is available for Clobes Company, Snyder Company, and Welz Company (you must show y
ella [17]

Answer:

Answer is explained in the explanation section below.

Explanation:

Note: This question is incomplete and lacks necessary data to solve for this question. However I have found similar question on the internet and I will be using that data. Besides, I have attached the data used in the attachment below.

Solution:

1. The debt-to-equity ratio is the best way to assess financial risk. A higher debt-to-equity ratio indicates a higher level of financial risk. This ratio represents the willingness of the equity of the owners to fulfil their obligations.

Formula used:

Debt-to-equity ratio  =  Total liabilities divided by owner's equity

For Clobes:

Total liabilities = 100,000

Owners' equity =  200,000

Debt-to-equity ratio = 100000/200000 = 0.5

For Snyder:

Total liabilities = 300,000

Owners' equity = 200,000

Debt-to-equity ratio = 300000/200000 = 1.5  

For Welz:

Total liabilities = 300,000

Owners' equity = 100,000

Debt-to-equity ratio = 300000/100000 = 3

Welz faces the greatest financial risk because it has the highest debt-to-equity ratio. It has a debt-to-equity ratio of three. Even though it depends on the industry, a company's debt-to-equity ratio should be between 1 and 1.5 if it is considered optimal. In this case, Welz's financial risk is considerably higher.

2. calculate Return on Equity(ROE)

Formula used:

ROE = Net income / Owner's equity

For Clobes:  

Net income = 25,000

Owners' equity = 200,000

ROE = 25,000 / 200000 = 0.125

For Snyder:

Net income = 30,000

Owners' equity = 200,000

ROE = 30000 / 200000 = 0.15

For Welz:  

Net income = 20,000

Owners' equity = 200,000

ROE = 20000 / 100000 = 0.2

Welz has the highest return of equity (ROE) of 0.2.

As a result, Welz is the most profitable company.

3. Return on assets:

Formula used

Return on Assets = Net income / Total assets

For Clobes:  

Net income = 25,000

Total assets = 300,000

Return on Assets  = 25,000  / 300000 = 0.08

For Snyder:  

Net income = 30,000

Total assets = 500000

Return on Assets  = 30000 / 500000 = 0.06

For Welz:  

Net income = 20,000

Total assets = 400,000

Return on Assets  = 20000 / 400000 = 0.05

Hence,

Clobes has the highest return on assets, which is 0.08.

5 0
3 years ago
Gilbert would like to foster goal commitment in his department. He decides to do this by encouraging the collaboration of employ
lawyer [7]

Answer: Participation strategy  

 

Explanation: Participation strategy refers to the strategy in which the management tries to make all the individuals in a group to collectively work for the accomplishment of a goal. It refers to associate the workers in an objective to give them a sense of superiority and belongingness towards that goal.

In the given case, Gilbert is trying to make the employees to fell the awareness towards the project by taking their ideas ans suggestions into consideration.

Hence from the above we can conclude that the correct option is E.

 

7 0
3 years ago
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Ramon incorporated his sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100
olasank [31]

Answer:

Ramon’s basis in the stock he receives in his corporation is $84,000

Explanation:

The computation of Ramon’s basis in the stock received in his corporation would be $84,000 as this amount reflect the adjusted basis of the assets transferred to the corporation.  

These assets include inventory, building, and land. So, the total amount of the total assets would be received i.e based on an adjusted basis, not the fair market value  

6 0
3 years ago
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