Answer:
The effect of this error on 2003 ending working capital is that it overstated the ending 2003 working capital.
The error does not have effect on the 2004 ending retained earnings balance.
Explanation:
Let the amount of the commission expense be xxxx.
At the end of 2003, the journal entries should have been as follows:
Debit Commission expense for xxxx
Credie Commission payable for xxxx
Also, we have:
Working capital = Current assets – Current liabilities ………… (1)
From equation (1), current liabilities are understated because commission payable which was not recorded is an item under current liabilities. Since the current liabilities are understated, that indicates that the working capital in equation is overstated. Therefore, the effect of this error on 2003 ending working capital is that it overstated the ending 2003 working capital.
When the 2003 commission expense in the entries above was paid in 2004, it would have been recognized as an expense. This made the error to counterbalance. This implies that the 2004 ending retained earnings balance is still correct despite that there are errors in the earnings of the two years. Therefore, the error does not have effect on the 2004 ending retained earnings balance.
Answer:
d. debit Retained Earnings, $3,000; credit Dividends, $3,000.
Explanation:
The journal entry to close the dividend account should be
Retained earnings Dr $3,000
To Dividend $3,000
(being the closing of the dividend account is recorded)
here the retained earning is debited as it decreased the stockholder equity and dividend is credited as it is closed
The statements that are true based on the obese pations are statements 1 and 2. Henvce Both the first and second statements are true.. Option 2
<h3>What is meant by obesity?</h3>
The delay in receiving medical care has a positive relationship with BMI. 12.7% of participants said they have postponed or cancelled a doctor's appointment because of weight issues.
An important component of treating obesity is increasing physical activity or exercise: Exercise. For those who are obese, 150 minutes a week of moderate-intensity exercise is required to either maintain current weight loss or to stop further weight gain.
Weight gain that is abnormal or excessive and poses a risk to health is what is meant by the terms "overweight" and "obesity." Overweight is defined as a body mass index (BMI) of 25, and obesity as a BMI of greater than 30. Obesity in the United States has dramatically increased in prevalence over the past few decades, leading to a huge public health concern.
Read more on obesity here: brainly.com/question/1646944
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Answer:
The answer is: Projected net sales for this year are $45,254
Explanation:
The current total sales for MG Lighting are $50,000 (= 500 units x $100 per unit).
Next year their products will have a $10 increase (10%), so the unit price will be $110.
Due to the price increase, the number of units sold will decrease by 15%, to a total of 425 units.
MG Lighting total sales will be $46,750. Approximately 3.2% of the total sales will be returned (equivalent to $1,496).
MG Lighting net sales for this year should be $45,254 (= 46,750 - $1,496)
Answer:
Net cash flow as at the year end= $22,100
Explanation:
The statement of cash flows for Moore shall be calculated as follows:
Cash balance as at January 1, 2018= $54,000
Cash inflow from operating activities= $35,600
Cash outflow from investing activities= ($43,000)
Cash outflow from financing activities= ($24,500)
Net cash flow as at the year end= $22,100
