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lana [24]
3 years ago
13

At March 31, the end of the first month of operations, the usual adjusting entry transferring prepaid insurance expired to an ex

pense account is omitted. Which items will be incorrectly stated, because of the error, on (a) the income statement for March and (b) the balance sheet as of March 31? Also indicate whether the items in error will be overstated or understated.a. Income StatementInsurance Expense SelectOverstated or UnderstatedNet Income SelectOverstated or Understatedb. Balance SheetPrepaid Insurance SelectOverstatedUnderstatedCorrectItem 3Stockholders' Equity
Business
1 answer:
babymother [125]3 years ago
6 0

Answer:

A and B

Explanation:

A) income statement

insurance expense-understand net income-overstated

B) balance sheet

prepaid insurance -overstated stockholders equity -overstated

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You purchase one IBM July 125 call contract for a premium of $5. You hold the option until the expiration date when IBM stock se
Trava [24]

Answer:

Loss of $500

Explanation:

Given that

Stock price = 123

Strike price = 125

Premium price = 5

Recall that

Long call profit = (MAX (stock price - strike price, 0) - premium per share

Thus,

Long call profit = Max [0, ($123 - $125)(100)] - $500

= - $500.

Therefore, the negative sign in front indicates a loss of $500

3 0
3 years ago
Describe a product, and then give an example of a time when the demand for this product might be high and the demand for this pr
d1i1m1o1n [39]
An inner tube for a swimming pool would be in high demand during the summer months, and in incredibly low demand in the winter months. 
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Unless an exemption applies, under the Investment Advisers Act of 1940, an investment adviser is required to A) furnish a statem
Anarel [89]

Answer:

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4 0
3 years ago
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Purchased 400 units
viva [34]

Answer:

WA      1,682

LIFO      910

FIFO  2,260

Explanation:

\left[\begin{array}{cccc}Date&Cost&Units&Subtotal\\$Jan 20th&8&400&3200\\$April 21th&10&200&2000\\$July 25th&13&280&3640\\$Sept 19th&15&90&1350\\$Total&10.51&970&10190\\\end{array}\right]

We add the units purchase and the subtotal to get the total units available for sale.

Ending inventory physical units: 970 - 810 = 160 units

<u>Then, we calculate for each method:</u>

Weighted average:

cost of goods / available units = 10,190 / 970 =  10.51

160 units x 10.51 = 1,681.6‬

LIFO:

Ending inventory will be the oldest units:

160 units x 8 = 960

FIFO:

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90 x 15 =  1,350

70 x 13 =     910

Total       2,260

5 0
3 years ago
What does 1/4 of a can of coffee cost if 4 cans of coffee costs $2.40?
harkovskaia [24]
In this item, we calculate first for the price of each can of coffee by dividing the cost by the number of cans of coffee.

        Price per can = cost / total number of cans of coffee
        price per can = ($2.40) / 4 = $0.6/can

To compute for the price of the 1/4 can, multiply the price by can by 1/4.
       price of 1/4  can of coffee = (1/4 can)($0.6/can)
       price of 1/4 can of coffee= $0.15

Therefore, the 1/4 can of coffee will cost only $0.15.
3 0
2 years ago
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