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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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Elizabeth is an account executive for a financial services firm that specializes in employee benefits services. She is meeting w
Alborosie

Answer:

The question is incomplete, it misses the option. The options are the following:

A. New-task

B. Straight rebuy

C. Modified rebuy

D. Contracted purchase

E. Limited modified buy

And the correct answer is the option A: New-task.

Explanation:

To begin with, in the field of business, the expresion of<em> ''new-task''</em> refers to the buying situation where the buyer purchases a product or a service for the very first time and therefore that he has no idea what to expect next accordingly to that new task because he has no information about it. Therefore that the buyer is looking for the help of Elizabeth in this case who represents a consultant that will help the buyer in this buying situation in order to try to make the best choice as possible.

6 0
3 years ago
Problem 5-7 Analyzing Transactions
7nadin3 [17]
I don’t see anything :/
4 0
3 years ago
The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sold 10 units 10 Purchased 30 units at $20 1
SSSSS [86.1K]

Answer:

cost of goods sold = $580

Explanation:

The cost of the goods sold means the cost price of the total sales volume. As the company uses FIFO (First-in, First-out) method and also uses the perpetual inventory system, the cost of goods sold =

Cost of goods sold =

20 units × $19 = $380 (The price is from November 1)

10 units × $20 = $200 (The price is from November 10)

The total cost of goods sold (30 units) = $580

8 0
3 years ago
One of the great dangers in allocating common fixed Blank 1 of 1 costs is that such allocations can make a product line look les
lara31 [8.8K]

Answer:

One of the great dangers in allocating common fixed corporate costs is that such allocations can make a product line look less profitable than it really is.

Explanation:

Therefore, care must be exercised so that a product line is not eliminated because the common fixed costs have been allocated to it such that it becomes unprofitable.  This is why it is necessary to identify activity cost pools into which such fixed costs can be accumulated and from which they can be allocated to product lines.  Using ABC costing approach, for instance, offers a means of escape because the system tries to allocate costs based on the level of usage or consumption of such common costs by each product line instead of using arbitrary allocation formulas.

4 0
3 years ago
On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of
Lisa [10]

Explanation:

The journal entries are as follows

a.

Merchandise Inventory A/c $254,500

              To Accounts payable A/c $254,500

(Being merchandise purchased on credit)

b.

Account payable Dr $30,000

         To Merchandise inventory $30,000

(Being the merchandise returned is recorded)

c.

Account payable Dr $224,500       ($254,500 - $30,000)

        To Cash $224,500

(Being the payment of the invoice is recorded)

7 0
3 years ago
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