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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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A ______ inventory turnover ratio may result in a reduction in storage and obsolescence costs as well as reduced borrowing.
Andrews [41]
The answer is higher so it’s higher
3 0
2 years ago
On January 1, Martinez Inc. issued $3,000,000, 11% bonds for $3,195,000. The market rate of interest for these bonds is 10%. Int
krok68 [10]

Answer:

correct option is b. $184,500

Explanation:

given data

issued amount =  $3,000,000

rate = 11%

bonds for = $3,195,000

market rate of interest = 10 %

solution

firs we get here Cash paid that is  

Cash paid = $3,000,000 × 11%

Cash paid  = $330,000

and

Interest expense will be

Interest expense =  $3,195,000 × 10%

Interest expense  = $319,500

so premium amortization is

premium amortization =  $330,000 - $319,500

premium amortization  = $11,500

and premium over the 3 million = 195,000

so

New premium will be as

New premium  = $195,000 - $11,500

New premium = $184,500

so correct option is b. $184,500

3 0
3 years ago
_______ is not considered to be a "developing" nation. A. Brazil B. India C. China D. Japan E. Mexico
PIT_PIT [208]

Answer:

A. Brazil

Explanation:

6 0
3 years ago
Depreciation: Is the process of allocating to expense the cost of a plant asset. Measures the decline in market value of an asse
Bess [88]

Answer:

A. Is the process of allocating to expense the cost of a plant asset.

Explanation:

Depreciation can be defined as a process in which the monetary or financial value with respect to an asset decrease or falls over time as a result of wear and tear.

Depreciation is the process of allocating to expense the cost of a plant asset.

7 0
2 years ago
In making business decisions, Glenda, personnel manager for HVAC Maintenance, Inc., applies his belief that all persons have fun
Nonamiya [84]

Answer:

b. the principle of rights.

Explanation:

Principle of rights in business considers if actions are ethical and how it will affect other's rights.

Principle of rights is a concept postulated by Immanuel Kant, and it is of the view that citizens trust the government to create favorable laws for their citizens. Government will not breach trust by drafting laws that will violate freedom of rights of the citizens.

The right intentions must be present when making decisions that affect people and their interest should not be violated.

Glenda believes everyone has fundamental human rights, and is practicing principle of rights.

8 0
3 years ago
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