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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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Scott Company sells merchandise with a one-year warranty. Sales consisted of 2,500 units in Year 1 and 2,000 units in Year 2. It
Alenkasestr [34]

Answer:

$0

Explanation:

Scott Company must record the warranty expense and liability regarding the products sold during the years that they occur. For example, the following journal entry must be made to record the warranty expense for year 1:

Dr Warranty expense 25,000

    Cr Warranty liability 25,000

During year 2, they will record the warranty expense for that year:

Dr Warranty expense 20,000

    Cr Warranty liability 20,000

That means that during year 3, the only warranty expense recorded will be the one related to the goods sold during that year.

8 0
3 years ago
Glenda runs a flower delivery service with six people. Quite recently, the business has started suffering and there has been an
ankoles [38]
B. Employees can brainstorm to find causes and possible solutions
7 0
2 years ago
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You are doing a sales presentation for Ms. Duarte and her son. Ms. Duarte has some cognitive impairment and her son informs you
Jet001 [13]

Answer:

Yes he can execute the enrollment for her

Explanation:

The power of attorney is a legal document that given the authority to act in place on another person. It can be represented on behalf of other people so that the act could be done.

Here the individual can act legal with respect to the financial issue, property matters, etc

Therefore according to the given situation yes he can be executed

4 0
3 years ago
What is productive efficiency? question 18 options:
slega [8]
<span>What is productive efficiency? A situation in which resources are allocated such that goods can be produced at their lowest possible average cost.

The resources are wanting to be used at the lowest possible average cost so that companies aren't having to give up the production of another item to produce that one. Being efficient while still maintaining good quality is the overall goal of productive efficiency. 
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6 0
3 years ago
The Fashion Shoe Company operates a chain of women's shoe shops around the country. The shops carry many styles of shoes that ar
timofeeve [1]

The computation of the break-even point (in units) is given below:

Break-eventpoint = Fixed cost / contribution margin.

= Fixed cost / (selling price -  variable cost)

= $158,000/ ($20-%10)

= $158,000/ $10

= %15,800 units.

The break-even point (in units) for Shop 48 is 15,800 units. It can be computed by dividing the amount of fixed cost by the amount of per unit contribution margin. And the per unit contribution margin can be computed by deducting the variable cost per unit from the selling price per unit.

The break-even point is the point at which total costs equal total sales, and there is no loss or profit for a small business.

Learn more about the break-even point at

brainly.com/question/9212451

#SPJ4

4 0
2 years ago
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