Answer:
In 2017
Net Income and Retained Earning are overstated by $100,000
Expenses and Payables are understated by $100,000.
In 2018
Inventory, Net Income and Retained Earning are understated by $57,000
Expenses are overstates by $57,000
Explanation:
Accrued Salaries is Recorded as follow
Dr. Salaries Expense
Cr. Salaries Payament
Non recording of this entry will result in understatement of Expenses and Payables by $100,000 over statement of Net income and retained earning by the same amount.
Treatment of Office supplies of $57,000 as expense will overstate the expenses and understate the the inventory, Net income and Retained Earning.
Answer:
the after tax terminal value would be $14,500
Explanation:
No because if the teacher wants to bump up that grade they can if they want
This action is a violation of Cost Principle or Historical Cost Concept.
<h3>What is Historical Cost Concept?</h3>
The historical cost principle states that a company or business must account for and record all assets at the original cost or purchase price on their balance sheet and not at its market price.
The historical cost principle forms the foundation for an ongoing trade-off between usefulness and reliability of an asset.
Thus, if the modern enterprises reported all assets in the accounts at current market value. This action is a violation of Cost Principle or Historical Cost Concept.
Learn more about Historical Cost Concept here,
brainly.com/question/27622433
#SPJ4
Answer:
Yes. I agree
Explanation:
Due to a fall in barriers to international trade, <u>companies in wealthy advanced economies now find it easier to move their manufacturing activities to other countries</u> with lower labor rates so that they can reduce their manufacturing costs.
This move means that manufacturing companies in the wealthy advanced economies have reduced job opportunities and as such, workers in this industry will suffer.
