1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
valentinak56 [21]
3 years ago
12

What is the accounting problem that the linbarger company faces?

Business
2 answers:
julsineya [31]3 years ago
7 0
The problem that Linbarger company faces is that they do not have enough liquid cash in order to fulfill the promise that they made in their loan contracts.
If this happen, they might be subjected to a breach of contract and the other party has the legal ground to attack Linbarger to the court and potentially close them down.
4vir4ik [10]3 years ago
4 0

The issue that Linbarger organization countenances is that they need more fluid money so as to satisfy the guarantee that they made in their credit contracts.  

Further Explanation:  

Accounting problem:  

A bookkeeping blunder is a non-fake inconsistency in money related documentation. The term is utilized in money related revealing. Sorts of bookkeeping blunders include: Error of exclusion - an exchange that isn't recorded. Mistake of commission - an exchange that is determined mistakenly.  

Accounting problem be corrected:

1. Correct all earlier period budget summaries appeared on relative fiscal reports.  

2. Restate the starting parity of held profit for the main time frame appeared on a similar proclamation of held income if the blunder is before the primary near period.  

Five Common Accounting Mistakes and How to Avoid Them:  

1. Timely Reconciliations. Accommodating asset report accounts, for example, bank and charge card accounts, at any rate month to month is essential to an independent venture's prosperity.

2. Data Entry Errors.  

3. Lack Of Documentation Procedures.  

4. Procrastination.  

5. Not Seeking Help When Needed.

Subject: business

Level: college

Keywords: Accounting problem, Accounting problem be corrected, Five Common Accounting Mistakes and How to Avoid Them.

Related links:

Learn more about evolution on

brainly.com/question/10925741

brainly.com/question/11093021

You might be interested in
Explain the difference between at least four different post-secondary options, and provide an example of one possible career cho
vekshin1
Postsecondary education refers to those whose highest level of educational attainment is an apprenticeship or trades certificate or diploma (including 'centres de formation professionnelle'); college, CEGEP or other non-university certificate or diploma; university certificate or diploma below bachelor level. <span>Examples of </span>institutions<span> that provide </span>post-secondary<span> education are vocational </span>schools<span>, community colleges, independent colleges (e.g. institutes of technology), and universities in the United States, the institutes of technical and further education in Australia, pre-university colleges in Quebec, and the IEK</span>
3 0
3 years ago
Sheffield Corp. had 205000 shares of common stock, 20300 shares of convertible preferred stock, and $1580000 of 4% convertible b
Ahat [919]

Answer:

Diluted earnings per share for 2021 is: <u>$2.19 per share</u>.

Explanation:

Amount of increase in net income if bonds are converted = Total value of convertible bonds * Bond rate * (100% - Tax rate) = $1580000 * 4% * (100% - 35%) = $41,080

Total earnings available to Equity Shareholders = Net income + Amount of increase in net income if bonds are converted = $599000 + $41,080 = $640,080

Number of shares of common stock = 205,000

Number of common shares obtainable from preferred stock = 39,800

Number of common shares obtainable from convertible bonds = (Total value of convertible bonds / $1,000) * 30 = ($1580000 / $1,000) * 30 = 47,400

Total number of shares outstanding = Number of shares of common stock + Number of common shares obtainable from preferred stock + Number of common shares obtainable from convertible bonds = 205,000 + 39,800 + 47,400 = 292,200

Diluted earnings per share = Total earnings available to Equity Shareholders / Total number of shares outstanding = $640,080 / 292,200 = $2.19 per share

Therefore, we have:

Diluted earnings per share for 2021 is: <u>$2.19 per share</u>.

6 0
2 years ago
Assume Aircastle reported $20 million in goodwill on its acquisition of Broadvision. Assume the fair value of the earnout in agr
hoa [83]

Answer:

Journal Entry

Dr. Contingent Consideration Liability $500,000

Cr. Goodwill $500,000

Explanation:

It is assumed that the decline in the fair value is the correction of the acquisition entry. It means due to this event the consideration liability and goodwill are overstated we need to rectify the balances.

Hence,

The contingent consideration liability will be debited to reduce the liability and goodwill will also be decreased by crediting the goodwill account.

4 0
3 years ago
Which of the following statements is false?
Paul [167]

Answer:

C

Explanation:

C. online retailing and in-store retailing experience similar rates of product return.

3 0
3 years ago
A trial balance:_____.
kakasveta [241]

Answer:

d. All of these answer choices are correct.

Explanation:

There are two sections namely debit sections and credit sections. The total of debit and credit sections is always be matched and equaled

The debit sections reports assets and expenses side

whereas, the credit sections reports revenue, stockholder equity, and the liability side.  

Moreover, the balances are used to prepare the financial statement i.e income statement, balance sheet, etc

The trail balance is prepared three times i.e non adjusted, adjusted and the post-closing trail balance

8 0
3 years ago
Other questions:
  • Which type of portfolio might a young investor who is not afraid of risk choose?
    9·2 answers
  • Mr. Hamid is running his small retail business under the name of Hamid Store. He has recently hired Mr. Imran as a junior accoun
    12·1 answer
  • Which of the following best defines the General Electric fastworks approach
    15·1 answer
  • Katya is developing a business message about a green initiative that her company is hoping to launch. In the process of creating
    10·1 answer
  • In modern corporations—especially those in the United States and the United Kingdom—a primary objective of corporate governance
    11·1 answer
  • Neeta Landscaping Company provides lawn care services to a customer and immediately receives $45. Which of the following describ
    9·1 answer
  • Four years ago, a popular sandwich company used to sell 12-inch roast beef subs for only $5.49, but the same product now sells a
    14·1 answer
  • 14 Select the correct answer. Which marketing strategy is the most effective in the modern era? O A relationship marketing B. ma
    8·1 answer
  • Martinez Corp. has the following transactions during August of the current year.
    14·1 answer
  • A bond issue with a face amount of $500,000 bears interest at the rate of 7%. The current market rate of interest is 6%. These b
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!