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
Ivan
3 years ago
9

In making adjusting entries at the end of its accounting period, chao consulting failed to record $3,700 of insurance coverage t

hat had expired. this $3,700 cost had been initially debited to the prepaid insurance account. the company also failed to record accrued salaries expense of $2,250. as a result of these two oversights, the financial statements for the reporting period will:
Business
1 answer:
Rama09 [41]3 years ago
3 0

It is given that the company failed to record $3,700 of insurance coverage that had expired and accrued salaries expense of $2,250. It means the company has failed to record the total expenses of (3700+2250) = $5,950. This understatement of the expenses shall result in an overstatement of the income in the Income statement. Further, it will also result in the overstatement of assets (Prepaid Insurance) by $3,700 and understatement of liabilities for salaries payable by $2,250.


As a result of these two oversights, the financial statements for the reporting period will show overstatement of the income by $5,950 in the Income statement and overstatement of assets (Prepaid Insurance) by $3,700 and understatement of liabilities for salaries payable by $2,250 in the balance sheet.



You might be interested in
Dye Trucking raised $85 million in new debt and used this to buy back stock. After the recap, Dye's stock price is $8.50. If Dye
ivanzaharov [21]

Answer:

60,000,000

Explanation:

Dye trucking raised $85 million to buy stock

After the recap Dye's stock price is $8.50

Dye share had 70 million share before the recap

Therefore the number of shares present after the recap can be calculated as follows

= 70,000,000-(85,000,000/8.50)

= 70,000,000-10,000,000

= 60,000,000

Hence the number of shares after the recap is 60,000,000

8 0
3 years ago
Wiley Company purchased new equipment for $60,000. Wiley paid cash for the equipment. Other costs associated with the equipment
user100 [1]

Answer:

The cost recorded for the equipment=$66,500

Explanation:

When dealing with the total cost of an equipment we take the purchase cost and other additional associated costs that come with the equipment. This can be expressed as;

T=P+A

where;

T=total cost

P=purchase cost

A=additional costs(transportation cost+sales tax+installation cost)

In our case;

T=unknown

P=$60,000

A=(1,000+3,000+2,500)=$6,500

replacing;

T=60,000+6,500=66,500

The total cost=$66,500

The cost recorded for the equipment=$66,500

4 0
3 years ago
Suppose only two countries existed in the world. Country A imported $200 million worth of goods and services from Country B. Cou
tigry1 [53]

Answer:

C. Country A equals –$100 million.

Explanation:

Imports from Country B to Country A = $200 million

Imports from Country A to Country B = $100 million

Imports for one country represents exports to another.

Net exports is the difference between exports and import for a country.

Net exports for country A = $100 million - $200 million = - $100 million

Net exports for country B = $200 million - $100 million = $100 million

Right option is C. Country A equals –$100 million. Country's A export is less than it's import.

6 0
3 years ago
a data warehouse is a database of finely detailed customer and market information that needs to be sifted through for significan
ladessa [460]
You need to ask your parents about this question
6 0
3 years ago
Why are online sellers a stakeholder in Amazon?
lukranit [14]
These stakeholders are significant because they influence consumer perception on the company's goods and services it basically provides a better business
5 0
3 years ago
Other questions:
  • What are the portfolio weights for a portfolio that has 138 shares of Stock A that sell for $48 per share and 118 shares of Stoc
    13·1 answer
  • 1.Which might NOT be an option for increasing your present income?
    6·1 answer
  • Government policies that heavily tax some activities while subsidizing others and that fix or control interest rates will result
    15·1 answer
  • Brandeis Corporation has two production Departments: P1 and P2 and two service departments: S1 and S2. Direct costs for each dep
    5·1 answer
  • On the statement of cash flows, the cash flows from operating activities section would include a. receipts from the issuance of
    14·1 answer
  • Using the direct method, Pone Hill Company allocates Janitorial Department costs based on square footage serviced. It allocates
    9·1 answer
  • A client is to be transferred from the coronary care unit to a progressive care unit. The client asks the nurse, "Are you sure I
    15·1 answer
  • Legislation that offers immediate and easily recognized benefits, at the expense of costs that are observable only in the distan
    10·1 answer
  • The ________ in the Sigma Six cost-of-quality (COQ) equation includes the internal costs before the product is sold (like waste
    11·1 answer
  • Most art and antiques are _____, and the transaction costs are ____ compared to those of financial assets.
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!