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
Derk owns 600 shares of stock in Rose Corporation. The remaining 1,400 shares of Rose are owned as follows: 200 by Derk's daught
Norma-Jean [14]
Hhbbbbhhhhhhhhhhhhhhhggggg
8 0
3 years ago
In a _________________________ economy, the individuals and the government share in the economic decision-making process. These
Fantom [35]

<u><em>Answer:</em></u>

<u><em>Mixed economy</em></u>

<u><em>Explanation:</em></u>

There are three types of Economies:

<u><em>Command Economy:</em></u>

An economy where price and products are controlled by the government. It is very commonly seen in communist countries, like China or Vietnam.

<u><em>Free market:</em></u>

An economy where the government has little to no control. However, a perfect free economy doesn't exist anywhere, and is just a concept.

<u><em>Mixed Economy:</em></u>

An economy where the market is controlled by both the people/consumers, and the government. America is a mixed economy. Individuals are allowed to own property with little government intervention. However, the government has a lot more control over other sectors of the market.

<u><em>So, to answer the your question, because the Mixed economy is controlled by the government and the poeple, it is the answer.</em></u>

6 0
2 years ago
It's clear that the lives of many creative artists are being transformed by digital technology. But competing schools of thought
Advocard [28]

Answer and Explanation:

Artists' lives have been changed by digital technology. This has created different schools of thought such as the "winner take all" theory, which claims that delivering high quality products at low cost will create a world where small differences in talent demand large differences in reward, and the "long tail"  theory, who claims that digital technology is creating a small portion of sellers that the market will adapt to, promoting low-cost products. These two theories are effective in different realities. However, the existence of both proves the change that programming and technology has been showing in entertainment and in the market.

7 0
3 years ago
Prepare a bank reconciliation as of October 31 from the following information:
kakasveta [241]

Answer:

              Bank Reconciliation Statement as of October 31

Particulars                       Amount    Particulars                     Amount

Balance as per bank          $350      Balance as per books    $806

Add: Late deposit               $433      Less: Returned checks   $80

Less: Outstanding check    $66       Less: Error recordings    $9

          ($24+$42)                                           ($65-$56)

Reconciled Balance           $717        Reconciled Balance       $717

3 0
3 years ago
Who is your favorite character in the walking dead? mine is rick
fomenos

Answer:

do you watch riverdale?

pls dont report me im jus bored -_-

Explanation:

3 0
3 years ago
Read 2 more answers
Other questions:
  • George saves 18% of his total gross weekly earnings from his 2 part-time jobs. he earns $6.25 per hour from one part-time job an
    6·2 answers
  • Egrane, Inc.'s monthly bank statement showed the ending balance of cash of $18,600. The bank reconciliation for the period showe
    6·1 answer
  • After a 3-year probationary period, career positions at Bayside Community College are fairly secure, even though the opportunity
    13·1 answer
  • Jim, a Connecticut resident, ran a red light while he was vacationing in California and collided with Amanda’s car. Amanda suffe
    7·1 answer
  • Turnbull Co. is considering a project that requires an initial investment of $1,708,000. The firm will raise the $1,708,000 in c
    9·1 answer
  • Incentive Contracts (both Cost &amp; Fixed Price Types) provide a method for adjusting the contractor's profit or fee, and estab
    14·1 answer
  • Kim is the sales representative for a major textbook publisher. When she calls on the business faculty at General University, sh
    13·2 answers
  • What document is used to summarize a job applicant’s experience, education, and achievements?
    11·2 answers
  • In the​ video, Walmart's creation of small retail stores that offer the convenience customers​ can't find in​ Walmart's larger s
    13·1 answer
  • True or False: Market segmentation is the process of dividing the market into groups of customers based on their needs, wants, a
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!