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ArbitrLikvidat [17]
2 years ago
5

Watts Corporation made a very large arithmetical error in the preparation of its year-end financial statements by improper place

ment of a decimal point in the calculation of depreciation. The error caused the net income to be reported at almost double the proper amount. Correction of the error when discovered in the next year should be treated as ________.
Business
1 answer:
daser333 [38]2 years ago
5 0

Answer:

a prior period adjustment

Explanation:

A prior period adjustment -

It is the correction of the accounting error which took place in the past and was written in the prior year of financial statement , net of the income taxes , is known as a prior period adjustment .

It is the method to fix the previous problem of past during the reporting .

hence , the correct term fro the given statement is a prior period adjustment .

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Chen Company's account balances at December 31, 2017 for Accounts Receivable and the Allowance for Doubtful Accounts are $800,00
Hatshy [7]

Answer:

B) $27,500.

Explanation:

The computation of the amount credited to the allowance account is shown below:

= Sales during the 2017 year × estimated  uncollectible percentage

= $2,750,000 × 1%

= $27,500

By multiplying the sales with the estimated  uncollectible percentage we can get the amount credited to the allowance account and the same is to be considered

Hence, the correct option is B

6 0
3 years ago
Basel lll mainly focuses on _.​
icang [17]
To strengthen requirements from basel ll on the bank’s minimum capitol ratios.
8 0
3 years ago
Ken, a transaction broker, worked with both the buyer and seller in the sale of a home. The sale went well and it closed on time
vovangra [49]
Ken, the agent, violated the law of agency  
In this particular instance, when Ken told the the buyer that the seller would take a lower price than what was on the listing in order to close the sale faster and then told the buyer exactly which price they should offer, Ken, who is the agent, has now violated the law of agency
6 0
3 years ago
As the head of the engineering department for her company, Jody works with her team on complex and challenging projects. The lev
vagabundo [1.1K]

Answer:

Wide

Explanation:

Basically there are two spans of control namely; wide and narrow. A wide span of control is one in which a manager or supervisor interacts with many team members. In other words, the levels of hierarchy involved where there is a wide span of control is few. As such, this structure entails that a large number of the team members report directly to the manager.

The narrow span of control is one in which the manager supervises or interacts with a few team members. In other words, there is some level of hierarchy involved such that the managers direct subordinates are few and have subordinates who report to them.

To state it in another way, the wider the span of control, the fewer level of report or levels of hierarchy and the narrower the span of control, the higher the levels of hierarchy required.

In light of the explanation above, it can be deduced that Jody has a wide span of control over her team.

3 0
2 years ago
MC Qu. 90 A company is planning to purchase... A company is planning to purchase a machine that will cost $30,600 with a six-yea
faltersainse [42]

Answer:

Accounting rate of return = 20.53%

Explanation:

<em>The accounting rate of return is the average annual income expressed as a percentage of the average investment.</em>

The simple rate of return can be calculated using the two formula below:

Accounting rate of return

= Annual operating income/Average investment × 100

Average investment = (Initial cost + scrap value)/2

                                     = 30,000/2= 15,000

Accounting rate of return = ( 3080/15,000) × 100 = 20.53%

Accounting rate of return = 20.53%

3 0
2 years ago
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