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
ArbitrLikvidat [17]
3 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]3 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 .

You might be interested in
On January 8, Lowrence Co. issued a $60,000, 120-day discounted note to Raines Bank. The discount rate is 8%. Assuming a 360-day
Salsk061 [2.6K]

Answer:

a. $58,400

Explanation:

A discounted note, will make the person receive a lesser amount than the amount due at maturity. This way the person who grants the note is receiving interest for borrowing.

<em><u>Calculations</u></em>

principal x discount rate x time = discount

<em><u>Where</u></em> rate and time should be expressed in the same metric IE if the rate is annual express time in portion of years if it is monthly, in months.

60,000 x 0.08 x 120/360 = 1,600

Now, we subtract this amount form the nominal:

nominal - discount = net

60,000 - 1,600 = <u>58,400</u>

6 0
3 years ago
Read 2 more answers
Why does the use of several depressants at once often prove to be a lethal combination?
Leona [35]

<span>The nervous system uses Gamma-Amino Butyric acid (GABA) as a neurotransmitter in the central nervous system. The use of several depressants increases the transmission of GABA that may cause the nervous system to slow down. The reaction of the body to several depressants is also unpredictable which makes it more dangerous.</span>

8 0
3 years ago
Assume Metro Corporation had a net income of $ 2,200 for the year ending December 2018. Its beginning and ending total assets we
Aleksandr-060686 [28]

Answer:

The return on assets is 8.4%

Explanation:

In order to calculate the return on assets we will first need to find the average total assets. We will do this by adding the beginning and ending total assets and dividing it by 2.

Average total assets= (31,500+20,500)/2= 26.000

Now in order to find the return on assets we will divide the net income by the average total assets.

Return on assets = 2,200/26,000=0.084=8.4%

7 0
3 years ago
Kalons, Inc. is a U.S.-based MNC that frequently imports raw materials from Canada. Kalons is typically invoiced for these goods
pantera1 [17]

Answer:

The correct answer is C) purchase Canadian dollar put options.

Explanation:

A sale option (or put option) gives its holder the right - but not the obligation - to sell an asset at a predetermined price until a specific date. The seller of the option to sell has the obligation to buy the underlying asset if the holder of the option (buyer of the right to sell) decides to exercise his right.

The purchase of put options is used as hedging, when price falls are anticipated in shares that are held, since by means of the purchase of Put the price is established from which money is earned. If the stock falls below that price, the investor earns money. If the share price falls, the profits obtained with the sale option compensate in whole or in part for the loss experienced by said fall.

Losses are limited to the premium (price paid for the purchase of the sale option). Earnings increase as the share price falls in the market.

5 0
3 years ago
Why are products made in Third World Countries cheaper than goods made in the US?
Lostsunrise [7]

Answer:

Demand in developing countries is lower and so the price is set lower to match the capacity to pay (such as pharmaceuticals). Locally produced goods, especially the outputs of primary production are generally inexpensive and often will be cheaper in developing countries e.g. bananas.

6 0
3 years ago
Other questions:
  • The national labor relations act of 1935 (wagner act) required employers to ________.
    13·1 answer
  • Net income for the year was $161,511. The beginning net position balances are net investment in capital assets, $585,400; restri
    11·1 answer
  • Interview any local business owner and request him/her to identify any business problem that they are experiencing. Apply delphi
    13·1 answer
  • Four frequently used targeting strategies are the micromarketing, undifferentiated, differentiated, and __________ targeting str
    6·1 answer
  • A(n) _____ helps domestic producers to compete against foreign imports. Group of answer choices ad valorem tariff specific tarif
    7·1 answer
  • Which one sounds better?<br> Basic Betty OR Basic Betsey
    13·2 answers
  • I really need help with question 4 Please help
    6·1 answer
  • This is for ap-ex learning
    15·1 answer
  • Which of the following are advantages of accrual basis
    6·1 answer
  • A project with a cash inflow of $185 followed by a cash outflow of (-$250) one year later will have an irr of ___ percent.
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!