Answer:
The omission of this entry understated accrued liabilites. given that the related inventory was sold in year 1, it aslo overstated net income and retained earnings by understating cost of goods sold, the same effects would occur if the insurance costs were chargeable to expense as a period cost
Explanation:
Rules specify that contingent liabilities should be recorded in the accounts when it is probable that the future event will occur and the amount of the liability can be reasonably estimated. This means that a loss would be recorded (debit) and a liability established (credit) in advance of the settlement.
C) represent clients and customers in residential or commercial property transactions, but not both.
A real estate licensee refers to an individual who holds an active license as a real estate broker, principal real estate broker or licensed real estate property manager.
A real estate licensee has permission to enter into a property they represent with the general public. This means that the owner of the real estate grant the agent his or permission to make use of the land.
Other duties of a real estate licensee are :
- Determining clients’ needs and financials abilities to propose solutions that suit them.
- Providing guidance and assisting sellers and buyers in marketing and purchasing property for the right price under the best terms.
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Answer:
Consummation
Explanation:
A creditor must ensure that the consumer receives the revised Loan Estimate no later than four business days prior to consummation.
Answer: The establishment of social welfare programs
Answer:
$466,500
Explanation:
Assuming Metlock, Inc is free of tax, tax rate = 0%
Net profit of the year = (revenues - expenses) * (1- tax rate)
= $487,000 - $384,000 = $103,000
Retained earnings balance at the end of the year
= Retained earnings balance at beginning of the year + net profit - dividend paid
= $402,000 + $103,000 - $38500
= $466,500
