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
Vanyuwa [196]
3 years ago
7

In September 20X3, LaToya Corporation paid for insurance for the next six months in the amount of $42,000. On December 31, LaToy

a’s accountant forgot to make the adjusting entry that was needed. Which of the following is true?Assets are understated by $42,000.Net income is understated by $14,000.Expenses are overstated by $42,000.Net income is overstated by $28,000.
Business
1 answer:
Umnica [9.8K]3 years ago
5 0

Answer:

Net income is overstated by $28,000.

Explanation:

As the company forget to make the adjustment entry it didn't recognize any expense for the expired insurance.

From September to December 31th 4 month of insurance has expired:

42,000 x 4 month/6 months = 28,000 insurance expense

as the expense weren't post the income statement is overstated along with the assets of the company as it doesn't have a prepaid amount for 42,000 but for 14,000

You might be interested in
Respond by (1) Identifying the type of syllogism below (Categorical, Disjunctive, Conditional) and (2) explain, in your own word
USPshnik [31]

The type of syllogism being used in the given sentence is a conditional syllogism.

<h3>What is Syllogism?</h3>

This refers to the use of reasoning in order to draw conclusions about something based on two premises.

Hence, we can see that conditional syllogism was used in the given premises and this is because it made use of either-or to show that if the sidewalk was wet, then that means that it must have rained.

This reasoning is faulty because there are different possible reasons for the sidewalk to be wet and not just rainfall.

Read more about syllogism here:
brainly.com/question/361872

6 0
2 years ago
John discovered his company's accountant was "skimming" money from the business. The accountant agreed to pay John a one-time pa
Pani-rosa [81]

Answer:

There are no options listed, but what I can tell you for sure is that John's actions were both unethical and illegal.

What John did is unethical because it is not moral and it goes against all the principles that guide professional conduct. John also did something illegal because he was an accomplice in committing fraud against the company. He knowingly benefited from the accountant's illegal actions, and that is basically the legal definition of an accomplice to a crime.

8 0
3 years ago
Marketers segment broad markets into smaller target segments based on a variety of _____.
scZoUnD [109]
<span>Market segmentation is the process of dividing a larger market into smaller groups (segments). </span><span>Marketers segment broad markets into smaller target segments based on a variety of</span> based on meaningfully shared characteristics.
These characteristics can be behavioral, geographic and demographic.
7 0
3 years ago
Reference to the economic integration of less developed nations into the structures of a world economy (World System Theory), __
kumpel [21]

Answer:

core regions

Explanation:

3 0
3 years ago
Q-mart failed to include inventory that was kept in a separate warehouse in its 12/31 end-of-the-period inventory count. Consequ
Sindrei [870]

Answer:

Total assets and Total equity will be this year's understated.

3 0
3 years ago
Other questions:
  • Traditionally, if sam, who is 17 years old, purchases a television from a store, signs a 11-month contract, and then drops it on
    9·1 answer
  • The only income Ramon needs to report on his Schedule C is his income from Form 1099-K, Payment Card and Third Party Network Tra
    8·1 answer
  • An example of an external document that provides reliable information for the auditor is​ a(n) A. purchase order for company pur
    12·1 answer
  • Which describes the role of automatic stabilizers in the economy?
    14·1 answer
  • Bringham Company issues bonds with a par value of $540,000 on their stated issue date. The bonds mature in 6 years and pay 9% an
    7·1 answer
  • Maria is going to a hiking trip this weekend. She has been busy shopping for the trip. Which of these items that she bought are
    11·1 answer
  • Over the next few years, employers may face a severe labor shortage because ________. Group of answer choices there are fewer pe
    8·1 answer
  • While in the restroom, you overhear your boss telling a colleague that Bob is going to be laid off at the end of the quarter in
    10·1 answer
  • A company is a devout follower of Confucian ethics. Hence, it hires people who live by similar principles. What is most likely t
    13·1 answer
  • A company has the following per unit recorded cost and replacement cost relating to its inventory:Item 1 5 units Cost $50 Market
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!