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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

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Barclay Enterprises manufactures and sells three distinct styles of bicycles: the Youth model sells for $370 and has a unit cont
Nataliya [291]

Answer:

794 composite units.

Explanation:

Calculation to determine the firm's break-even point in composite units

First step

Contribution Margin per Composite Unit:

Youth model $700

($140× sales mix of 5 )

Adult model model $4,365

($485× sales mix of 9)

Recreational model $3,210

( $535 × sales mix of 6 )

Contribution Margin per Composite Unit=8,275

($700+$4,365+$3,210)

Now let determine the Break-even Sales in Composite Units using this formula

Break-even Sales in Composite Units = Total Fixed Costs/Contribution Margin per Composite Unit

Let plug in the formula

Break-even Sales in Composite Units = $6,570,000/$8,275

Break-even Sales in Composite Units = $793.9

Break-even Sales in Composite Units = 794 composite units

Therefore the firm's break-even point in composite units is 794 composite units.

4 0
3 years ago
Can debit collectors call you anytime and what hours are they able to call you on the phone ? please help :) i’ll give brainlest
Karo-lina-s [1.5K]

No, they can't

They can't call you before 8 am

and they also can't call you after 9 pm

3 0
3 years ago
The primary purpose of _________ behaviors is to enhance employees’ skills and to create positive work relationships among cowor
LiRa [457]

Answer:

relationship-oriented

Explanation:

The relationship oriented refers to building a good relation with the employees so that they gets the motivation that results the improvement in their work by giving their best effort to complete a task

Here, to enhance the employees skills and building a positive relation among coworkers represents the relationship-oriented and the same is to be considered

5 0
3 years ago
Apply What You’ve Learned - Managing Credit Cards and ConsumerLoans
timama [110]

Answer:

1) In general, is it a good idea to make only minimum payments on your credit cards?

  • No, the small payment requirement is mathematically guaranteed to keep you in debt for many years.

All you have to do is analyze the interest rates charged by the credit card companies and it is really difficult for any investment to match those interest rates.

2) Assuming you have $1,500 in your budget this month with which to pay down your credit cards, how much should you pay on each card?

I would start with the cards that charge the highest interest rates. I would pay the full balance of the department store card and the gasoline card = $600 + $300 = $900

Since I have $600 left, I would then pay the minimum payments for the cards that charge the least interest rates. I would pay $40 to Discover card and $60 to VISA.

The remaining $500 would be used to pay MasterCard 1 card and lower its balance.

4 0
3 years ago
During the first week of March the following events happened:
aksik [14]

Answer:

Yes, the offer was accepted before Barney had notice of the revocation.

Explanation:

Fred can revoke his offer at any time before acceptance (2 March), because there is no consideration to keep the offer open. However, Barney has called Fred to accept the offer, before receiving the revocation by mail which Barney has received on March 3

7 0
3 years ago
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