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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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Answer:

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ATC refers to average total cost and MC refers to marginal cost, these both curve derive from total cost when MC is below ATC curve it shows that MC is less than ATC at that point ATC is falling.

Likewise, when MC is above ATC curve it shows MC is grater than ATC curve and at that point ATC is rising.

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3 years ago
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