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
sesenic [268]
3 years ago
7

Abel company must write-down its inventory by $30,000 to the net realizable value of $450,000 at december 31, 2016. what is the

effect of this writedown on the year 2016 financial statements? decrease accounts payable. decrease cost of goods sold. increase pretax income. decrease ending inventory on the balance sheet.
Business
1 answer:
34kurt3 years ago
3 0

Answer:

decrease ending inventory on the balance sheet.

Explanation:

A write down is defined as the process of reducing the value of an asset in a business's books as a result of economic or fundamental changes in the asset.

Write down is done when a firm readjust their balance sheet usually in quarterly reports. It is the opposite of write up.

Abel company is writing down by $30,000 to a realisable value of $450,000. This will be represented in the balance sheet as a decrease in ending inventory. So as to reflect the new value of $450,000.

You might be interested in
A corporation is attempting to sell additional shares to its existing shareholders through a rights distribution. A shareholder
Zolol [24]

Answer:

Right agent.

Explanation:

A rights agent is said to be a correlative junction, serve and also seen to be an obedient mediator and right assistance between his client and any form of third party organisation or also other clients. A right agent is sometimes seen to be reliable to a principal when he/she acts without actual authority, but with apparent authority. He is also held responsible for indemnify and also principal loss or damage resulting from his/her act. He is also keen and careful in his advise and dealing on behalf of his client is he owes certain contractual duties to his/her agent as he protect him also from wrong claims, expenses that are not worthwhile, liabilities etc.

4 0
3 years ago
Pls help me and thank you
Studentka2010 [4]
The answer is C! hope this helped!
6 0
3 years ago
Read 2 more answers
Which statement is false?
Law Incorporation [45]
I think A but not 100% sure
5 0
3 years ago
The acquisition costs of property, plant, and equipment do not include: a. The ordinary and necessary costs to bring the asset t
Anna35 [415]

Answer:

Maintenance costs during the first 30 days of use

Explanation:

As we know that

The asset are classified into three types i.e current asset, fixed assets, and the intangible asset

The fixed asset is also known as a long term asset which includes the plant & machinery, land & building, furniture & fixtures, etc

In addition, the purchasing price or acquisition cost of the land, plant and equipment covers the required costs used to get the asset in the desired condition and place of use, the net invoice price plus the legal fees, the shipping fees, the installation and any related sales tax, but the maintenance and repair expenses are not included in the purchase price for first 30 days of use

The last option is incorrect it should be 30 days instead of 180 days

6 0
3 years ago
An employee earns $5,550 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $127,200
omeli [17]

Answer:

The amount the employer should record as payroll taxes expense for the employee for the month of January is $695.75

Explanation:

According to the given, The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 4.4%.

The remainder are taken out of the employees' checks as part of their responsibility.

Therefore, to calculate the amount the employer should record as payroll taxes expense for the employee for the month of January we would have to make the following calculation:

Total payroll expense=($5,500 x 0.062) + ($5,500 x 0.0145) +($5,500 x 0.006) +($5,500 x 0.044)

Total payroll expense=$695.75

The amount the employer should record as payroll taxes expense for the employee for the month of January is $695.75

3 0
3 years ago
Other questions:
  • One of the eight primary marketing-related reasons for new-product failure is __________.
    5·1 answer
  • When gathering marketing intelligence, companies often use the U.S. census, which provides an in-depth look at the population sw
    5·1 answer
  • Zeibart Company purchases equipment for $225,000 on July 1, 2016, with an estimated useful life of 10 years and expected salvage
    7·1 answer
  • On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,534, Indigo Corporation estimates that
    7·1 answer
  • Suppose you have a Xbox your roommate wants, and your roommate has a iPod that you want. You decide to trade the Xbox for the iP
    14·1 answer
  • What are some products and services that may be purchased by calling the eight companies customer service number
    7·1 answer
  • Gullett Corporation had $34,000 of raw materials on hand on November 1. During the month, the Corporation purchased an additiona
    15·1 answer
  • In what generation of computers was the<br> supercomputer first introduced?
    14·1 answer
  • Rosario and pamela work together. They are also friends outside of work. Rosario and pamela are constantly texting each other. T
    12·1 answer
  • Supercenters stock a wide variety of products including groceries, clothing, electronics, and home goods. This breadth of offeri
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!