Answer:
1. Inventory account will be affected and assertions of accuracy and valuation will be violated.
2. Assets are overstated and assertion classification is violated.
3. Liability is understated and assertions of accuracy is violated.
4. No impact.
Explanation:
Assertions are certain claims of a business which a business must fulfill in order to make its financial statements reliable. A company has to record the expense when it is incurred in order to provide accuracy in valuation. In the given cases the assertions are violated which impact business accounts.
<span>Muckrakers were writers who mostly wrote about corruption in government and business. These American journalists were critics of many things. They earned their name from President Theodore Roosevelt who borrowed the term from John Bunyan's "Pilgrim's Progress" where a customer was so occupied in raking muck that he paid no attention to anything around him. These muckrakers drew attention from the public about problems in society and garnered strong support from the progressive movement.</span>
Answer:
The answer is C.
Explanation:
Credit sales is $6,000
Bad debt is 3% of net credit sales which is $180($6,000 x3%)
Creating allowance for doubtful debt entry is one of the prudent method and it tells us that some customers won't pay part of what they are owing. And it is also a contra account that offset bad debt.
According to the accounting rule, debit increases asset and expenses and vice-versa while credit decreases liability, equity, income and vice versa.
So we have have:
Dr Bad debt expense $180
Cr Allowance for Doubtful Accounts $180
Answer: $34,980.13
Explanation:
The amount that the company will spend 4 years from now is simply the future value of the amount that it can spend today.
The amount to be spent today is $20,000 so the amount to be spent 4 years from now is the future value of $20,000:
= Amount * (1 + rate) ^ number of years
= 20,000 * ( 1 + 15%)⁴
= $34,980.13
Answer:
C. NTB's have increased and tariffs have decreased in importance and use
Explanation:
