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lord [1]
3 years ago
7

The omission of the adjusting entry to record depreciation expense will result in an

Business
1 answer:
Gemiola [76]3 years ago
6 0

Answer:

B.overstatement of assets and an overstatement of owners' equity.

Explanation:

To recognize depreciation expense,the entries required are

Debit depreciation expense

Credit Accumulated depreciation

The accumulated depreciation is a credit balance in the fixed asset account. Depreciation is also an expense that reduces net income and thus reduces the owners equity.

Hence an mission of the adjusting entry to record depreciation expense will result in an overstatement of assets and an overstatement of owners' equity.

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Lacy's Linen Mart uses the retail method to estimate inventories. Data for the first six months of 2019 include: beginning inven
Harman [31]

Answer:

A. $68,200

Explanation:

Retail Cost

Beginning inventory $60,000

$120,000

Plus: Net purchases. $312,000

$480,000

Goods available for sale $372,000

$600,000

Cost to retail percentage = $372,000 ÷ $600,000 = 62%

Less : Net sales

($490,000)

Estimated ending inventory at retail

$110,000

Estimated ending inventory at cost

62% × $110,000 = $68,200

4 0
3 years ago
A company with more production power than is generally utilized for its current production activity can benefit from entering th
Liula [17]

Answer:

a. The company can utilize production facilities to produce greater volumes to meet demand from a larger market, leading to higher productivity, lower cost and greater profitability.

Explanation:

Options are <em>"a. the company can utilize its production facilities to produce greater volumes to meet demand from a larger market, leading to higher productivity, tower cost and greater profitability. b. it will lead to a lower sales volume, which enables the company to free up more production power and require fewer employees. c. it will lead to a lower sales volume, which will reduce production costs and lead to greater production power. d. It will lead to a lower sales volume which means using less production power, enabling employees to have more time to participate in a learning environment."</em>

<em />

The question here is how the company will benefit by entering global market. And to enter global market, the company must produce larger volumes. So, the options B, C,& D are not correct. Because the company is looking to produce more and utilize its production capacity to the full to increase the profits by decreasing the costs (economies of scale). Thus, option A is correct.

6 0
3 years ago
Jeremy has been asked by his manager to begin drafting a report on last year’s sales figures. When he’s midway through the repor
pshichka [43]

Answer:

To me Jeremy is cooperating with and collaborating with others.

Explanation:

6 0
3 years ago
Indicate for each of the following costs whether it is a product cost or a period cost.
MAVERICK [17]

Answer and Explanation:

The classification of the following cost i.e. either product cost or period cost is

1. Period cost as it deals with the operating expense

2 Product cost as it directly linked with the product

3  Product cost as it directly linked with the product

4  Product cost as it directly linked with the product

5  Product cost as it directly linked with the product

6  Product cost as it directly linked with the product

7  Product cost as it directly linked with the product

8 period cost as it does not directly linked with the product

9  Product cost as it directly linked with the product

5 0
3 years ago
Which of the following would be considered careers in natural resources (select two answers)
sp2606 [1]
D-Ranger is the right answer
5 0
3 years ago
Read 2 more answers
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