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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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Type the correct answer in the box. Spell all words correctly. What is the first step taken by the management team in any indust
jarptica [38.1K]

Answer:

plan

Explanation:

planning is the first step,for every business to succeed there must be planning

4 0
3 years ago
Inventory balances for the Jameson Company in October 2018 are as follows:
lbvjy [14]

Answer:

Total manufacturing costs added to production $186,000

Explanation:

The computation of the total manufacturing cost to be added is given below:

Raw materials,beginning $27,000  

Add: Purchases of direct materials $36,000  

Less: Raw materials,ending -$21,000  

Direct materials used $42,000

Direct labor             $60,000

Factory overhead costs $84,000

Total manufacturing costs added to production $186,000

8 0
2 years ago
Kiwi Plc sold an antique painting which had been purchased inJanuary 1996 for £21,000. It was sold for £4,200 in January 2021. T
Hitman42 [59]

Answer:

$17,450

Explanation:

The antique painting that was bought in January 1996 was sold for $21,000

It was sold for 4,200 in January 2021

It received a net auction fee of 650

Therefore the allowable loss can be calculated as follows

= 21,000-4200+650

= 17,450

Hence the allowable loss is $17,450

5 0
2 years ago
A​ country's overall level of interest rates should have an impact on the financial account of the BOP. Relatively low real inte
Genrish500 [490]

Answer:

<em>a. True</em>

Explanation:

Yes! the given statement is <em>very true</em>, because as we know that​ all the level of a nation's rate of interest has an influence on the BOP ( generally known as Balance Of Payments ) financial account, and also relatively low real interest rates are generally encouraged.

An outflow of funds are been pursued at a higher interest rates in an another nation's currency as well.

7 0
2 years ago
Alayna is a voice and singing coach. She is a calendar-year taxpayer using the accrual method of accounting. On November 2, 2018
Umnica [9.8K]

Answer:

She should report $2400.00

Explanation:

She has a contract for 64 hours and she gets $3200.00 Just by aritmethics, this is doing a division we can find that she gets $50.00 for every hour, therefore if she gives 48 hours in 2019 we multiply $50.00 for 48 hours and we get $2,400.00

5 0
3 years ago
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