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
Monica [59]
3 years ago
13

You are told the column totals in a trial balance are not equal. After careful analysis, you discover only one error. Specifical

ly, a correctly journalized credit purchase of an automobile for $18,950 is posted from the journal to the ledger with an $18,950 debit to Automobiles and another $18,950 debit to Accounts Payable. The Automobiles account has a debit balance of $37,100 on the trial balance. Answer each of the following questions and compute the dollar amount of any misstatement
Is the debit column total of the trial balance overstated, understated, or correctly stated?
Business
1 answer:
MrMuchimi3 years ago
7 0

Answer: The debit column of the trial balance was overstated.

Explanation: from the question, the asset purchased with a value of $18,950 was overstated in the asset asset account.

On the purchase of the asset, the asset account is to be debited and accounts payable account is to be credited and not debited. So the debit side of the trial balance was overstated by $18,950 * 2 = $37,900.

You might be interested in
Despite zero population growth, why is the population of the United States growing?
vovangra [49]
People migrating from other countries couples having more than two babies 
7 0
3 years ago
White Corporation, a closely held personal service corporation, has $150,000 of passive activity losses, $120,000 of active busi
LenKa [72]

Answer:

correct option is a.$0

Explanation:

given data

passive activity losses = $150,000

active business income = $120,000

portfolio income = $30,000  

to find out  

how much passive activity loss can White Corporation deduct

solution

as per given we know that here white corporation is a Personal Service Corporation

so that it is not deduct the passive loss against the portfolio income

so correct option is a.$0

3 0
4 years ago
Which of the following is a distinguishing characteristic of oligopoly? Question 1 options:_____
julsineya [31]

Answer:

B. Natural barriers cannot prevent the entry of new firms.

Explanation:

Natural barriers cannot prevent the entry of new firms as firms should be free to enter and exit the industry. Every firm's actions or dealings influence the profits of all the other firms.

3 0
3 years ago
A stockholder sold her shares and made a profit of $1,403. If that is a profit of 27%, how much were the shares worth when she o
tigry1 [53]

The worth of the shares when the stockholder originally purchased them is $1105.

<h3>What are shares?</h3>

Shares are fractional ownership interests in a corporation. For some businesses, shares are a type of financial instrument that allows for the equitable distribution of any declared residual profits in the form of dividends.

It is assumed that the purchase price of the share is $100. As the stockholder sold her shares for $1,403, making a profit of 27%, it implies that:

  127 = $1,403

∴ 100 = $1,403/127 × 100

        = $1104.72

Therefore, $1104.72 is the original purchase price of the share.

To learn more about share, click here:

brainly.com/question/28392295

#SPJ1

7 0
1 year ago
It is important to know your own strengths and weakness.<br> True or False
Rama09 [41]

Answer: yes

Explanation: so you can hide them so no one can use them against you

7 0
3 years ago
Read 2 more answers
Other questions:
  • At the beginning of the year, Bryers Incorporated reports inventory of $7,700. During the year, the company purchases additional
    5·1 answer
  • If your currently scanning speed is 947 items a hour and your target is 1,000 how many items do you need to scan a hour
    12·1 answer
  • The ratios that are used to determine a company's short-term debt paying ability are
    11·1 answer
  • Carmelita Inc., has the following information available: COST FROM BEGINNING INVENTORY direct materials $2,500 Conversion cost $
    14·1 answer
  • After widespread press reports about the dangers of contracting "mad cow disease" by consuming beef from Canada, the likely econ
    10·2 answers
  • Coates Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. T
    11·1 answer
  • The normal distribution tends to be a better approximation of the distribution of total time for shorter projects where the crit
    6·1 answer
  • Should i study fashion or business to be a fashion entrepunuer
    11·2 answers
  • In accounting, expenditures recorded as assets are said to be _____.
    14·1 answer
  • 16. The process of selling goods and services to a customer to earn a profit is called;
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!