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Mariulka [41]
2 years ago
15

The failure to record a purchase of mer chandise on account even though the goods are properly included in the physical inven to

ry results in
Business
1 answer:
xeze [42]2 years ago
6 0

Answer: D. an understatement of expenses and an overstatement of owners' equity

Explanation:

If a purchase of merchandise was not recorded, it would mean that Purchases being <u>an expense</u> that contributes to the Cost of Goods sold would be understated.

This understatement would mean that the the Net income is overstated because the purchase expenses were never deducted from it. Net Income is part of owners' equity so if it is overstated, so is owners' equity .

You might be interested in
The following information pertains to Wald Corp.'s operations for the current year: Worldwide taxable income $300,000 U.S. sourc
denis-greek [22]

Answer:

The amount of foreign tax credit may Wald claim for the current year is $36,600

Explanation:

For computing the claim for the foreign tax credit, we have to do the proportionate of  U.S. income tax before foreign tax credit based on Foreign non-business-related interest, Other foreign sources taxable income to the Worldwide taxable income.  

In mathematically,  

Foreign tax credit based on non business-related which equals to

= (Foreign non business-related interest ÷ Worldwide taxable income) × U.S. income tax before foreign tax credit  

= ($30,000 ÷ $300,000) × $96,000

= $9,600

Foreign tax credit based on Other foreign source taxable income  which equals to

= (Other foreign source taxable income  ÷ Worldwide taxable income) × U.S. income tax before foreign tax credit  

= ($90,000 ÷ $300,000) × $96,000

= $28,800

The lower of $28,800 and $27,000 so, $27,000 as it includes the foreign income taxes paid  

So, The total amount of foreign tax credit equals to

= $9,600 + $27,000

= $36,600

8 0
3 years ago
The entry to adjust for the cost of supplies used during the accounting period is______________.
Sedaia [141]

Answer:

debit Supplies Expense; credit Supplies

Explanation:

Create your journal entry to adjust the account balance. Debit the supplies expense account for the cost of the supplies used. Balance the entry by crediting your supplies account.

3 0
2 years ago
Investors expect the market rate of return this year to be 14.50%. The expected rate of return on a stock with a beta of 1.2 is
sesenic [268]

Answer:

14.52%

Explanation:

The computation of the rate of return on the stock is shown below:-

The expected rate of return on the stock = Beta × (Rate of return - Market rate of return)

= 1.2 × (0.121 - 0.145)

= - 2.88%

So, the expected rate of return on the stock = Current percentage - expected rate of return on the stock

= 0.174 - 0.0288

= 14.52%

Therefore we simply applied the above formulas

4 0
3 years ago
References that employers trust for the most accurate reporting include _____. a. friends b. relatives c. counselors d. parents
boyakko [2]

Counselors are one of the references that employers trust for the most accurate reports. As a result, option (c) is the proper response.

<h3>Which are considered the most-trusted references by the employer?</h3>

Counselors are one of the references that employers trust for the most accurate reports.

Employers do not trust the friends, relatives, and parents of prospective employees or employees to provide an accurate report because they believe they are not professional enough and that because of their proximity to the employee, they may provide false information in order to benefit the employee.

Employers view counselors as more professional and more likely to provide accurate information.

For more information about employer references, refer below

brainly.com/question/18504651

7 0
1 year ago
On January 1, Year 1, Ballard company purchased a machine for $28,000. On January 1, Year 2, the company spent $7,000 to improve
timofeeve [1]

Answer:

$23,520

Explanation:

The computation of book value of the machine is shown below:-

Machine cost                           $28,000

Less: Depreciation                    $4,200

($28,000 - $2,800) ÷ 6

Book Value at beginning

of Year 2                                    $23,800

Add: Improvements                   $7,000

Total                                             $54,600

Less: Accumulated

Depreciation for 3 years            $31,080

($54,600 - $2,800) × 3 ÷ 5 years

Book Value Dec 31, Year 4         $23,520

3 0
3 years ago
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