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Mariulka [41]
3 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]3 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
Lopez Corporation incurred the following costs while manufacturing its product.
aev [14]

Answer:

a. $352,200

b. $372,100

Explanation:

The cost of goods manufactured

<em>Consider only the manufacturing costs</em>

Cost of goods manufactured = $122,200 + $69,200 + $17,600 + $113,100 + $34,000 + $13,300 - $17,200

                                                =$352,200

Cost of goods sold

<em>Add Cost of goods manufactured to the net of Finished inventory balance</em>

Cost of goods sold = $47,900 $68,800 + $352,200 - $47,900

                                = $372,100

6 0
3 years ago
What does the term 'user
gogolik [260]

Answer:b

Explanation:

5 0
3 years ago
In a particular year, the Haynes Independent School District collects $100 million in property taxes.State law requires that pro
Sindrei [870]

Answer:

c.$100 million in a governmental fund

Explanation:

We are recording for the collectiong of the funds thus, we should ignore the latter contribution unti lit is performed.

An agency fund occures when one government agency colllects and holds on behalf of another

In this case, the Haynes Independent School District do not collected those taxes in behalft of a certain governemtn agency. Latter the State will take a portion of this and assign as it see fits thus, it will not be considered agency fund. Hence, the entire amount is governmental fund

4 0
3 years ago
Asha team lead wanted to make some changes in the seating arrangement of her team members in order to improve communication betw
PtichkaEL [24]

Answer: c. two-way communication

Explanation: Answer Options: a. one-way communication ; b. intrapersonal communication ; c. two-way communication ; d. a soliloquy ; e. a monologue.

The above is an example of a two-way communication. A two-way communication is one involving the transmission of messages between two parties in which the receiver sends back a response, acknowledging that the message from the sender was received. A sitting arrangement developed on the basis of a two-way communication would suit everyone and further improve communication between team members. The form of communication is quite essential in the business world as messages are transmitted between employers of labor, their employees, team members, customers, and so on, requiring feedback when such messages are received and understood.

4 0
3 years ago
Suppose NanoSpeck, a biotechnology firm, is selling bonds to raise money for a new lab—a practice known as __________(equity or
const2013 [10]

Answer:

The correct answers are:

- Debt.

- An IOU promise to pay.

- The stockholders.

Explanation:

To begin with, in the field of finance the <em>bond</em> is an instrument of <u>indebtedness</u> of the bond issuer to the holders. Moreover, this instrument is also known as a <u>debt security</u> under which the party that generated the bond owes a debt to the holder of the bond and must pay ir under certain circumstances stipulated at the time of the purchase, therefore that it is known that the bond is a form of<u> ''I owe you'' or IOU</u> promise to pay. Furthermore, the <u>bondholders are only lenders</u> and therefore they do not owe a part of the company, so that means that if the company runs into financial difficulty then the stockholder, who do owe a part of the company, will be paid first.

3 0
3 years ago
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