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3 years ago

Following errors occurred in posting from a two-column journal:

Business

1 answer:

Ierofanga [76]3 years ago

8 0

Answer:

A credit of $7,240 to Accounts Payable was not posted.

a. Yes b. $7,240

An entry debiting Accounts Receivable and crediting Fees Earned for $9,300 was not posted.

a. No

A debit of $1,250 to Accounts Payable was posted as a credit.

a. Yes b. $1,250

A debit of $1,030 to Supplies was posted twice.

a. Yes b. $1,030

A debit of $1,700 to Cash was posted to Miscellaneous Expense.

a Yes b. $1,700

A credit of $270 to Cash was posted as $720.

a. Yes b. $450

A debit of $4,720 to Wages Expense was posted as $4,270.

b. Yes b. $450

Explanation:

A trial balance is a list of balances extracted fron the ledger accounts prepared as at the reporting date.

If the Totals of the Debit and Credit equal, then on the face of it, it is arithmetically correct.

This means the that the following errors are not detected by the trial balance : Error of Omission, Error of Commission, Error of Principle, Error of Complete Reversal of Entries, Error of Original Entry and Compensation Error.

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During Year 5, Tedd Co. became involved in a tax dispute with the IRS. At December 31, Year 5, Tedd's tax advisor believed that

kkurt [141]

Answer:

$400,000

Explanation:

Since at December 31, Year 5, Tedd's tax advisor believed that an unfavorable outcome was <u>probable</u>. And a <u>reasonable estimate </u>of additional taxes was $400,000 but could be as much as $600,000.

Although after the Year 5 financial statements were issued, Tedd received and accepted an IRS settlement offer of $450,000.

Tedd should have included an amount of $400,000 as accrued liability in its December 31, Year 5 balance sheet

The reason is that according to the International Financial Reporting Standards, a PROVISION must be made as long as the conditions below were obtainable at year end.

- Existing Condition (which in this case is the tax dispute with the IRS)

- Probable Cash Outflow (which Tedd's Tax adviser confirmed)

- Reliable Estimate of Outflow ( which the scenario stated ''A reasonable estimate of additional taxes was $400,000'')

Hence, such 'reasonable estimate is the appropriate amount for inclusion in the financial statements.

5 0

3 years ago

In year 1 the average price of X is $10, and in year 2 the average price of X is $23. If consumers buy more units of X in year 2

xeze [42]

Answer:

Explanation:

Normal goods are goods that are goods whose demand increases when income increases and falls when income falls

If good X is a normal good and the consumers income increases, the demand for good X would increase

It would have been that the Law of demand not supply that didn''t hold

according to the law of supply, the higher the price, the higher the quantity supplied and the lower the price, the lower the quantity supplied.

According to the law of demand, the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded.

8 0

2 years ago

When developing marketing plans, what should a firm consider about their competition?.

nasty-shy [4]

When a company develops marketing plans, it must consider the weaknesses and reactions of competitors, so that it can identify the action necessary to maintain the company's competitive advantage.

<h3 /><h3>Marketing Plans</h3>

Corresponds to a document that details all the course of action of a company to achieve its marketing objectives, which are related to generating value for its products and services and positioning for the organization.

Therefore, the analysis of the external environment, such as the economy and competitors must be considered, so that the company can identify strategies to carry out the best decision making and maintain the flow of its activities as planned.

Find out more information about marketing plan here:

brainly.com/question/9027729

6 0

2 years ago

Suppose that a competitive firm hires labor up to the point at which the value of the marginal product equals the wage and that

almond37 [142]

Answer:

$20

Explanation:

Calculation for the marginal cost of producing an additional unit of output

Using this formula

Marginal cost=Wage per week/Marginal product of labor

Let plug in the formula

Marginal cost= $700 per week/35 units per week

Marginal cost= $20

Therefore the marginal cost of producing an additional unit of output is $20

3 0

2 years ago

It’s time for the Bizlaw County auction! For each of the auction items listed below, you will (1) determine which type of proper

Andrei [34K]

Answer:

I have formulated the answer in the table and the table is attached in the attachment please refer to the attachment 1.

Explanation:

<em>Please refer to the attachment 1. And here is the explanation</em>

Inherited property is the property which is transferred to ones beloved after she/he passes away or makes a will, so statement A, E and F are inherited properties.

Purchased property are the ones that one acquires after paying certain price of the good, so B is purchased property.

Abandoned property is the goods or intangible thing left somewhere and the owner is not known, so statement C and D are abandoned properties.

6 0

3 years ago