Answer:
Cause of a "Prior Period Adjustment in 2025 Statement of Retained Earnings:"
A. Failure to Accrue Revenue at 12/31/24, but not 12/31/21 Depreciation Overstatement.
Explanation:
A company's failure to accrue revenue in accordance with the accrual concept and revenue recognition principle means that there is a "Prior Period Error" which must be corrected retrospectively in the financial statements (Retained Earnings). Retrospective restatement involves the correction of the error arising from the recognition, measurement, and disclosure of amounts of elements of financial statements. The restatement is done as if a prior period error had never occurred.
Answer:
The correct answer is D that is Marketing Mix
Explanation:
Marketing Mix is the term which is stated as the set of tools, actions or the tactics, which a business, firm or company uses in order to promote the product in the market.
It is used in order to inform or provide the knowledge to the buyers or the prospective clients regarding the product uses, features as well as benefits.
Not Guarantee of accuracy: Accounting recorded all the financial transactions with the past value. ...
Real Value of items: The financial account does not show the real value of assets. ...
Accounting Ignores Qualitative Element: It recorded all the financial transaction which are in the monetary form.
Answer:
This would affect the income statement by having expenses
c. understated and therefore net income overstated revenues
Explanation:
Adjusting Entry:
It is such entry which is added at the end of the fiscal period in order to make the income statement accurate.
Overstated:
In Accounting, overstated amount means that amount is greater than the true amount.
Understated:
In Accounting, if an amount is less than the true amount then it is known as understated.
- As in our case, the adjusting entry for supplies was not added so in this way expenses became understated means they become less as compared to actual expenses. Therefore, revenues overstated.
Based on the amount of equity and that of assets, the percentage funded by owners is<u> 29.4%. </u>
<h3>What is the Percentage financed by owners?</h3>
This can be found by the formula:
= Equity / Assets x 100%
Solving gives:
= 6,702,500 / 22,825,084 x 100%
= 29.4%
In conclusion, 29.4% is financed by the owners.
Find out more on Equity at brainly.com/question/25847981.
