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Mamont248 [21]
3 years ago
7

If a journal entry and posting for the use of one month of rent from the prepaid rent account during the year is accidently omit

ted, what would be the impact on the financial statements
Business
1 answer:
tensa zangetsu [6.8K]3 years ago
4 0

Answer:

Expenses will be understated, hence, Net Income will be overstated.

Rent prepaid will be overstated, hence, current assets will be overstated.

Explanation:

Ordinarily, rent prepaid is meant to be credited every month to the tune of the the value that has been consumed and then added to period expenses to reduce net income.

In the statement of Financial Position, the same amount that has been consumed should be used to reduce balance in rent prepaid account, otherwise, current assets will be overstated if no adjustment is made.

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Explanation:

Because those payments are done for creditors, repayment of loans and other expenses

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Who wants brainliest? <br><br> Name 3 ways it is okay to use copyrighted material and explain:
mart [117]

Answer:

1:  Criticism

2: Parody

3: News Reporting

4: Research, Scholarship

5: Teaching

Explanation:

Fair use allows limited use of copyrighted material without permission from the copyright holder for purposes such as criticism, parody, news reporting, research and scholarship, and teaching. There are four factors to consider when determining whether your use is a fair one.

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2 years ago
The board of commissioners of the City of Hartmoore adopted a General Fund budget for the year ending June 30, 2017, that includ
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Answer:

The Journal entry at the beginning of the year is as follows:

Estimated revenue A/c                      Dr. $1,342,500

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To Appropriations control                                                                     $960,000

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2 years ago
A company is assessing opportunities in the BRIC companies and determines that _________ is one of the youngest populations in t
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Answer:

India is one of the youngest Nation in the world

Explanation:

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India is the one of the youngest nation with having its 27% population living below 27 years. The generation has opted to technological advances which suits most of the companies to move here. The human resource here is available at low cost and the free trade agreement of India with a lot of countries has helped it to equip its resources to maximum which is the reason it has 7.6 GDP growth rate.

There is increased demand for infrastructure development, basic needs provision and many other commodities. So this makes India an attractive market with a well diversified people taste because a lot of civilizations are living and burried here.

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2 years ago
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