1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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.

You might be interested in
As a member of the media audience, what are some ways you can control the persuasive process? Explain who you think has more pow
Sedaia [141]

Answer:

speech is often delivered to an audience

Explanation:

I know for a fact that as human beings we all may think alike, and with this though process some of us may feel as if we are stuck in one place some might even say lost. As humans we also have a tendency to adapt and change, an effective result can be by clearing our minds while building our bodies. Exceeding just for 1 week can have a huge impact on our bodies and mindset by feeling more energetic, feeling more comfortable/confident and and having a better sense of direction on where we are in life.

3 0
3 years ago
The U.S. Treasury used the First Bank of the United States for all of the following purposes except
nalin [4]
<span>A: to set interest rates</span>
3 0
3 years ago
Chemical labels must contain a product identifier, signal word and a pictogram to represent the hazards. What other information
Tresset [83]

Answer:

The other information required on a chemical label are;

Precautionary Statements

Hazard Statements

Contact Information

Explanation:

Precautionary statement describes recommended measures that should be taken to minimize or prevent adverse effect resulting from exposure to the hazardous chemical

Hazard statement describes the nature of the hazard of the chemical.

Contact information; the name, Address and telephone number of the chemical manufacturer, importer or other responsible party.

6 0
3 years ago
Read 2 more answers
Which contingency of power are unions mainly applying by going on strike at a critical time in the company's business cycle
Ksivusya [100]

Answer:

Centrality

Explanation:

By going on strike at a critical time in business cycle the contingency of power is centrality. Centrality is the degree and nature of power of interdependence that exists between between the the person holding power and others. Centrality determines the number of people who are affected by the decisions made by the person holding power.

5 0
3 years ago
President obama announced a $100,000,000 humanitarian aid package to haiti to support its earthquake relief. england's parliamen
Julli [10]

Answer: The parliament is likely to allocate £ 1,23,93,800.62

We arrive at the answer as follows:

Amount allocated by President Obama    $100,000,000

Amount England wants to contribute        20% of President Obama's allocation

Amount England wants to contribute in USD  =

                                              0.2 * 100,000,000 = USD 2,00,00,000  

Exchange Rate                                      $1. 61371/1 pound sterling

We can read the problem as if $1.61371 is equal to 1 pound sterling, how many pound sterlings are equal to $2,00,00,000?

Let number of pound sterlings be x

So, \frac{1.61371}{1}= \frac{100000000}{x}

x = \frac{100000000}{1.61731}

x = 1,23,93,800.62


3 0
3 years ago
Other questions:
  • The town of Genter recently witnessed a devastating hurricane that crippled the town's infrastructure. Q-Mart, a retail chain th
    11·1 answer
  • Over the first four years of a company's life, it earned the following net income (loss): $10,000; $5,000; $6,000, and ($4,000).
    9·1 answer
  • Researcher wants to conduct a secondary analysis using a centers for disease control and prevention (cdc) database that was coll
    5·2 answers
  • When an asset is sold, a gain occurs when the:______.
    14·1 answer
  • How you will gather and formulate your data
    6·1 answer
  • For each of the following accounts, indicate the effect of a debit or credit on the account and the normal balance.
    14·1 answer
  • Brief Exercise 18-5 a1-a2 Crane Corp. has collected the following data concerning its maintenance costs for the past 6 months. U
    8·1 answer
  • While Amazon has become a very powerful e-commerce firm here in the US, Alibaba, the Chinese company is very powerful in many pa
    9·1 answer
  • Teal Mountain Industries produces a product that requires 2.6 pounds of materials per unit. The allowance for waste and spoilage
    9·1 answer
  • List four sources you can use to locate job leads
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!