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olchik [2.2K]
3 years ago
15

The adjusting entry for accrued wages was omitted at July 31, the end of the current year. Indicate which items will be in error

, because of the omission, on (a) the income statement for the current year and (b) the balance sheet as of July 31. Also indicate whether the items in error will be overstated or understated.
Business
1 answer:
Leni [432]3 years ago
6 0

Answer:

In the income statement,

Wages expense account (expenses) - understated

Net income - Overstated

(b) In the balance sheet

Accrued wages (liability) - Understated

Owners equity - Overstated

Explanation:

Accrued wages refers to wages tat have been incurred by an entity that are yet to be paid. it is a liability. To recognize this in the book, debit the wage expense account and credit accrued wages.

Hence, omitting accrued wages would mean that the corresponding wage expense would have been omitted. This would result in an understatement of expenses, an overstatement of net income in the income statement.

In the balance sheet, because the accrued wages account is a liability account, the liabilities would be understated while the owners equity would be overstated (due to the overstatement of net income).

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Type the correct answer in the box. Spell all words correctly.
ra1l [238]

Answer:

The answer is Monopoly

Explanation:

Monopoly describes the situation which supply of a service or commodity is controlled by a specific enterprise or person. The situation gives rise to what is known as a mopolisitic market structure.

A monopolistic market, like the term implies, describes a market that is dominated by just one company. In other words, it is just a single company that offers services and products to the public.

Being the only supplier, the company can raise prices, restrict output and enjoy super-normal profits.

4 0
3 years ago
some organizations have platforms that allow employees to provide an anonymous feedback about the organ Behavior colleagues and
cestrela7 [59]

The platforms that gives an employees an opportunity to provide an anonymous feedback about the colleagues behavior is known as  <u>whistleblowing platform</u><u>.</u>

<h3>What is whistle-blowing?</h3>

In a formal setting, a whistle-blow refers to a platform that allows people to tell authorities that the some people or group one is working for are doing something immoral or illegal.

In conclusion, this platform ensures a protection of whistle-blower nevertheless.

Read more about whistle-blower

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3 0
2 years ago
A firm that is a "pure monopoly" is
vichka [17]
I believe it is A

a monopoly is when a company owns all the companies in that buisnesses
7 0
3 years ago
The treasurer of a major U.S. firm has $40 million to invest for three months. The interest rate in the United States is .28 per
diamong [38]

Answer:

Check the explanation as follows.

Explanation:

a) If it is invested in US

Current= $40 million

Interest rate= 0.28% p.m

Interest for 1 month= $40 million*0.28%= $0.112 million

Interest for 3 months= $0.112*3= $0.336 million

Total value after 3 months= $40 million+$0.336 million = $40336000.

b) If it is invested in Great Britain.

Convert $40 million into Pounds= $40 million*0.639 = Pound 25.56 million

Ivest in Great Britain for 3 months @ 0.32%

Interest per month= 25.56 million*0.32% *3 = 0.245376

Total Pounds after 3 months= Pound 25.805376

Convert into $= 25.805376/0.642 = $40195289.7156

Value if invested in great britain= $40195289.7156

8 0
3 years ago
Firms require capital to invest in productive opportunities. The best firms with the most profitable opportunities can attract c
Arturiano [62]

Answer:

Interest rate

Explanation:

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