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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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Explanation:

Xuechen signed a three year employment contract which she breached after a short time by quitting her job. The non competition agreement that she signed required her not to work as a chef for another restaurant, but since she is working as a manager, then she didn't breach that contract.

3 0
3 years ago
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The name of the budget that plans for how the business will run until it becomes self-sustaining, I.e. until it begins to make
amm1812

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6 0
3 years ago
On December 31, 2021, Coolwear Inc. had balances in Accounts Receivable and Allowance for Uncollectible Accounts of $48,000 and
Reil [10]

Answer:

$3,325

Explanation:

Bad Debt Expense = Allowance for uncollectible accounts 2022 - (Allowance for uncollectible accounts 2021 - Written off in accounts receivable

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Bad Debt Expense = $4,100 - $775

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So, the bad debt expense for 2022 would be $3,325.

6 0
2 years ago
A(n) _____ refer(s) to a detailed description of a brand's current marketing position.
NemiM [27]

Answer: Situation analysis

Explanation:

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3 years ago
In mass service and professional service, the operations manager should focus extensively on:______.
Savatey [412]

In mass service and professional service, the operations manager should focus extensively on equipment maintenance.

<h3>What is the work of operations manager?</h3>

Operations management is a branch of management that focuses on planning, organizing, and redesigning the production process for goods or services as well as business operations. It comprises the obligation to make sure that business operations are effective in satisfying consumer needs while utilizing the fewest resources possible.

It is concerned with overseeing a comprehensive service or production system, which is the method through which inputs are transformed into outputs. Operations create services, control quality, and produce goods. Working with suppliers, customers, and technology are all aspects of operation management that apply to industries such as financial systems, hospitals, and businesses. One of the key roles in a corporation, along with supply chains, marketing, finance, and human resources, is operations.

To learn more about operations management visit:

brainly.com/question/14523862

#SPJ4

4 0
2 years ago
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