Answer:
The effect of this error on 2003 ending working capital is that it overstated the ending 2003 working capital.
The error does not have effect on the 2004 ending retained earnings balance.
Explanation:
Let the amount of the commission expense be xxxx.
At the end of 2003, the journal entries should have been as follows:
Debit Commission expense for xxxx
Credie Commission payable for xxxx
Also, we have:
Working capital = Current assets – Current liabilities ………… (1)
From equation (1), current liabilities are understated because commission payable which was not recorded is an item under current liabilities. Since the current liabilities are understated, that indicates that the working capital in equation is overstated. Therefore, the effect of this error on 2003 ending working capital is that it overstated the ending 2003 working capital.
When the 2003 commission expense in the entries above was paid in 2004, it would have been recognized as an expense. This made the error to counterbalance. This implies that the 2004 ending retained earnings balance is still correct despite that there are errors in the earnings of the two years. Therefore, the error does not have effect on the 2004 ending retained earnings balance.
Answer:
B) Anticipatory Grief
Explanation:
As Khalid has found out that his friend Jason is terminally ill. This has made him feel sad and lonely at the thought of living life without his friend. Khalid's feelings best represent the concept of anticipatory grief which refers to the feeling of sadness and grief occurring before the actual happening of that loss. We become sad and emotional even before the actual happening of some incident. For example, when our dear friend is in hospital after a sever accident, then we start feeling this anticipatory grief that the chances are more that he will be dead soon so we feel more grief and sadness.
Answer:
An s corporation or a limited liability company, but not a corporation.
Explanation:
Answer:
no idea
Explanation:
brochures cannot be removed for they help in breathing system
Answer:
DR Work in Progress Account $39,650
DR Factory Overhead Account $18,440
CR Wages Payable $58,090
(To record factory Labor Costs)
Workings
Work in Progress
Standard policy is to send the direct cost of Labor to the Work in Progress Account.
The Total direct cost of labor are all of the above except the Indirect cost.
= 3,460 + 2,870 + 5,260 + 5,950 + 3,630 + 2,380 + 16,120
= $39,650
