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3 years ago

A company's financial statements may contain errors even if debits and credit balance because:

Business

1 answer:

emmasim [6.3K]3 years ago

6 0

Answer:

B. correct but equal amounts may have been posted to wrong accounts

Explanation:

It is possible that in the presence of the errors the debits and credits side remains balance.

Following errors may balance the debits and credits

Error of omission ( Transaction is totally omitted)
Error of commission (posting in wrong accounts by same value)
Error of Principle (Entry made against the principle of accounting)
Error of Original Entry (Wrong amount posted on both debit and credit sides)
Compensating error (Two errors compensate each others effect)

All of the above errors may present in case of balanced debit and credit sides.

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Millcorp sells wetsuits for deep sea divers. It recently engineered a new material for its wetsuits to better hold in the wearer

spin [16.1K]

Answer:

B) Millcorp has a lawful innocent acquisition of a monopoly.

8 0

3 years ago

Read 2 more answers

Determine whether the statement is true or false. if f is continuous on [a, b], then d dx b f(x) dx a = f(x).

uysha [10]

The correct answer is option (b) False.

Differentiation:

Differentiation is a technique for determining a function's derivative. Differentiation is a mathematical procedure for determining the instantaneous rate of change of a function depending on one of its variables.

Explanation:

Given:

A statement is given "If f is continuous on

[a,b], then ddx(∫baf(x)dx)=f(x)".

The objective of the question is to determine whether the statement is true or false and why.

It is known that the value of a definite integral of a function is always a constant. So, ∫baf(x)dx

is a constant.

It is also known that the derivative of a constant is always equal to 1. Therefore, the correct equation is ddx(∫baf(x)dx)=1.

Thus, the given statement is false.

To know more about integration visit

brainly.com/question/20436567?

#SPJ4

8 0

2 years ago

Calfee Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just compl

AlladinOne [14]

Answer:

$200,000

Explanation:

The computation of the ending balance in the work in process inventory account is shown below:

But before that determined the overhead rate per direct labor

Manufacturing OH estimated $595,000

Divide by DLH estimated 35000

OH rate per DLH $17

Now

Beginning Inventory of WIP $19,000

Current manufacturing cost

material $420,000

Labour $641,000

Manufacturing OH (33,000 × $17) $561000

Total Manufacturing cost $1,622,000

Total cost of WIP $1,641,000

Less: Cost of goods manufactured $1,441,000

Ending inventory of WIP $200,000

8 0

3 years ago

New England Co. had net cash provided by operating activities of $351,000; net cash used by investing activities of $420,000; an

Zinaida [17]

Answer:

New England's cash balance at the end of the year is $208,000

Explanation:

The computation of the ending cash balance is shown below:

Ending cash balance = Net cash provided by operating activities + net cash used by investing activities + cash provided by financing activities + beginning cash balance

= $351,000 - $420,000 + $250,000 + $27,000

= $208,000

We assume the investing activity have made a purchase of fixed assets that's why we deduct it plus it show that the amount is used and the sale amount of land is already included in the investing activity so we do not consider it

7 0

3 years ago

A corporation had the following assets and liabilities at the beginning and end of this year.

ludmilkaskok [199]

Answer:

Net Income / Net Loss:

Scenario A $35,888 (-58,000 + 22,112)

Scenario B $37,088 (-58,000 + 22,112 + 1,500)

Scenario C -$9,112 (-58,000 + 45,000 + 22,112)

Scenario D $17,112 (-58,000 + 35,000 + 22,112 + 18,000)

Explanation:

a) Data and Calculations:

Beginning Ending

Assets $57,000 $24,463

Liabilities 115,000 46,575

Equity (58,000) ($22,112)

Net Income / Net Loss:

Scenario A $35,888 (-58,000 + 22,112)

Scenario B $37,088 (-58,000 + 22,112 + 1,500)

Scenario C -$9,112 (-58,000 + 45,000 + 22,112)

Scenario D $17,112 (-58,000 + 35,000 + 22,112 + 18,000)

b) The net income is the difference between the beginning equity plus new investments and the ending equity and dividends.

5 0

3 years ago