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Misha Larkins [42]
2 years ago
13

During December of Year 1, Nile Co. incurred special insurance costs but did not record these costs until payment was made durin

g the following year. These insurance costs related to inventory that had been sold by December 31, Year 1. What is the effect of the omission on Nile’s accrued liabilities and retained earnings at December 31, Year 1?
Business
1 answer:
o-na [289]2 years ago
4 0

Answer:

The omission of this entry understated accrued liabilites. given that the related inventory was sold in year 1, it aslo overstated net income and retained earnings by understating cost of goods sold,  the same effects would occur if the insurance costs were chargeable to expense as a period cost

Explanation:

Rules specify that contingent liabilities should be recorded in the accounts when it is probable that the future event will occur and the amount of the liability can be reasonably estimated. This means that a loss would be recorded (debit) and a liability established (credit) in advance of the settlement.

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Amendments involving changes to irb approved protocols do not need prior irb approval if:
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3 0
3 years ago
You survey 100 customers. You ask a question with 4 possible responses. Each possible response is given by at least 10 customers
finlep [7]

There are 100 people and 4 answers. The minimum people for each answer is 10. You can distribute the minimum people to make it easy.

Answer 1. 10 people

Answer 2. 10 people

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Answer 4. 10 people

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3 years ago
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An economy is experiencing a high rate of inflation. The government wants to reduce consumption by $36 billion to reduce inflati
Alisiya [41]

Answer:

option c) $ 12 billion

Explanation:

Data provided :

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Now,

Total income  = Required reduction in consumption / MPC

or

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or

= $ 48 billion

the government can raise the tax = $ 48 billion - $ 36 billion = $ 12 billion

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5 0
3 years ago
Which of the following strategies is the easiest to​ implement? A. Global strategy B. International strategy C. Multidomestic st
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Answer:

The correct answer is letter "A": Global strategy.

Explanation:

There are three (3) main approaches used to engage in international businesses: <em>global strategy, multidomestic strategy, </em>and <em>transnational strategy</em>. With the global strategy firms offer the same product or service with few to no modifications everywhere they have a presence. With the multidomestic strategy companies shape their products according to the region of operations. Finally, the transnational strategy is a midterm between the global and multidomestic strategy.

Thus, <em>the easiest approach to implement is the global strategy since it demands a few changes in the company's operations regardless of the region where they conduct businesses.</em>

4 0
3 years ago
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STatiana [176]

Answer: Lack of trust between employees and management

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From the information provided in the question, the most likely cause of resistance to change based on the situation is the lack of trust between the employees and management. For effectiveness and efficiency in any organization, there must be trust and unity between the workers and the management. A firm with distrust won't grow and achieving goals will be hard.

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