Answer: C. $150,000 credit
Explanation:
In the financial statements for year 2, it should be noted that the year 1 retained earnings balance, should be adjusted by $150,000 credit.
The corrections of errors should be treated as the period adjustments before. In this case, the $150,000 overstatement for the cost of goods that was sold in the previous year, will then be credited to the beginning balance of the retained earnings.
Therefore, the correct option is C.
Problems mentioned in order of priority:
1. Refrigerator making noise - I would make this a priority since this is the easiest to solve and it will prevent future and bigger problem. Scheduling for an appointment for a technician is as easy as a phone call and this is the first thing that I would do. Choose the soonest possible appointment to have the refrigerator checked and ensure it's working quality.
2. Large order for wedding in 3 days and tulips for bouquet is unavailable due to frost - This is the second problem that I will try to resolve since it is time sensitive and would help with the shops sales and reputation. I would check for tulips alternative first before calling the customer. Once I have a list of good alternatives for the tulips, a phone call should be in place to inform them of the situation. Ask or suggest an acceptable alternative to tulips and settle the number of orders. Ensure that the orders are feasible to be delivered fresh on the exact date and time that they need it to and negotiate if necessary if they have a request that cannot be provided in time.
3. Employee needs the next 6 weeks off for a surgery happening in 2 weeks time. This is not a priority since the large order is happening in 3 days, which means that the top employee would still be available for work. Documentations for the leave should be processed and approved as it is a medical leave provided that necessary proofs or medical certificates are given. If there is an expected peak season during the time that the top employee would be on leave, a seasonal worker can be hired to help with man power. But if there is no expected increase or bulk orders in the coming weeks, no change is necessary.
4. Lastly, the rumors that the building will be sold. - This is the least important and least to be prioritized as it is only a rumor. It may affect the business if it happens so once the large order is settled, there is no harm in trying to verify this rumor. I would check it with the building administration first to see if they can confirm what's going to happen with the building. If it is confirmed to be sold to a new owner with a possibility of rent increase, it is the time to consider planning for alternatives. An example is to scout for other possible store locations, to come up with accounting reviews to see how an increase in the rent would affect the total profit of the store or come up with plans to increase the profit if needed. But, until any of the said rumor is proven to be true, there is no necessary action that needs to be taken.
Adel's letter is not an offer unless both Adel and Abdullah considered it as an offer.
Explanation:
In the context given above is an offer if the letter is accepted by both the parties as an offer. Here Adel is writing a letter where he wants to sell his house $950000 payable upon merchant deed and this deal has to be completed within 60 days the day when it was accepted. In this letter he is also mentioning that he wants to sell the house to Abdullah. Hence this letter becomes a deal when both of them accept it from their parts.
A fixed expense is one for which the amount is <u>same</u>, and it should be considered <u>planning </u> other expenses.
A variable expense is one for which the amount is <u>changing</u> and it should be considered <u>saving </u> fixed expenses.
Discretionary spending is the most <u>irregular</u> budget item and the easiest to change.
Explanation:
Fixed expense - Amount is fixed
Variable expense - Amount is changing as per needs
Discretionary expense - Non-essential budget amount as per wants
Budget - A plan to save and spend expenses or cash-flow and managing them by writing them down regularly
The real estate associations and Commissions help to guide the real estate licensees by creating the code of ethics.
Code of ethics refers to those set of principles which are required to guide professionals in the conduct of their business with integrity.
The real estate associations and Commissions help to guide the real estate licensees by creating the code of ethics.
The Realtors' Code of Ethics is divided into three major sections which includes:
- Duties to Clients and Customers
- Duties to the Public
- Duties to Realtors.
Therefore, the Option A is correct.
Read more about Code of ethics
<em>brainly.com/question/24606527</em>
