Answer:
<h2>The answer, in this case, would be true or option a) given in the answer choices.</h2>
Explanation:
- In any business, an outside director is commonly identified as an individual who is officially not an employee or a shareholder of the company or business enterprise.
- An outside director can board meetings, analyze essential business information and interact and share opinions with the shareholders regarding company decisions and operational modes.
- The outside director is also eligible to receive certain financial benefits such a periodic annual fee and other stock/bond investment options.
Answer:
A. Unaffected
B. Unaffected
C. Understated
D. Overstated
Explanation:
C. Understated.
Understated balance is one that is reported as having a lesser balance than it actually does. example of what could cause the situation in which cash is understated is that when check is written on the disbursing bank on the last day of December with a credit to cash, and an associated debit to some expense account so as to decrease reported profits and taxes be it (direct or indirect tjaxes) for the year.
Another example is when a utility bill that is suppose to be paid by the last day of the month but failed to record the expenses, under the accrual basis of accounting, the company should recognize the expenses now even though the bill is not yet due. Until the bill is recorded, the utilities payable is understated
d. Overstated.
An overstated balance is an account balance that is reported as having a greater balance than it actually does, example of such situation is that in which an employee has misappropriated funds during the year, and draw a check transferring funds to the account with the shortage so as to cover the shortage. As of December 31, the shortage is replaced, with no reduction as yet recorded in the account on which it is drawn.
In second example of understated, expense account is understated and because of this net income is overstated.
Answer:
increase in cost of living of 9.09%
Explanation:
The cost of living for 2016 is goven as
(10 pizzas*$10) + (7 jeans * $40)+ (20 gallons of milk * $3)
= 100 + 280 + 60= $440
The cost of living from 2017 is
(10 pizzas*$14) + (7 jeans * $40)+ (20 gallons of milk * $3)
= 140 + 280 + 60
= $480
The percentage increase in cost of living between 2016 and 2017= (Cost of living in 2017/cost of living in 2016)* 100
= {480/440}* 100
= 109.09%
So there was a increase in cost of living of 9.09%
Answer:
the amount reported as proceeds from bond issuance is $4,509,000
Explanation:
The computation of the amount reported as proceeds from bond issuance is as follows
Total Bond Issued during 2021
= Bonds payable, December 31, 2021 - Bonds payable, January 1, 2021 + Bond Payable retired
= $4,830,000 - $809,000 + $807,000
= $4,828,000
Now
Bond issued for cash is
= Total bond issued - Bonds issued in exchange for Equipment
= $4,828,000 - $319,000
= $4,509,000
Hence, the amount reported as proceeds from bond issuance is $4,509,000
