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vladimir1956 [14]
3 years ago
13

Indicate whether each of the following would be reported in the financial statements as a (a) current asset, (b) current liabili

ty, (c) revenue, or (d) expense: 1. Supplies 2. Unearned Fees 3. Prepaid Advertising 4. Advertising Expense 5. Supplies Expense 6. Prepaid Insurance 7. Accounts Payable 8. Fees Earned
Business
1 answer:
Stells [14]3 years ago
5 0

Answer:

Explanation:

In the classified balance sheet, we summarize the asset and liabilities into various types

Like assets are divided into fixed assets, current assets, and intangible assets.

Likewise, liabilities are also divided into current liabilities, long term liabilities

In every balance sheet, the accounting equation is used that means

Total assets = Total liabilities + Shareholder equity\

And, In the income statement, the total revenues and the total expenses are recorded.  

If the total revenues are more than the total expenditure then the company earns net income

And, If the total revenues are less than the total expenditure then the company have a net loss

This net income or net loss would reflect in the statement of the retained earning account.

So,

1. Supplies - Current Asset

2. Unearned Fees - Current liabilities

3. Prepaid Advertising -  Current Asset

4. Advertising Expense - Expense

5. Supplies Expense - Expense

6. Prepaid Insurance - Current Asset

7. Accounts Payable - Current liabilities

8. Fees Earned - Revenue

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Q 4.35: McGinnis Construction is a cash-basis company with a fiscal year-end of June 30. McGinnis’ employees earn a normal weekl
hjlf

Answer: Understatement, $30,900

Explanation:

There will be an UNDERSTATEMENT of McGinnis' net income for the most recent fiscal year of $30,900.

The Understatement arises because as of year end which is June 30th, McGinnis were not paid for their services that cost $40,900 and instead will only be paid on the 8th of the next month so it was not accounted for in the net income.

The reason the net income understatement is $30,900 and not $40,900 is because McGinnis will still have to account for the payment to it's employees. If in a five day week they earn $12,500, that would mean that they earn $2,500 a day (12,500/5). Seeing as June ended on a Thursday, that is a 4 day week which means $2,500*4= $10,000.

That $10,000 will reduce the net income by that amount.

The net effect is a $30,900 UNDERSTATEMENT.

4 0
3 years ago
The price of NetFlex stock is $54.54; its expected dividend next year is $6, and its constant annual growth rate thereafter is 5
katrin [286]

Answer:

Rate of return is 16.11%

Explanation:

Dividend Valuation method is used to value the stock price of a company based on the dividend paid, its growth rate and rate of return. The price is calculated by calculating present value of future dividend payment.

Formula to calculate the value of stock

Price = Dividend / ( Rate or return - growth rate )

$54 = $6 / ( Rate or return - 5% )

Rate or return - 0.05 = $6 / $54

Rate or return - 0.05 = 0.1111

Rate or return = 0.05 + 0.1111

Rate or return = 01611

Rate or return = 16.11%

5 0
3 years ago
In contract and procurement management, data rights means: Select one:
klemol [59]
The answer is exactly b
6 0
3 years ago
Formal communication within a business _____.
labwork [276]

Answer:

The answer is (B) typically follows the same path as the company’s organization chart.

Explanation:

Formal communication in a business refers to a type of communication that is intended to follow a certain agenda or written or expressed verbally in a formal tone. Because of its form and adherence to standards, it usually requires the approval of multiple parties within the organization, and thus follows the same lines as a company’s organization chart.

4 0
3 years ago
In what career cluster would you find all levels of business jobs, such as an Administrative Assistant?
Charra [1.4K]

In all of these career cluster listed above, you will find all levels of business jobs, such as an Administrative Assistant

For better understanding, let's understand what career clusters means

  • Career Cluster is simply known to be a wide occupational groupings of specific industry based jobs such as agriculture, law, education, health science etc . The career clusters provide an organizing tool that helps one in creating a career plan.
  • An administrative assistant helps in the day to day running of an enterprise or firm. All career cluster have different job specifications and so an office or administrative assistant is often needed to answer phone calls, document important work or minutes of meetings, assistant the boss in office duties and other responsibilities. It is commonly found in all the 16 career cluster.

From the above, we can therefore say that the answer In all of these career cluster listed above, you will find all levels of business jobs, such as an Administrative Assistant is correct.

Learn more about career cluster from:

brainly.com/question/2124244

7 0
3 years ago
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