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vampirchik [111]
2 years ago
13

The bookkeeper for Mustang Company forgot to make the end-of-the-period adjustment for the interest expense that had accrued dur

ing 2019. Which of the following is the result on Mustang's 2019 financial statements? O A Assets are overstated, and net income is understated. OB Liabilities are understated, and expenses are overstated. O C Liabilities are understated, and net income is overstated. O D Assets are overstated, and liabilities are understated
Business
1 answer:
yawa3891 [41]2 years ago
4 0

Answer:

C Liabilities are understated, and net income is overstated.

Explanation:

To accrue for interest expense, the required entries are;

Debit Interest expense (p/l)

Credit Accrued Interest (B/s)

Being entries to recognize accrued interest expense.

If this is not posted, liabilities and expenses for the period would be understated. As such, net income would be overstated.

Hence the right answer is C Liabilities are understated, and net income is overstated.

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Can someone help me with these 2 questions
Sauron [17]

Answer:the first one is correct

and the second one

Explanation:

5 0
2 years ago
Here is the income statement for Metlock, Inc. METLOCK, INC. Income Statement For the Year Ended December 31, 2020 Sales revenue
ruslelena [56]

Answer and Explanation:

The formula and the computations are shown below:

(a) Earnings per share = ( Net Income - Preference stock dividend) ÷ (Weighted average number of outstanding shares )

= ($159,200 - $4,900) ÷ (22,400 shares + 37,300 shares) ÷ 2

= $154,300 ÷  29,850 shares

= $5.169

= $5.17

(b) Price earnings ratio = Price ÷ Earning per share

= $13  ÷  $5.17

= 2.51 Times

(c) Payout ratio = Dividend paid to equity share holders ÷ net income  

= ($22,600 - $4,900 ) ÷  ($159,200)

= $17,700 ÷ $159,200

= 11.118 %

= 11.12%

(d) Times interest earned = Earnings before interest and tax ÷ Interest expense

= ($159,200 + $11,700 + 29,700) ÷ ($11,700 )

= 17.145

= 17.15 Times

We simply applied the above formulas to determine the each ratios

7 0
3 years ago
Teams have better communication than other workers because they get to ______. a. Know each other better b. Attend communication
svp [43]

Answer:

a. Know each other better

Explanation:

A team refers to a group of people or set of individuals possessing various skill set, knowledge and experience coming together to work on a project or task in order to successfully achieve a set goal and objective.

This ultimately implies that, a team comprises of individuals, workers or employees having complementary skills, knowledge and experience needed to execute a project or task successfully. Therefore, a worker that is working in a team is usually privileged to interact with the other members of the team and as a result, this enhances performance and strengthen the level of relationship they share.

Hence, teams have better communication than other workers because they get to know each other better in the course of brainstorming, interaction and sharing of ideas while trying to accomplish a common goal or execute a project (task).

6 0
2 years ago
Read 2 more answers
Peter Company acquired 75 percent of Sally Company on January 1, 2019 for $712,500. During 2019, Sally purchased inventory for $
dezoksy [38]

Answer:

Journal entry to eliminate Sale to Peter Company

Debit : Sales Revenue (Sally Company ) $50,000

Credit : Cost of Sales (Peter Company) $50,000

Explanation:

Peter Company and Sally Company are in a group and Peter Company is the Parent whilst Sally Company is the subsidiary.

For 2019 Eliminate an Intragroup Transactions that occur between Peter Company and Sally Company.

8 0
2 years ago
People are going to be different. The focus of managers should be to ________. Group of answer choices make sure the practices w
Solnce55 [7]

Answer:

find ways to develop strong relationships with and engage the entire workforce.

Explanation:

People are going to be different. The focus of managers should be to find ways to develop strong relationships with and engage the entire workforce.

A manager can be defined as an individual who is saddled with the responsibility of providing guidance, support, supervision, administrative control, as well as acting as a role model or example to the employees working in an organization by being morally upright.

Generally, managers are typically involved in taking up leadership roles and as such are expected to be build a strong relationship between their employees or subordinates by creating a fair ground for effective communication and sharing of resources and information. Also, they are required to engage their staff members (entire workforce) in the most efficient and effective manner.

5 0
3 years ago
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