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Sergeeva-Olga [200]
3 years ago
12

Adjusting entries are made to ensure that?-expenses are recognized in the period in which they are incurred.-revenues are record

ed in the period in which the performance obligation is satisfied.-All of these choices are correct.-None of the choices are correct.-balance sheet and income statement accounts have correct balances at the end of anaccounting period.e
Business
1 answer:
Sveta_85 [38]3 years ago
3 0

Answer:

The correct option is all of these choices are correct.

Explanation:

Adjusting Entries: The adjusting entries are those entries which are adjusted at the end of the year.

According to the statements given in the question:

1. Whenever expenses are incurred, it is recognized in the financial statements on that year itself. Moreover, the adjustment entries is also made.

Thus, the given statement is true

2. Under revenue recognition principle, the revenue is recorded when products are supplied and services are rendered to the customers or the performance obligation is completed. Rather than payment is received or not.

Thus, it is a part of adjustment entries

3. If all the correct entries are passed and the income statement and the balance sheet are matched. Or we can say

Assets = Owner's Equity + Liabilities

So, it would be a part of adjusting entries.

When all choices are correct. So, none of the choices are correct option is invalid.

Hence, The correct option is all of these choices are correct.

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Henson company applies overhead on the basis of 120% of direct labor cost. job no. 190 is increased with $140,000 of direct mate
DaniilM [7]
The total manufacturing costs for the Job No. 190 is 470,000. To get its direct labor cost, which is the basis of the Henson Company in applying its overhead at the rate of 120%, we need to divide the manufacturing overhead of $180,000 by the rate 120% to get the direct labor cost of 150,000. (180,000/210% = 150,000). To get the total manufacturing cost, you need to add the:direct materials- 140,000direct labor- 150,000manufacturing overhead- 180TOTAL= 470,000- this is the total manufacturing costs (Job No. 190)
8 0
3 years ago
. Fixed costs are costs that remain the same in total dollar amount as the activity base changes. vary with the costs of the act
Phoenix [80]

Fixed costs are costs that remain the same in total dollar amount as the activity base changes. vary with the costs of the activity. Read below on fixed costs.

<h3>What are fixed costs?</h3>

Fixed costs are costs that remain the same in total dollar amount as the activity base changes. Cost per unit changes inversely to changes in the activity base. Total cost remains the same regardless of changes in the activity base.

Therefore, the answer is option A. vary with the costs of the activity.

learn more about fixed costs: brainly.com/question/3636923

8 0
2 years ago
TH Manufacturers expects to generate cash flows of $129,600 for the next two years. At the end of the two years the business wil
arsen [322]

Answer:

Vo  = <u>C1  </u>    +        <u>C2 + V2</u>

        1 + k              (1 + K)2

Vo = <u>$129,600  </u> +   <u>$129,600 + $3,200,000</u>

        1 + 0.14            (1 + 0.14)2

Vo = $113,684.21  + $2,562,019.08

Vo = $2,675,703.29

The correct answer is C

Explanation:  

The current value of the business equals cashflow in year 1 divided by 1 + K plus the aggregate of cashflow and sales value in year 2 divided by 1 + k raised to power 2.

7 0
3 years ago
Match each word with the phrase that best defines it
podryga [215]

Answer:

See explanation below.

Explanation:

1. Equity: the value of a property above any loans that are owed.

2. Lease: a payment in a series that is made over a long period of time installment, to buy something on credit.

3. Finance: a legal agreement to borrow money for the purchase of a home.

4. Mortgage: a legal agreement allowing a person to use a car or property for a payment.

4 0
3 years ago
Read 2 more answers
Mary buys a lottery ticket and promises to buy her friend Sharon a new pair of shoes if she checks the lottery results while Mar
Oduvanchick [21]

Answer:

C. Neither Mary nor Sharon can claim breach of contract.

Explanation:

Mary buys a lottery ticket and promises to buy her friend Sharon a new pair of shoes if she checks the lottery results while Mary is away.

Sharon agrees to do so, provided she has the time for it.

If Sharon fails to check the results and Mary wins the lottery,  then it would be true of the contract between Mary and Sharon that Neither Mary nor Sharon can claim breach of contract.

The reason is Mary's promise is based on the condition that Sharon checks the result, Sharon's promise is based on the condition that 'if she has the time for it.'

The condition was not met by Sharon hence she cannot claim a breach of contract because she did not check the results, similarly, Mary cannot sue Sharon because sharon made it clear that she will only check If she has the time.

4 0
3 years ago
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