Answer:
Ethics
Explanation:
Ethics also called moral philosophy involves how an individual systemises, defends and recommends the concept of right or wrong.
Summer is facing an ethical decision of either returning the bag or keeping it for herself. Her decision will be based on her definition of right or wrong.
If her moral philosophy is one that does not see theft as something that is wrong, she will decide to keep the bag. If on the other hand she sees keeping the bag that is not her own as wrong she will decide to return it.
Answer:
<u>inocme statment:</u>
wages expense: understate
<u>net income</u> overstate
<u>blanace sheet</u>
wages payable: understate
Retained Earnings: overstate
Explanation:
If the adjusting entry is not made, then the expenses will be lower than it should.
Thereofre the net income will be overstate as there are more expenses but weren't recorded.
the balance sheet will not represent accurate the liabilities as there is wages payable which are not recorded.
also, in the blaance sheet the Retained Earnings account will be overstate as it include the net income which is overstate.
Answer:
250 hours.
Explanation:
Cost of course : $500
The extra income from the course is $2 per hour
to pay off the cost of the course requires earning $500 by working at a rate $2 per hour.
Number of hours required = $500/2
=250 hours.
Answer:
Given that,
Total prepaid insurance = $6,700
Monthly insurance:
= Total prepaid insurance ÷ 4 months
= $6,700 ÷ 4 months
= $1,675
Insurance expense for two months:
= $6,700 - $1,675
= $5,025
Therefore, the adjusting entry required on December 31 is as follows:
Insurance expense A/c Dr. $5,025
To Prepaid insurance $5,025
(To record the adjusting entry for the insurance)
Faith bought 6 apples at $.78 each. She paid $4.68 for the apples.
Given : $.78 price for each apple
$4.68 the amount Faith spent for the apples.
$4.68 / $.78 = 6
