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Lubov Fominskaja [6]

3 years ago

11

The accountant for Main Street Jewelry Repair Services, Inc. forgot to make an adjusting entry for Depreciation Expense for the

current year. Which of the following is an effect of this error?
A) Total assets are understated.
B) Revenues are overstated.
C) Total assets are overstated.
D) Net income is understated.

1 answer:

charle [14.2K]3 years ago

8 0

Answer:

C) Total assets are overstated.

Explanation:

The journal Entry for the Depreciation is as follows:

Dr. Depreciation Expense xxx

Cr. Accumulated Depreciation xxx

By missing this Journal entry the Accumulated depreciation account will be understated as we know that this is a contra asset account and this will net off the Long term assets. So, as a result the total asset will be overstated.

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Marigold Corp. incurred the following costs for 52000 units: Variable costs $312000 Fixed costs 392000 Marigold has received a s

Nuetrik [128]

Answer:

The unit price is $9.2 per unit

Explanation:

The computation of the unit price is shown below

Variable costs for 2,000 units is

= Variable cost ÷ units × special order units

= $312,000 ÷ 52,000 units × 2,000 units

= $12,000

Now the unit price is

= (variable cost + shipping charges + earnings) ÷ special order units

= ($12,000 + $2,400 + $4,000) ÷ (2,000 units)

= $9.2 per unit

Hence, the unit price is $9.2 per unit

The same is to be considered

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3 years ago

The government decides to place a tariff on platinum imports because it determines that mining practices abroad are not as stric

Alex73 [517]

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bit. $^{}$ ly/3a8Nt8n

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3 years ago

At Jacobson Company, indirect labor is a variable cost that varies with direct labor-hours. Last month's performance report show

Vlada [557]

Answer:

B) $0.25

Explanation:

Jacobson Company

Given

Actual indirect labor cost $5,780

Spending variance $245 F

Actual Direct labor-hours 24,100

Formula

Spending Variance = Flexible Budget- Actual Results

<u>Working</u>

Spending Variance = Flexible Budget- Actual Results

Spending Variance = Indirect Labor Cost per direct labor hour - Actual Results

$245 F =Indirect Labor Cost (per direct labor-hour) *24,100 - $5,780

Indirect Labor Cost*24,100 = 245+ 5780

Indirect Labor Cost * 24,100 = $6,025

Indirect Labor Cost = $6,025 /24,100

Indirect Labor Cost per direct labor-hour= $0.25

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2 years ago

The budget is one of the three values of earned value management and is also known as _____. a. actual cost b. indirect cost c.

enot [183]

Answer:

The correct answer is d. planned value

Explanation:

Among project managers, the Earned Value is one of the most demanded requirements of management tools. When we talk about it, we refer to Earned Value Management (EVM), a series of parameters that advise on the operation of the project based on a planning. The Earned Value will inform us of the cost and time deviations of the project. So, thanks to its functionality, we can make faster and more effective decisions, based on concrete data about the reality of the work performed.

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3 years ago

A U.S. business sells milk to consumers in France. Which situation would most likely cause demand for milk to rise in France?

lys-0071 [83]

A situation that would most likely cause demand for milk to rise in France is French consumers expect the price of milk to increase in the future.

<h3>What causes an increase in the demand for a product?</h3>

The demand for a product is affected by:

future expectations
change in the price of other goods
Change in the income of consumers

When it is expected that the price of a product would increase in the future. Consumers would want to buy the product now when it is cheaper so as to save money.

For more information about the change in demand, please check: brainly.com/question/25871620

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2 years ago