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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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if you have a successfully crowdfunded product and you know you are going to miss your advertised ship date, what should you do?

alina1380 [7]

If you have a successfully crowdfunded product and you know you are going to miss your advertised ship date, what you should do is: C) Be honest; alert your backers and notify others through the crowdfunding site.

<h3>What is a product?</h3>

A product is any physical object (tangible item) that is typically produced by a manufacturer in order to satisfy and meet the demands, needs or wants of every customer.

<h3>What is crowdfunding?</h3>

Crowdfunding can be defined as a strategic process which typically involves obtaining small amounts of capital or money (funds) from a large group of individuals, usually over the Internet, in order to finance a new project, business venture or product.

In this scenario, the best thing to do is being honest, especially by alerting your backers, guarantors, and all of the people who provided the fund through the crowdfunding site.

Read more on a crowdfunding here: brainly.com/question/21940014

#SPJ1

Complete Question:

If you have a successfully crowdfunded product and you know you are going to miss your advertised ship date, what should you do?

A)Do nothing.

B)Change the date on your crowdfunding site but do not draw attention to it.

C)Be honest; alert your backers and notify others through the crowdfunding site.

D)Shift the blame to someone else (manufacturers, distributors, suppliers, etc.).

3 0

1 year ago

Martin purchased municipal bonds that yield 7% annually and certificates of deposit which yield 9% annually.

jeka94

Answer:

the amount invested in municipal bond is $8,000

the amount invested in certificated on deposits = $11,000 - $8,000

= $3,000

Explanation:

Data provided in the question:

Annual yield on municipal bond = 7% = 0.07

Annual yield on certificated of deposits = 9% = 0.09

Initial investment = $11,000

Annual income = $830

Now,

Let the amount invested in municipal bond be 'x'

Therefore,

the amount invested in certificated of deposits = $11,000 - x

Thus,

according to question

⇒ 0.07x + 0.09( $11,000 - x ) = $830

⇒ 0.07x + $990 - 0.09x = $830

⇒ -0.02x = $830 - $990

⇒ -0.02x = -$160

⇒ x = $8,000

Hence,

the amount invested in municipal bond is $8,000

the amount invested in certificated on deposits = $11,000 - $8,000

= $3,000

7 0

3 years ago

Account Title Debit Credit Cash $ 6,400 Accounts receivable 24,500 Office supplies 7,700 Trucks 186,000 Accumulated depreciation

olga nikolaevna [1]

Answer:

TOTAL CURRENT ASSETS $38,600

TOTAL ASSETS $233,284

TOTAL CURRENT LIABILITIES $23,400

TOTAL LIABILITIES $69,400

TOTAL EQUITY $163.884

TOTAL EQUITY & LIABILITIES $233.284

Explanation:

It's necessary to start by preparing the balance sheets with the information available, as result we have a difference in the accounting equation of $0,586 because it's necessary to prepare the income statement to define how much of the income it's keep as retained earnings.

Balance Sheets.

Assets Dec 31

Cash $6,400

Accounts Receivable $24,500

Supplies $7,700

TOTAL CURRENT ASSETS $38,600

Property and Equipment $186,000

Accumulated Depreciaiton -$38,316

Land $47,000

TOTAL ASSETS $233,284

Accounts Payable $10,400

Interest Payable $13,000

TOTAL CURRENT LIABILITIES $23,400

Long Term Notes Payables $46,000

TOTAL LIABILITIES $69,400

Common Stock $25,298

<u>Retained Earnings ($138,000 + 0,586)=138,586</u>

TOTAL EQUITY $163,884

TOTAL EQUITY & LIABILITIES $233,284

Income Statement

Sales $121,000

Depreciation -$24,714

MARGEN BRUTO $96,286

Salaries expense -$65,660

Office supplies expense -$5,000

Other Income -$12,040

Income Statement $13,586

Dividends $13,000

Retained Earnings = $0,586

4 0

3 years ago

Holiday Laboratories purchased a high-speed industrial centrifuge at a cost of $440,000. Shipping costs totaled $30,000. Foundat

Yakvenalex [24]

Answer:

d. $489,500

Explanation:

The capitalized cost will include all the costs incurred by Holiday laboratories to readily make the asset for use.

Therefore,

Capitalized cost = High speed industrial centrifuge + Shipping cost + Foundation cost + Equipment cost + Labor and testing cost + Material cost

= $440,000 + $30,000 + $8,600 + $3,000 + $5,300 + $2,600

= $489,500

7 0

3 years ago

An individual is now 50 years old, that he plans to retire in 10 years, and that he expects to live for 25 years after he retire

Nutka1998 [239]

Answer:

Ans. He must save during each of the following 10 years, at the end of each year $32,452.

Explanation:

Hi, in order to find the amount of money that he should have in ten years so he can receive an annual payment of $65,156 for 25 more years (24 payments), we need to bring to present value all 24 payments to year 10. Let me show you the formula.

$PresentValue_{10} =\frac{A((1+r)^{n}-1) }{r(1+r)^{n} }$

Where:

A= $65,156

n= 24

r= 0.08

Therefore the present value in year 10 is:

$PresentValue_{10} =\frac{65,156((1+0.08)^{24}-1) }{0.08(1+0.08)^{24} }=686,012$

So that is our present value in year 10, or to put it in other words, our future value (if we look at it from year 0). Now we need to find the annuity (amount to save) that with account for $686,012, plus that $100,000 that he already has saved.

Every should look like this.

$686,012=100,000*(1+0.08)^{10} +\frac{A((1+0.08)^{10}-1) }{0.08(1+0.08)^{10} }$

And we solve this equation for "A".

$686,012=A(14.4865625)+215,892$

$A=\frac{(686,012-215,892)}{14.4865625} =32,452$

Best of luck.

5 0

3 years ago