Answer: Global Company
Explanation:
<u>A Global Company</u> is a type of multinational corporation that centralizes its management and other decisions in the home country.
None of these answers are correct. However, I will assume you accidentally wrote "global economy" instead of "global company" because global company is actually the answer.
Answer:
b. 2018 net income is overstated by $750
Explanation:
As the ending inventory is overstated the COGS will be understated thus, the income was overstate as well. Because the expenses reduced from the sales revenues were lower than correct.
Also we can deduct the same logic considering the accounting equation
Assets = liab + equity
if asssets are 750 higher than it should, then Equiy is higher as well
+750 = +750
Equity is affected for the net income and dividends. Thus, we can also conclude the net income is overstated by 750
Profit is when the selling price is more than the cost price or revenue is more than the cost while loss is the opposite of profit.
Answer:
a. debit Insurance Expense, $740; credit Prepaid Insurance $740
Explanation:
Insurance payment for 5 years = $3,700
On January 1, $3,700 has been recorded as prepaid expense by debiting prepaid insurance and crediting cash.
At the end of first year an insurance expense for one year is accrued and should be recorded by transferring balance of $740 from prepaid insurance account to insurance expense account
Insurance payment per year = $3,700 / 5 = $740 per year
The adjusting entry will be
Debit Insurance Expense $740
Credit Prepaid Insurance $740
<span>Lines (No overtaking), any junctions, Speed cameras, and cars coming the other way?</span>
