Answer:
C. $190,000
Explanation:
As per the given question the solution of Income reported on Income statement is provided below:-
here, we ill find first share in equity income and depreciation expenses on undervalue equipment to reach the i
ncome reported on Income statement
Share in equity income = Net income × Interest
= $500,000 × 40%
= $200,000
Depreciation expenses on undervalue equipment = undervaluation ÷ Number of years × Interest
= $250,000 ÷ 10 × 40%
= $10,000
Income reported on Income statement = Share in equity income -Depreciation expenses on undervalue equipment
= $200,000 - $10,000
= $190,000
Answer:
The correct answer is:
True
Explanation:
The business cycle is a model that let see how the GDP of a country changes through time. Business cycle is classified in four different stages peak, trough, contraction, and expansion. These kind of fluctuations normally occur in the trade, production and all the economic activity of a country. The business cycle refers to the changes or fluctuations that can be experienced in the economic model measured by the GDP (Gross Domestic Product) and it is reflected in the increases or decreases in economy.
Answer:
Option (b) is correct.
Explanation:
Correct amount of inventory to be reported:
Amount of inventory as per physical verification = $320,000
Cost of goods under consignment to Herschel Corporation = $47,000
Value of inventory to be reported:
= Amount of inventory as per physical verification + Cost of goods under consignment to Herschel Corporation
= $320,000 + $47,000
= $367,000
Answer:
The accounting process of ensuring accuracy and completeness includes Journalizing transactions timely using ledgers and journals, closing entries, create a trial balance, make adjusting entries, create adjusting trial balance and prepare the four basic financial statements (balance sheet, income statement, changes in net assets/equity and cash flows). Note, adjusting entries are not necessary but reversals are a must in this process. This statement is:________.
A. True
Answer: Prices generally increase at the same rate across most periods of time.
Explanation:
Inflation means a rapid rise in the price of commodities in a market, and it is normally as a result of scarcity of products or excess flow of money in an economy. Prices on the other hand do not always increase generally, as price could reduce or remain the same overtime.
