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kow [346]
4 years ago
6

1. On December 31st, 2012, Bingo Corp. borrowed $50,000 from a bank. Half of the loan was to be repaid in 2013, and the other ha

lf in 2014. This entry was never recorded. The effect of this error in the financial statements for the fiscal year end 2012 was:
Business
1 answer:
olga2289 [7]4 years ago
4 0

Answer:

undervalued assets an liabilities by 50,000

Explanation:

The financial statement for the fiscal year ended on December 31th, 2012

will have the following mistake:

Liabilities are undervalued by 50,000

Cash wll be undervalued by 50,000

As the note payable is not recorded neither the cash receipts from the loan.

Because this transaction is missing, we are not doing a correct representation of reality. This account will be undervalued.

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A customer browses through several online retail sites and examines product descriptions of several different styles and brands
pav-90 [236]

Answer:

digitally influenced purchasing

Explanation:

This is an example of digitally influenced buying, which occurs when consumers search for data and information on a product on the internet before buying at the physical store. There are surveys that show that 64% of in-store purchases are digitally influenced, which makes companies look for strategies to increase their online presence so that customers search for information about their products and services, such as personalizing the search, including location options and product availability, which makes it easier for customers to find the product of their choice in the most convenient store.

8 0
3 years ago
Wickland Company installs a manufacturing machine in its production facility at the beginning of the year at a cost of $87,000.
Ostrovityanka [42]

Answer:

Depreciation Expense = $16900

Explanation:

Using the units of production method. I will get the value of depreciation expense for the year 2. The units of production method calculate the value of depreciation using the formula is given below.

Depreciation expense = (Cost - Salvage value) / Total Units of Products x Units of production in second year.

Depreciation expense = ($87000 - $7000) / 400000 x 84500 = $16900

Wickland company will charge depreciation expense of $16900 using the Units of production method as during the second year of Wickland company depreciation expense is $16900.

7 0
3 years ago
McCallister's just purchased $16,500 worth of inventory. The terms of the sale were 1/15, net 45. What is the implicit interest?
Greeley [361]

The implicit interest based on the information given is $165.

<h3>How to calculate the interest?</h3>

It should be noted that the implicit interest is calculated as:

= Inventory worth × Discount rate

= $16500 × 1%

= $165

Therefore, the implicit interest based on the information given is $165.

Learn more about interest on:

brainly.com/question/24080432

#SPJ1

3 0
2 years ago
An investor buys 100 shares of walmart at $45 per share on margin with an initial margin of 70% and a maintenance margin of 25%.
lana [24]
6250 + 56 = 6250 price
6 0
3 years ago
Understand the general arguments made in sections 1, 2, and 7 of Kraut's "Aristotle on Becoming Good" and consider how these ide
lions [1.4K]

Answer:

Aristotle argues that what differentiates human beings from other animals is the human reason.

Explanation:

"Good life" can be seen as the one in which a person understand and exercise their rational faculties. The word "good" can be used to show moral approval. Therefore, for someone to be called good, they must have possessed and practiced many important virtues and not pursuing their own pleasure all the time.

According to Aristotle, happiness consists in achieving all the goods like health, wealth, knowledge, friends etc throughout a lifetime. He sees happiness as the central purpose of human life.

Aristotle believes that the highest good is a solitary nucleus which all other goods are acted upon and this highest good is happiness.

4 0
3 years ago
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