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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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Rolfes Company purchased merchandise on account from a supplier for $7,500, terms 1/10, n/30. Rolfes Company returned $1,200 of
Blababa [14]

Answer:

$6,237

Explanation:

The computation of the cash required for the payment is shown below:

= Merchandise amount - return and allowances - discount

= $7,500 - $1,200 - $63

= $6,237

The discount = (Merchandise amount - return and allowances) × discount rate

= ($7,500 - $1,200) × 1%

= $63

Simply we consider the items i.e merchandise purchase amount, returned merchandise amount and the discount given amount

6 0
3 years ago
As of june 30, 2019, great adventures finishes its first 12 months of operations. if suzie wants to prepare financial statements
wariber [46]
<span>As of June 30, 2013, Great Adventures finishes its first 12 months of operations. If Suzie wants to prepare financial statements, part of the process would involve allowing for uncollectible accounts receivable</span>
5 0
3 years ago
True or False: Potential customers and non-potential customers are mixed together in the marketplace, so it is impossible to ens
Jobisdone [24]

The marketplace is full of both potential and non-potential customers which makes this statement <u>True</u>.

<h3>Are both potential and non-potential customers in the market?</h3>

The market does indeed have both potential customers for a product and non-potential customers who would not want to buy the product.

As a result, it is not possible to directly market to only potential customers, but to the entire marketplace.

Find out more on potential customers at brainly.com/question/3053467.

#SPJ1

3 0
2 years ago
An office management firm has developed a system for efficiently organizing small medical and dental practices both through prop
kolbaska11 [484]

Answer:

achieve economies of scope

Explanation:

Economies of scope  -

It is the concept in economics , which is the reduction in the total cost of the production , when some products are produced collectively rather than individually , is known as economies of scope .

Same case is given in the question , where the management have organised medical and dental practices via some unique training program for the staff .

4 0
3 years ago
Some companies have been accused of taking advantage of the current social trend of green marketing, positioning their products
jek_recluse [69]

Answer:

greenwashing

Explanation:

Greenwashing -  

It is the process , where the company spends more amount of time and monetary value on marketing the company as environmentally friendly , rather than decreasing the impact on environment , is referred to as greenwashing.  

It is basically a advertising stunt , in order to mislead the consumers , who buys the products just because the product is environmentally friendly.

Hence, from the question ,  

the practice performed by the company is greenwashing.  

4 0
3 years ago
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