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kow [346]
3 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]3 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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"Alan Meer inherits a hotel from his grandmother, Mary, on February 11 of the current year. Mary bought the hotel for $730,000 t
Vlad1618 [11]

Answer

The answer and procedures of the exercise are attached in the following image.

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.  

3 0
3 years ago
Which department manages the process of converting or transforming resources into goods or services?
katovenus [111]

Answer:

The answer is operation or production department

Explanation:

One of the Operation or production department's function is to convert inputs of factors of production (e.g. raw materials or resources) into output or finished goods and services.

Operation or production department in any organization is saddled with this responsibility.

8 0
3 years ago
What problems might robert encounter in comparing these companies to one another on the basis of their​ ratios? ​(select all the
Misha Larkins [42]

Answer:

The likely problems to be encountered by Roberts include the following below:

b. the operating characteristics of firms across different industries vary significantly resulting in very different ratio values.

d. caution must be exercised when comparing older to newer​ firms,

e.g., utility company vs. software company?

c. the four companies are in very different industries.

Explanation:

5 0
3 years ago
Using the information provided, analyze the affects of Lawry Lawn Service's transactions on the accounting equation.
Arlecino [84]

Answer:

Common Stock $3,400 (credit)

Mower $1,600 (debit)

Revenue Service $1,000 (credit)

Cash $2,600 (debit)

Gas Expense    $100 (debit)

Dividends $0

Explanation:

See below the posting i have done to the ledger accounts.

Mower T - Account

Debit :

Accounts Payable       $1,600

Credit :

Balance c/d                 $1,600

Revenue Service T - Account

Debit :

Balance c/d                 $1,000

Credit :

Account Receivable   $1,000

Cash T - Account

Debit :

Common Stock         $3,400

Credit :

Gas Expense                 $100

Dividends                     $700

Balance c/d                $2,600

Gas Expense T - Account

Debit :

Cash                                $100

Credit :

Balance c/d                    $100

Dividends - T Account

Debit :

Shareholders for dividends    $700

Credit :

Cash                                         $700

7 0
3 years ago
Why might a bank offer to make a loan to a customer at a low initial rate that will increase after a set period of time?
erica [24]
To make the loan look more attractive and competitive now
3 0
3 years ago
Read 2 more answers
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