Answer:
$99,600
Explanation:
If the ending inventory was understated that means that they have less of the inventory than they had originally expected, this means that they sold more than they have calculated and therefore have not included the $7,800 in the net income. Therefore, we would need to add this amount to the actual reported net income to get the correct net income for 2022...
$91,800 + $7,800 = $99,600
The correct net income for 2022 is $99,600
in a business auto policy Comprehensive and Specified Cause of Loss physical damage coverage, which 2 coverages will not be written together for the same vehicle.
An organization's usage of cars, trucks, vans, and other vehicles while conducting business is covered by a business automotive insurance (BAP). Vehicles hired by the firm, owned by the employee, or leased by the company and used for business reasons may all be covered.
A legal document used in commercial auto insurance contracts is a business auto coverage form. It details the automobiles and dangers protected under the contract. Broadening endorsements are available for purchase by policyholders who need higher levels of coverage in order to further cut their risk.
Learn more about business auto policy here
brainly.com/question/27926518
#SPJ4
Answer:
If a limited partner actively participates in day-to-day management of the business, he or she may forfeit limited partner status and lose limited liability for debts and liabilities: Given statement is a. True
Explanation:
A limited partner are also known as silent partners. They are part owners whose liability of the debts of the firm cannot exceed the amount that he invested in the company.
A limited partnership would have one general partner and at least one limited partner. The general partner is the one who manages the business from day-to-day.
Limited partners do not manage the day-to-day affairs of the business. In case they do, they are then treated as general partners. And would lose the limited liability for debts as stated in the statement. This, it is true.
Delectable's financial statements will show Allowance for Doubtful Accounts of $1,000 on balance sheet and Bad debts expense of $950 on Income statement
Here, we are to determine the records of bad debts expenses on Income statement and Allowance for doubtful accounts on Balance sheet.
Bad debts expense = Estimated bad debts - credit balance in allowance account
Bad debts expense = $1,000 - $50
Bad debts expense = $950
Journal Entry
General journal Debit Credit
Bad debts expense $950
Allowance for Doubtful accounts $950
(Bad debts expense recorded)
The allowance for doubtful account will be $1,000. ($950+$10) because the Allowance for Doubtful Accounts had $50 credit balance.
See similar solution here
<em>brainly.com/question/15201555</em>
Answer:
Disclose the contingency and state that an estimate cannot be made.
Explanation:
Taylor Company's attorney informs its client that it is possible, but not probable, that the company will lose a currently litigated lawsuit. No reliable estimate of the potential loss is currently available. Taylor should accrue and/or disclose this potential loss BY DISCLOSING THE CONTINGENCY AND STATE THAT AN ESTIMATE CANNOT BE MADE.
