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e-lub [12.9K]
3 years ago
10

At the end of the current year, the accountant for Navistar Graphics forgot to make an adjusting entry to accrue Wages payable t

o the company's employees for the last week in December. The wages will be paid to the employees in January. Which of the following is one of the effects of this error?
A. Net income is overstated.
B. Liabilities are overstated.
C. Net income is understated.
D. Expenses are overstated
Business
1 answer:
solniwko [45]3 years ago
3 0

Answer: The correct answer is A). Net income is overstated.

Explanation: Net income is equal to Income less expenses. When an accrued expense is not recognised it results in an understated expense which in turn leads to an overstated net income.

Wages payable is a liability. An omission of such a liability means that wages expenses is also omitted.

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If $13,000 is borrowed at 5.8% simple interest for 10 years, how much interest will be paid for the loan
Anni [7]

Answer:

7,540

Explanation:

Principle is $13,000

Rate is 5.8%

Time is 10 years

Therefore the simple interest can be calculated as follows

= principle × rate × time

= 13,000 × 5.8/100 × 10

= 13,000 × 0.058×10

= 7,540

Hence the simple interest is 7,540

4 0
3 years ago
My grandma just died and when my dad told me this he said lol what does it mean?
Burka [1]

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5 0
3 years ago
Read 2 more answers
Quantitative Problem: Jenna is a single taxpayer with no dependents so she qualifies for one personal exemption. During 2013, sh
Margaret [11]

Answer:

$26,898.25

Explanation:

Jenna'a taxable ordinary income = $126,000 - $6,100 (standard deduction) - $3,900 (personal exemption) = $116,000

ordinary income taxes = $17,891.25 + [($116,000 - $87,850) x 28%] = $25,773.25

capital gains taxes = $7,500 x 15% = $1,125

total tax liability = $25,773.25 + $1,125 = $26,898.25

8 0
3 years ago
On July 31, Cynthia contributed land with a basis to her of $22,000 and a FMV of $30,000 to the Sterling Partnership in exchange
butalik [34]

Answer:

D

Explanation:

See attached file

8 0
3 years ago
Assume for Guatemala that the domestic price of coffee without international trade is higher than the world price of coffee. Thi
Marina CMI [18]

Answer:

other countries have a comparative advantage over Guatemala in the production of coffee, and Guatemala will import coffee. 

Explanation:

This question is incomplete. Please check the attached image for a complete question.

A country has comparative advantage in the production of a good or service If it produces the good or service at a lower opportunity cost when compared to its trading partners.

The price of Guatemala's coffee is higher when compared to the world price of coffee without international trade. It shows that Guatemala doesn't have a comparative advantage in the production of coffee. Guatemala should stop producing coffee and import instead. This would enable Guatemala focus more resocurces on the production of good for which it has comparative advantage.

I hope my answer helps you

3 0
3 years ago
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