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prohojiy [21]
3 years ago
5

Accrued salaries payable of $100000 were not recorded on December 31, 2017. Office supplies on hand of $57000 on December 31, 20

18, were erroneously treated as an expense instead of supplies inventory. Neither of these errors was discovered nor corrected. The effect of these two errors would cause
Business
1 answer:
Dennis_Churaev [7]3 years ago
7 0

Answer:

In 2017

Net Income and Retained Earning are overstated by $100,000

Expenses and Payables are understated by $100,000.

In 2018

Inventory, Net Income and Retained Earning are understated by $57,000

Expenses are overstates by $57,000

Explanation:

Accrued Salaries is Recorded as follow

Dr. Salaries Expense

Cr. Salaries Payament

Non recording of this entry will result in understatement of Expenses and Payables by $100,000 over statement of Net income and retained earning by the same amount.

Treatment of Office supplies of $57,000 as expense will overstate the expenses  and understate the the inventory, Net income and Retained Earning.

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The correct answer is letter "A": would most likely increase the supply of loanable funds.

Explanation:

In the case Americans start saving more money, financial institutions will feel more confident in providing them with more loans because debtors have stored some resources that could cushion debts if they arise. Thus, the supply of loanable funds is likely to increase under this scenario.

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Luden [163]

Answer:

B.  telemarketing

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The following benefits a franchisee enjoys over <u>other small business owners</u> is:

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Some of the benefits of a franchisee over <u>small business owners</u> are the facts that:

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