It is given that the company failed to record $3,700 of insurance coverage that had expired and accrued salaries expense of $2,250. It means the company has failed to record the total expenses of (3700+2250) = $5,950. This understatement of the expenses shall result in an overstatement of the income in the Income statement. Further, it will also result in the overstatement of assets (Prepaid Insurance) by $3,700 and understatement of liabilities for salaries payable by $2,250.
As a result of these two oversights, the financial statements for the reporting period will show overstatement of the income by $5,950 in the Income statement and overstatement of assets (Prepaid Insurance) by $3,700 and understatement of liabilities for salaries payable by $2,250 in the balance sheet.
Answer and Explanation:
The Journal entries are shown below:-
1. Salary Expense $1,500
To Salary Payable $1,500
(Being salary expense is recorded)
Here we debited the salary expenses as it increased the expenses and we credited the salary payable as it also increased the liabilities
2. Salary Expense Dr, $2,100
Salary Payable Dr, $1,500
To Cash $3,600
(Being cash paid is recorded)
Here we debited the salary expenses and salary payable as it increased the expenses and decreased the liabilities and we credited cash as it reduced the assets
Answer:
Explanation:Explanation is
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Answer:
D. Customers and suppliers willing to learn and evolve with new technology
Explanation:
In an implementation of any new IT system, the resistance to adoption from different stakeholders in the organizations is one of the most difficult challenges that is faced by the project managers. To overcome this resistance, the project manager needs to be accustomed to the basic principles of change management which involves:
1 - Designing incentive systems that forces all the stakeholders to adopt the new system.
2- Manage proper communication strategy that conveys the benefits of adopting the new system and conduct training for all the users.
However, there will still be resistance from certain suppliers and customers to the adoption of the new system. Which can lead to failed implementation of the system. However by doing the following, any organization can make sure that customers and suppliers quickly become an integral part of the IT system:
1- Take feedback from the customers and suppliers so that not only a more user friendly system can be designed, but also customers will be more invested as they feel they have been part of the decision making process.
2- Invite customers and suppliers to use the company resources to make themselves accustomed to the new system.
Answer:
Cohesiveness
Explanation:
The measure of the level of unity in a group or team is called cohesiveness. It is a measure of how communicative the members of a team are. It describes the linking bond among them that makes them act as a team.
Cohesiveness is important because it also affect the extent to which members of a team are committed to working with centrally defined strategies and decisions. A cohesive team is a team that with increased morale and it also helps to boost productivity.
The feeling of being part of something big helps highly cohesive teams to achieve great job performance.
The lack of cohesiveness in Frank's team is evident in the low level of communication as well as the low level of productivity.
