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Step2247 [10]
3 years ago
11

Adjustment error. The accountant for Stringer Services failed to adjust the Supplies account to recognize the amount consumed du

ring March. As a result of this error, will the following items be overstated, understated, or unaffected? a. March revenues will be ________________. b. March expenses will be ________________. c. March net income will be _______________. d. Ending owner’s equity as of March 31 will be _________________. e. Assets as of March 31 will be __________________. f. Liabilities as of March 31 will be _________________.
Business
1 answer:
gladu [14]3 years ago
6 0

Answer:

a. unaffected

b. understated

c. overstated

d. overstated

e. overstated

f. unaffected

Explanation:

The journal adjustment entry for supplies consumed should be;

Supplies expense A/C                                            Dr.

     To Supplies  A/C                                    

(Being supplies consumed recorded)

Supplies expense being an expense and supplies being an asset, the omission would lead to understated expenses since the expense has not been recorded and overstated assets since the cost of supplies used was supposed to be reduced from assets balance.

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Bradley, the president of Commerce & Trade, Inc., claims that certain actions by the federal government and the state of Del
olga nikolaevna [1]

Answer:

The correct answer is B

Explanation:

The Bill of Rights is the one which guarantees the liberties as well as the civil rights to the individual such as the religion, press and freedom of speech.

It states the rules for the procedure which is due for the law and also reserves all the powers not delegated to the Federal Government to the States or the people.

Therefore, the one where all the rights limit the federal government.

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3 years ago
In what category is the purchase of a computer by a person for household use in national income accounting, that is, in how we c
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Answer:

is counted in C, personal consumption

Explanation:

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Consumption spending is all spending by households on services and goods which could be either durable or non durable goods.

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I hope my answer helps you

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3 years ago
Beck was the general manager of Chilkoot Lumber Co. Haines sold fuel to the company. To persuade Haines to sell on credit, Beck
Gre4nikov [31]

Answer:

No

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3 years ago
What organization mandates icd10cm
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Centers for Decesed Control and Prevention
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3 years ago
Brockman Guitar Company is in the business of manufacturing top-quality, steelstring folk guitars. In recent years the company h
Kazeer [188]

Answer:

(a) This is ethically wrong. Reasons provided in the explanation section

(b) It is in the company's favor to not indulge in window dressing

Explanation:

(a) To understand the ethical implications of Window Dressing, we must understand what the term implies and why it may be considered right or wrong.

Window dressing is the process of taking certain decisions or actions that would result in the improvement of a company's financial statement (e.g balance sheet/income statement etc). For example, the company might be having a bad final quarter in terms of achieving sales targets so it might resort to given unsustainable discounts or other offerings to some customers to record sales earlier. Or a company might change its depreciation policy to reflect a lower depreciation charge in order to increases reported profits.

As we can see, these are ethically wrong practices since they distort the financial position of the company that is being presented to users of the financial statements. In preparing financial statements, the issuing entity needs to ensure that the information is honest and can be fairly relied on my users of the statements as presenting the fair financial position and performance of the company. Window dressing distorts this purpose and does not provide users of the statements with the actual picture.

(b) We have already identified that Barbara's idea is unethical and therefore, should not be undertaken. Secondly, other than taking a moral view point, window dressing will also hurt a company. By factoring receivables and selling of raw materials inventories, there would be an influx of cash allowing the company to meet the bank's covenants but it does nothing to address the underlying issues of the company. There is a reason that the company is showing consistent negative cash flow position. There needs to be a thorough investigation into why there was an unanticipated buildup of receivables and inventory. Are there bad/doubtful debts? Is there over capacity? Any changes in product demand? These issues need to be resolved first.

Third, this practice is not sustainable. It might be be beneficial in the short term but cannot be sustained in the long run. The same problem may be exacerbated in the next year. Selling raw materials (in an inflationary environment) will add higher cost when the company goes on to produce finished goods in the next year.

Finally, window dressing cannot be so easily hidden under the rug. Auditors, investors and bankers can easily go through your statements and identify this barren attempt. At one point, the banker is unwilling to consider a loan application because of liquidity concerns and then immediately show  a huge surplus in cash. The decrease in inventory and receivables will be highlighted very easily which would cause a huge issue to the company in terms of its reputation,thereby putting it in deeper troubles

4 0
3 years ago
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