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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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Sales are $1.44 million, cost of goods sold is $570,000, depreciation expense is $144,000, other operating expenses is $294,000,
anygoal [31]

Answer:

Times Interest earned ratio is 4.41 times

Explanation:

Times interest earned ratio measure the business capability to pay the interest over its liabilities from its current earning.

As interest expense value is not given it is calculated by the net of Earning before interest and tax and Income before tax

Net Income = Addition to Retained Earning + Dividend Paid = $133,100 + ( 84,000 x $1 ) = $133,100 + $84,000 = $217,100

Income before tax = $217,100 x 100% / ( 100% - 35%) = $334,000

Earning before interest and tax = Sales - Cost of goods sold - depreciation expense - other operating expenses = 1,440,000 - 570,000 - 144,000 - 294,000 = $432,000

Interest Expense = Earning before interest and tax - Income before tax = $432,000 - 334,000 = $98,000

Times Interest earned ratio = Earning before Interest and tax /  Interest expense = $432,000 / $98000 = 4.41 time

4 0
3 years ago
George Johnson recently inherited a large sum of money; he wants to use a portion of this money to set up a trust fund for his t
jek_recluse [69]

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8 0
3 years ago
PLEASE HURRY!!! I WILL GIVE BRAINLIEST!!!
kvv77 [185]

Answer:

A,C,D,E

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8 0
3 years ago
A buyer is closing on the purchase of a residence. The taxes for the year are estimated to be $4,780. The closing date is Januar
Aneli [31]

Answer:

For seller = $196.44

For buyer = $4583.56

Explanation:

Data provided in the question:

Taxes for the year = $4,780

Date of closing = January 16

since the day of closing belongs to the buyer therefore the seller owns the tax for 15 days only

Per day tax = [ Taxes for the year ] ÷ 365

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Hence,

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For buyer = $4,780 - $196.44

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3 years ago
Why is it important for companies to invest in building a complete Data and Analytics Platform?
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It is essential for companies to invest in building a complete data and analytics platform to generate insights by housing data in one place and converting it into easily consumable information at high speed.

<h3 /><h3>Data and analytics platform</h3>

It corresponds to automated services and technology capable of processing a large amount of complex data and transforming it into relevant information in an organization.

Therefore, storing data on a platform can help to understand organizational scenarios, identify patterns, visualize and combine information to support organizational decisions more effectively and quickly.

The correct answer is:

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Find out more information about analytics platform here:

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2 years ago
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