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3 years ago

What is the effect on the financial statement when a company fails to record depreciation?

Business

1 answer:

Mashutka [201]3 years ago

7 0

Answer:

d. Net income is overstated and assets are overstated

Explanation:

The journal entry to record the depreciation expense is shown below:

Depreciation expense A/c Dr

To Accumulated depreciation A/c

(Being the depreciation expense is recorded)

But if depreciation is failed to record, then the net income is overstated and assets are overstated as the accumulated depreciation decrease the cash balance and The net income overstated represents the understated in an expense account

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vazorg [7]

Answer:

The answer is "Entitlements and Milestones ".

Explanation:

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3 years ago

The individuals or households that want goods and services for personal consumption or use, and have the resources to buy them a

olga nikolaevna [1]

The individuals or households that want goods and services for personal consumption or use, and have the resources to buy them are part of the consumers

<h3>Who are the consumers?</h3>

Consumers are known as the end users of any produced goods and services. They are crucial in the logistics chain in order to keep production running.

They are the set of individuals that want goods and services for their daily use and consumption purposes.

Learn more on consumers here: brainly.com/question/1213062

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2 years ago

Latoya has $113.94 in her checking account. During the week she goes to an atm and withdraws $40. she is charged a usage fee of

Maksim231197 [3]

She has 168.49 in her bank account

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3 years ago

At the beginning of the year, Saratoga Dress Co. had an inventory of $300,000. During the year, the company purchased merchandis

svet-max [94.6K]

Answer:

The cost of goods sold and the ending inventory, respectively, were: $660,000 and $490,000

Explanation:

Saratoga Dress Co. had gross profit rate of 45%

Gross profit rate = (Gross Profit/ Sales)x 100%

Gross Profit = (Gross profit rate x Sales)/100% = (45% x $1,200,000)/100% = $540,000

Cost of Goods Sold = Sales - Gross Profit = $1,200,000 - $540,000 = $660,000

The ending inventory = the beginning inventory + purchasing merchandise - Cost of Goods Sold = $300,000 + $850,000 - $660,000 = $490,000

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3 years ago

At the price of $5 per pack of batteries, Duracell sells 10,000 packs of batteries and Energizer sells 15,000 packs of batteries

Troyanec [42]

Answer:

28,000

Explanation:

To get this answer you have to assume perfect competition scenario, since in this case supply = demand. In this case:

At $7,5

Energizer sells 16,000 => Supply Energizer = 16,000

Duracell sells 12,000 => Supply Duracell = 12,000

Total Supply = 16,000+12,000

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3 years ago