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Ivenika [448]
3 years ago
14

Changes in accounting estimates are: Multiple Choice Extraordinary items. Accounted for with a cumulative "catch-up" adjustment.

Considered accounting errors. Reported as prior period adjustments. Accounted for in current and future periods.
Business
1 answer:
Tom [10]3 years ago
4 0

Answer:

The answer is D. Accounted for in current and future periods.

Explanation:

A change in accounting estimate is an adjustment of the carrying value of an asset or liability arising from reassessing the expected future economic benefits and obligations associated with that asset or liability.

Changes in accounting estimates must be shown in the accounting period in which the estimates are revised and periods after i.e accounted for prospectively. Example is a change in useful life and salvage value of a fixed asset

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The Adjusted Trial Balance section of the worksheet for Van Zant Janitorial Supplies follows. The owner made no additional inves
Tasya [4]

Answer:

\left[\begin{array}{ccc}Account&DEBIT&CREDIT\\$Cash&18,900&-\\$Account\: Receivable&60,100&\\$Allowance \: doubful \: accounts&&150\\$Inventory&186,500&\\$Supplies&7,170&\\$Prepaid Insurnace&3,090&\\$Equipment&51,300&-\\$Acc  \: Dep \: Equipment&-&18,100\\$Accounts \: Payable&&9,000\\$SS \: tax \: payable&&1420\\$Medicare \: tax \: payable&&340\\$Capital&&298,050\\&327,060&327,060\\\end{array}\right]

Explanation:

The sales, expenses, income summary and drawings accounts will be closed therefore will not be part of the post-closed trial balance.

Thew capital Account will suffer the net change of all these account thus, we can list the assets and liabilities and then, solve for Capital by the difference:

Assets = Laibilities + Equity

327,060 = 150 + 18,100 + 9,000 + 1,420 + 340 + Capital

Capital = 327,060  - (150 + 18,100 + 9,000 + 1,420 + 340)

Capital = 298,050

3 0
3 years ago
Despite zero population growth, why is the population of the United States growing?
vovangra [49]
People migrating from other countries couples having more than two babies 
7 0
3 years ago
Don’s Fashions is noticing a downward trend in sales. The company has been reaching out using social media to connect with custo
Temka [501]

Answer:

They should conduct a market research, since probably they are targeting the wrong market segment.

Explanation:

A market research, if done correctly, should allow them to gather information about who are their potential customers (target market) and what do they need or want.

8 0
3 years ago
What type of account is recommended for unexpected expenses?
velikii [3]

Answer:

emergency fund

Explanation:

5 0
3 years ago
If the average job performance rating of the new hires of a firm (PR) is 4.0 on a 5.0 scale, the percentage of new hires reachin
Kruka [31]

Answer:

The correct answer is c. 80%

Explanation:

How to calculate the quality of fill.

Quality of fill= (Job Performance + acceptable time frame + Engagement score)/N

Job Performance we use it en percentage ,  so is 80% (4.0/5.0)

Engagement score is the percentage of new hires retained after one year

Replacing,

Quality of fill= 0.8+0.7+0.9 /3= 0.8

8 0
3 years ago
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