Answer:
The effect of this error on 2003 ending working capital is that it overstated the ending 2003 working capital.
The error does not have effect on the 2004 ending retained earnings balance.
Explanation:
Let the amount of the commission expense be xxxx.
At the end of 2003, the journal entries should have been as follows:
Debit Commission expense for xxxx
Credie Commission payable for xxxx
Also, we have:
Working capital = Current assets – Current liabilities ………… (1)
From equation (1), current liabilities are understated because commission payable which was not recorded is an item under current liabilities. Since the current liabilities are understated, that indicates that the working capital in equation is overstated. Therefore, the effect of this error on 2003 ending working capital is that it overstated the ending 2003 working capital.
When the 2003 commission expense in the entries above was paid in 2004, it would have been recognized as an expense. This made the error to counterbalance. This implies that the 2004 ending retained earnings balance is still correct despite that there are errors in the earnings of the two years. Therefore, the error does not have effect on the 2004 ending retained earnings balance.
In the strategy implementation stage, there are certain things done to create and sustain a competitive advantage and this involves the definition of strategic goals.
<h3>What is Competitive Advantage?</h3>
This refers to the business situation whereby a company is able to outperform its competition.
Hence, we can see that when making strategic planning and implementation, there is the planning and making of contingencies for a meeting of set company goals to enhance the competitive advantage.
Read more about competitive advantages here:
brainly.com/question/26514848
Answer:
Gross Domestic Products (GDP) is a measure of the total market value of all finished goods and services made within a country during a specific period.
Explanation:
GDP is an acronym for Gross Domestic Products (GDP) and it can be defined as a measure of the total market value of all finished goods and services made within a country during a specific period.
Simply stated, GDP is a measure of the total income of all individuals in an economy and the total expenses incurred on the economy's output of goods and services in a particular country.
On a related note, Gross Domestic Products (GDP) is a measure of the production levels of any nation.
Basically, the four (4) major expenditure categories of GDP are;
I. Consumption (C).
II. Investment (I).
III. Government purchases (G).
IV. Net exports (N).
In conclusion, GDP is a measure of the total amount of finished goods and services produced by a country.
The right answer for the question that is being asked and shown above is that: "<span>Brian has some understanding of budgeting. However, a budget does not create more money each month. It just helps him use his money better." That is the best answer among the choices.</span>
