1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
nika2105 [10]
3 years ago
10

For each of the following items before adjustment, indicate the type of adjusting entry (prepaid expense, unearned revenue, accr

ued revenue, or accrued expense) that is needed to correct the misstatement. If an item could result in more than one type of adjusting entry, indicate each of the types.
(a) Assets am understated.
(b) Liabilities am overstated.
(c) Liabilities are understated.
(d) Expenses am understated.
(e) Assets are overstated.
(f) Revenue is understated.
Business
1 answer:
igor_vitrenko [27]3 years ago
3 0

Answer:

See explanation

Explanation:

(a) Assets are understated - If we do not adjust accrued revenue, the assets are understated. For example - if we do not add any outstanding rent revenue, the assets will become understated.

(b) Liabilities are overstated - If we do not adjust unearned revenue, the liabilities are overstated. For example - if we do not deduct any expired unearned revenue, the liabilities will become overstated.

(c) Liabilities are understated - If we do not adjust accrued expense, the liabilities are understated. For example - if we do not add any outstanding rent expense, the liabilities will become understated.

(d) Expenses are understated - If we do not adjust accrued expense and prepaid expense, the expenses are understated. For example - if we do not add any outstanding rent expense and expired prepaid expenses, the expenses will become understated.

(e) Assets are overstated - If we do not adjust prepaid expense, the assets are overstated. For example - if we do not deduct any expired prepaid insurance, the assets will become overstated.

(f) Revenue is understated - If we do not adjust accrued revenue and unearned revenue, the revenue is understated. For example - if we do not add any outstanding rent revenue and expired unearned revenue, the revenue will become understated.

You might be interested in
people who are into females only!!! what do you find the most attractive about a girl and what things do you want her to talk to
sergeinik [125]

Answer:

what kind of a question is this. im kinda confused like whaa

Explanation:

3 0
3 years ago
Read 2 more answers
The following information is available for Dakota Company: Product 1 Product 2 Sales $1,400,000 $1,800,000 Direct materials (200
xeze [42]

Answer:

$380,000

Explanation:

Particulars                                           Product 1 (Amount)

Sales                                                          $1,400,000

(-) Direct materials                                   ($200,000)

(-) Direct labor                                          ($600,000)

<u>(-) Manufacturing overhead </u>

Batch level ($400,000*20/80)                 ($100,000)

Product line level ($600,000*10/50)       <u>($120,000)</u>

Gross margin                                            <u>$380,000</u>

So, Dakota Company's gross margin for Product 1 using activity based costing is $380,000

6 0
3 years ago
Indirect labor includes:_________ (You may select more than one answer. Single click the box with the question mark to produce a
ch4aika [34]

Answer:

b labor of the maintenance employees

c labor of the clerical staff

Explanation:

During the production or composition of finished goods, some form of labors are directly or indirectly involved in the manufacturing of such finished product. Where labor is not readily traced to the manufacturing of finished product, such is known as indirect labor.

On the other hand, labor that is directly involved in the composition of finished product is known as direct labor. Examples of indirect labor are ; wages of supervisors , clerical staff, general helpers , material handlers and maintenance workers.

3 0
3 years ago
Assess how the leadership team you designate will affect organizational performance in the short-term and the long-term.
My name is Ann [436]

Explanation:

A company's leadership team is an essential part of the company's strategic development and decision-making process.

Therefore, the leadership team will directly influence organizational performance in the short and long term, in the sense that this team will be responsible for the strategic planning that will contemplate the long term in the organization and help it to reach its goals and objectives.

The decision-making process, on the other hand, will impact the company in the short term and will be essential for the decisions made to be beneficial for the improvement of organizational processes and the achievement of competitive and financial advantages.

8 0
3 years ago
In PowerPoint, where do you enter data for a chart?
sammy [17]
The answer is b. In a table that is provided
8 0
3 years ago
Read 2 more answers
Other questions:
  • Item25 Item 25Item 25 Mullis Corp. manufactures DVDs that sell for $5.00. Fixed costs are $28,000 and variable costs are $3.60 p
    6·1 answer
  • The replacement of a planning machine is being considered by the Reardorn Furniture Company.​ (There is an indefinite future nee
    15·1 answer
  • Suppose that the economy is in a recessionary gap. The appropriate countercyclical monetary policy is
    7·1 answer
  • Organizations of skilled workers who band together for bargaining power.
    14·1 answer
  • The business case for why companies should act in a socially responsible manner includes such reasons as A. it generates interna
    10·1 answer
  • Identify the financial instruments based on the following descriptions.(a) Backed by the U.S. government, these financial instru
    10·1 answer
  • If the economy experiences an inflationary gap, a contractionary monetary policy will __________ investment and _______ interest
    13·1 answer
  • The owner is his or her own boss
    5·1 answer
  • HELP PLEASE.
    6·1 answer
  • Kali wants to start her own investment firm from scratch, so she's very focused on understanding the possible drawbacks of takin
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!