Answer:
<u>inocme statment:</u>
wages expense: understate
<u>net income</u> overstate
<u>blanace sheet</u>
wages payable: understate
Retained Earnings: overstate
Explanation:
If the adjusting entry is not made, then the expenses will be lower than it should.
Thereofre the net income will be overstate as there are more expenses but weren't recorded.
the balance sheet will not represent accurate the liabilities as there is wages payable which are not recorded.
also, in the blaance sheet the Retained Earnings account will be overstate as it include the net income which is overstate.
Answer: 6.91%
Explanation:
Expected return = Sum of (Probability of state of economy * Return given state of economy)
= (56% * 8%) + (12% * 25%) + (19% * -3%)
= 4.48% + 3% - 0.57%
= 6.91%
Answer:
<u>Option B</u> must pay him as an employee, withhold appropriate taxes and issue a W-2 at year end
Explanation: He is paid based on hours worked, and uses the company equipment thus is an employee who is controlled by an employer. The independent contractors buy their own supplies, provide their own equipment and paid based on tasks performed
Answer:
D. Natural gas refinery
Explanation:
Processing cost system is when identically units are mass produced. It involves assigning materials, factory labour, overhead cost and so on in an effort to value finished goods inventory. Process cost involves allocation of cost for different set in each process. It helps in determining total cost of producing a unit of commodity. It is best suited for the natural gas refinery because of the various steps involved in the processing and manufacturing of products as cost can be identified and allocated for each steps and also because what is produced are identical units which are mass produced.
Answer:
Higher equilibrium price and lower quantity
Explanation:
If demands increases and the supply remains same then the equilibrium price of the quantity increases decreases the equilibirium quantity due to high demand of quantity.
Therefore, Correct option is (d) i.e., higher equilibrium price and lower quantity
