Answer: Assets, net income, and equity overstated.
Explanation: Depreciation can be defined as the decline in value of assets.
A mistake to record depreciation which is the decline in value in asset will significantly affect the account records. If the asset in a financial record is overstated, the net income and equity are also overstated because the asset is used in calculation of net income and equity.
Answer:
Sole Proprietorship
Explanation:
A Sole Proprietorship is the simplest form of business one can operate. As the name implies, the business is owned by a single person who is free to make business decisions without any external influence. The person bears full responsibility for the business and enjoys the profits alone.
In the case of Sandy, this will be the best form of business she can operate, since she does not like being told what to do, and she can always make her own business decisions.
Answer:
The law of demand is an economic principle that states that consumer demand for a good rises when prices fall while conversely, consumer demand falls when prices rise. ... As a result, the price consumers are willing to pay for a good decline as their utility decreases.