Answer:
b. 2018 net income is overstated by $750
Explanation:
As the ending inventory is overstated the COGS will be understated thus, the income was overstate as well. Because the expenses reduced from the sales revenues were lower than correct.
Also we can deduct the same logic considering the accounting equation
Assets = liab + equity
if asssets are 750 higher than it should, then Equiy is higher as well
+750 = +750
Equity is affected for the net income and dividends. Thus, we can also conclude the net income is overstated by 750
Answer:
December 31, 2020
- Dr Bad Debt expense 18,690
- Cr Allowance For Doubtful Accounts account 18,690
Explanation:
First we need to determine the total amount of uncollectible accounts receivable = $385,600 x 6% = $23,100
Then we must subtract the amount already recorded in allowance for doubtful accounts from our total uncollectible accounts = $23,100 - $4,410 = $18,690
We have to debit the difference and credit the contra asset account:
Dr Bad Debt expense 18,690
Cr Allowance For Doubtful Accounts account 18,690
Answer:
1) Minimum wage is the base pay, or lowest pay, an employee can get without commission
2) social security is any government system that provides monetary assistance to ppl with an inadequate, or nonexistent income
3) 2037
4) hourly pay is an income that gets paid by the amount of time you were in work, and not how much you worked, if u spent more time working, u get paid more
salary pay is when an employee has a set pay that does not fluctuate
6) an addition to employees on top of their base salary
Explanation:
Answer:
C. Involves statements that can be proven true or false
Explanation:
Positive Economics includes objective statements, based on factual data, describing 'what actually is'. The statements describe economic issues & cause - effect relationship, can be tested or proved.
Eg : The inflation rate in India in 2019 was xyz %.
The statement is a factual data description of an actual economic issue, which can be tested.
Answer:
The description including its question throughout the discussion is summarized throughout the explanatory section below.
Explanation:
- Equity REITs put more money throughout income-producing or employment assets or something like a general merchandise department center.
- Agricultural land also seems to be unlikely to produce tax revenue, as well as equity REITs, are unlikely to be successful throughout mortgage debt. That seems to be the responsibility including its REITs.
