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Dmitriy789 [7]
2 years ago
8

Failure to accrue interest expense results in A. an overstatement of net income and an understatement of liabilities. B. an unde

rstatement of net income and an overstatement of liabilities. C. an overstatement of net income and an overstatement of liabilities. D. an understatement of net income and an understatement of liabilities.
Business
1 answer:
Simora [160]2 years ago
5 0

Answer:

A. an overstatement of net income and an understatement of liabilities.

Explanation:

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Ellen and Uncle Moneybags make a contract where Ellen will buy Uncle Moneybags’ boat for $100,000 if Ellen gets a T.V. show cont
Tom [10]

When Ellen sues Uncle Moneybags for the $10,000, the type of equitable remedy would be restitution.

<h3>What is restitution?</h3>

It should be noted that restitution simply means the restoration of a particular thing that's lost or stolen.

In this case, when Ellen sues Uncle Moneybags for the $10,000, the type of equitable remedy would be restitution.

Learn more about restitution on:

brainly.com/question/10444717

6 0
2 years ago
Maker Co. discovered that in the prior year it incorrectly calculated depreciation expense and reported $75,000 in depreciation
WARRIOR [948]

Answer:

The correct answer is D.

Explanation:

Giving the following information:

Maker Co. discovered that in the prior year it incorrectly calculated depreciation expense and reported $75,000 in depreciation expense instead of the correct depreciation expense of $50,000. The tax rate for the current year was 35%.

We need to calculate two different impacts:

Accumulated depreciation= actual depreciation - original depreciation

Accumulated depreciation= 50,000 - 75,000= 25,000 overstated

Now, the effect on income:

Savings in tax= 25,000*0.35= $8,750

7 0
3 years ago
Paid $1,300 towards principal of the notes payable<br> What is the credit and debit for this?
Roman55 [17]
Credit $1300 from you cash or bank account and Debit $1300 to Principal account.
4 0
2 years ago
As an eighth grader, Marliss wins an art competition, and her prize is one thousand dollars. She wants to invest the money for h
diamong [38]
Marliss will want to invest her money in a savings bond to help her save money for college. The correct answer is A. 
8 0
3 years ago
Ace Leasing acquires equipment and leases it to customers under long-term sales-type leases. Ace earns interest under these arra
sladkih [1.3K]

Answer:

$143,750

Explanation:

We have to first calculate the present value of the bargain purchase option:

PV = $200,000 / (1 + 6%)⁵ = $149,451.63

net lease amount = $790,000 - $149,452 = $640,548

PVIF Annuity due, 6%, 5 payments = 4.546

Annual payment = $640,548 / 4.456 = $143,750

3 0
2 years ago
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