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3 years ago

For each error below, indicate:

Business

1 answer:

patriot [66]3 years ago

8 0

Answer:

1. Inventory account will be affected and assertions of accuracy and valuation will be violated.

2. Assets are overstated and assertion classification is violated.

3. Liability is understated and assertions of accuracy is violated.

4. No impact.

Explanation:

Assertions are certain claims of a business which a business must fulfill in order to make its financial statements reliable. A company has to record the expense when it is incurred in order to provide accuracy in valuation. In the given cases the assertions are violated which impact business accounts.

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The only way to decrease your lifestyle budget is by completely eliminating an item.

N76 [4]

Answer:

False

Explanation:

A budget is a financial plan used for the estimation of revenue and expenditures of an individual, organization or government for a specified period of time, often one year. Budgets are usually compiled, analyzed and re-evaluated on periodic basis.

The first step of the budgeting process is to prepare a list of each type of income and expense that will be part of the budget.

A lifestyle can be defined as the way and manner an individual chooses to live his or her life. Similarly, a lifestyle budget comprises the cost of goods and services an individual has chosen to spend his or her money on.

Basically, completely eliminating an item isn't the only way to decrease a lifestyle budget because there could be similar items that even cost way more than the eliminated item.

Some of the benefits of having a budget is that it aids in setting goals, earmarking revenues and resources, measuring outcomes and planning against contingencies.

7 0

3 years ago

Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable cont

sergejj [24]

Answer:

Complete question is attached in form of image.

a). Maximum amount of charitable deduction for Cash Contrbutions = 7650 + 5450

= $ 13100

a). Maximum amount of charitable deduction for Property Donations

= 15250 + 18375

= $ 33625

The amount of deduction for contribution to American Heart Association will be the amount equal to the cost of antique painting given to the american heart association.

The amount of deduction for contribution to First Methodist Church will be the amount equal to the FMV of Coca-Cola stock given to the first methodist church.

FMV stands for Fair market value.

Maximum amount of charitable deduction for Cash contribution = $ 13100 and Maximum amount of charitable deduction for Property donation = $ 33625.

7 0

3 years ago

Plss Help me with this!!!

Gelneren [198K]

Answer:

the money will spend for people who are struggling to survive

4 0

3 years ago

On July 8, a fire destroyed the entire merchandise inventory on hand of Larrenaga Wholesale Corporation. The following informati

riadik2000 [5.3K]

Answer:

estimated inventory on July 8 = $280000

so correct option is d. $280,000

Explanation:

given data

sale = $700,000

Inventory = $130,000

Purchase = $640,000

to find out

estimated inventory on July 8

solution

first we get here total available inventory for sales that is

Total Available inventory for sales = Inventory + Purchase ...........1

put here value

Total Available inventory for sales = $130,000 + $640,000

Total Available inventory for sales = $770,000

so now we get Inventory sols that is

Inventory = (Sales - 30% of sales) ....................2

Inventory = $700000 - ( 0.30 × $700000 )

Inventory = $490,000

so now we get here estimated inventory on July 8 that is express as

estimated inventory = Total Available inventory for sales - Inventory .........3

estimated inventory = $770,000 - $490,000

estimated inventory = $280000

so correct option is d. $280,000

7 0

4 years ago

When planning menu name and define 3 processes we establish after choosing menu items

Leona [35]

Photo of the foods and put the price and name of it

7 0

3 years ago