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harina [27]
3 years ago
15

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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Suppose you've just inherited $66,000 from your rich Aunt. You're trying to decide whether to keep the $66,000 in cash so that y
Flauer [41]

Answer:

Opportunity cost of holding the money = $1.650

Explanation:

Opportunity cost is the value of the next best alternative sacrificed in favour of a decision.

The opportunity cost of holding the money is the interest on deposit that would be have been earned should it be invested at the savings rate.

Interest on savings deposit = interest rate × deposit

                                         = 2.5%× 66,000= $1,650

Opportunity cost of holding the money = $1.650

3 0
3 years ago
On September 1, 2021, Hiker Shoes issued a $106,000, 6-month, noninterest-bearing note. The loan was made by Second Commercial B
Blababa [14]

Answer:

Explanation:

Effective interest rate = [(Interest value of loan / Amount of loan after payment of interest) * (Number of months annually / Number of months notes hold)] * 100

= [($5,830 / $100,170) * (12 / 6)] * 100

= 0.1164 * 100

= 11.64%

1.

Computation the interest value of loan is:

Interest value of loan = Amount of loan * 8 / 12 * Percentage of discount

= ($106,000 * 6/ 12 )* 0.11

= $5,830

2.

Amount of loan after payment of interest = Amount of loan - Interest value of loan

= $106,000 - $5,830

= $100,170

8 0
4 years ago
An economy is experiencing a high rate of inflation. The government wants to reduce consumption by $36 billion to reduce inflati
Alisiya [41]

Answer:

option c) $ 12 billion

Explanation:

Data provided :

Required reduction in consumption = $ 36 billion

MPC = 0.75

Now,

Total income  = Required reduction in consumption / MPC

or

the Increase in tax = $ 36 billion / 0.75

or

= $ 48 billion

the government can raise the tax = $ 48 billion - $ 36 billion = $ 12 billion

Hence, the answer is option C

5 0
3 years ago
When planning a business presentation, the last step in antwan's planning should be to gain a deeper understanding of the needs
iris [78.8K]

When planning a business presentation, the last step in antwan's planning should be to gain a deeper understanding of the needs of his audience.<span>
This statement is false.
<span>Because when planning a business presentation, the first step should be to gain a deeper understanding of the needs of the audience. When you are presenting and audience is listening to you, they are like judges.</span></span>

7 0
3 years ago
Caroline pays 15% taxes on dividends and capital gains and 35% taxes on ordinary income. Three years ago, she purchased 100 shar
Lilit [14]

Answer:

The answer is: B) $175

Explanation:

Caroline made an income of $500 from this transaction and it should be taxed at ordinary income rate (35%).

Caroline´s taxes = $500 x 35% = $175

In order for Caroline to be taxed at 15% (capital gains rate) she should have sold a capital asset that she had owned for more than one year, but in this case she didn´t sell any stock.

8 0
3 years ago
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