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Harlamova29_29 [7]
2 years ago
11

In making adjusting entries at the end of its accounting period, Chao Consulting mistakenly forgot to record: $4,100 of insuranc

e coverage that had expired (this $4,100 cost had been initially debited to the Prepaid Insurance account). 2,450 of accrued salaries expense. As a result of these two oversights, the financial statements for the reporting period will:
Business
1 answer:
dybincka [34]2 years ago
3 0

Answer and Explanation:

In case when the initially $4,100 would be debited to the prepaid insurance account and there is $2,450 of accrued salaries expense

So, the financial statement for the same would be

= $4,100 + $2,450

= $6,550

The same amount i.e. $6,550 would be understated

In that case if these are not adjusted so the same would be understated

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When the price level decreases, _____. rev: 06_12_2018 Multiple Choice the demand for money falls and the interest rate falls ho
beks73 [17]

Answer:

The demand for money falls and the interest rate falls.

Explanation:

Price level can be described as the evaluation of the amount in which goods and services are sold in the market. A change in the price level can greatly affect the demand of a customer either positively or negatively.

A decrease in the price level enables a customer to purchase more products and at the same time save some amount of money, this results in the reduction of interest rates.

When the price level reduces, individuals will need less amount of money to buy the same quantity and type of product.

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3 years ago
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I think it’s C, please forgive me if I’m wrong
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2 years ago
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You have just deposited $14,000 into an account that promises to pay you an annual interest rate of 7.1 percent each year for th
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3 years ago
Puff Co. acquired 40% of Straw, Inc.'s voting common stock on January 2, Year 1, for $400,000. The carrying amount of Straw's ne
Sonbull [250]

Answer:

Investment revenue = $52,000

Explanation:

Since Puff uses the equity method, the original journal entry to record the purchase of 40% of the shares should have been:

Dr Investment in Straw 400,000

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After one year, Straw earned $150,000 in net income, but it also had equipment with a fair market value higher than carrying value also depreciable by $100,000. So the net income must be adjusted = $150,000 - ($100,000 x 20%) = $130,000. The journal entry to record the adjusted income should be   ($130,000 x 40%):

Dr Investment in Straw 52,000

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8 0
3 years ago
Between the original equipment manufacturer (OEM), original design manufacturer (ODM), and original brand manufacturer (OBM), ge
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OEM

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Of all these three, the OEM is the least risky. And also it is the safest approach. It has the ability to decrease the cost of production. The purchasing company would be able to get whatever is needed without needed a factory or running one.

OBM engaged in manufacturing, designing and Branding products.

ODM engages in both designs and manufacturing

6 0
3 years ago
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