If a company failed to make the end-of-period adjustment to remove from the unearned management fees account the amount of management fees that were earned, this omission would cause an overstatement of liabilities.
Liabilities are owing debts or legal responsibilities to another individual or business. Liabilities, then, are future forfeitures of economic gains that an entity must make to other entities as a result of previous occurrences or previous transactions.So,if a company failed to make the end-of-period adjustment to remove from the unearned management fees account the amount of management fees that were earned, this omission would cause an overstatement of liabilities.
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Answer:
The answer is $192,000
Explanation:
Double-declining-balance method is doubling the rate used.
To find the rate:
100percent÷5years
= 20%.
Doubling the rate:
20% x 2
=40%
Depreciation for December 31, 2020 is:
0.4 x $800,000
=$320,000.
Net book value of the asset at the beginning of January 1, 2021 is:
$800,000 - $320,000
$480,000.
Therefore, depreciation for December 31, 2021 is:
$480,000 x 0.4
=$192,000.
Therefore depreciation for December 31, 2021 is $192,000
Answer:
D) Taxes levied on sellers and taxes levied on buyers are not equivalent.
Explanation:
Whether a tax is levied on the buyer or the seller of the good doesn't matter because they both place a wedge between the price that buyers pay and the price that sellers receive. And that difference will be the same regardless of who is responsible for paying the taxes. E.g. a sales tax is paid by the buyer, but the difference between the money paid and the money received would be the same if the tax was paid by the seller instread.
The finance cluster and the management cluster would be best for Scott because in finance he can work with money and others but in the management cluster he can be a leader working with others.
Answer:
Money is called any element that works in a given territory as a method of exchange of wealth and as a reserve of value, that is, it can be exchanged between individuals for other goods, and that in turn can be accumulated by each individual to add to your personal wealth. In this context, almost any item that has been commonly accepted as having these characteristics can be considered money. However, there are circumstances in which, either due to their lack of storage practicality, or their high value in itself, certain elements escape this possibility. This is the case of a gold ring, whose excessively high value and the impossibility of its fractionation take away the possibility of being used as a method of exchange.
