Answer:
The corrected Net income = $54,500
Explanation:
Net income is defined as the total profits earned by an individual from a business venture. It is equal to the difference between the gross income and the expenses involved including cost of supplies and accrued salaries.
Given: net income = $58,000
Entries not made include supplies expense = $2,200 and accrued salaries = $1,300
Therefore, the corrected net income = net income - expenses = $58,000 - ($2,200 + $1,300) = $54,500
Answer:
B. new production processes may be devised.
Explanation:
This means, the new capital in touch with the human innovation traits will generated ways to use this capital beyond their inventors knowledge. Giving the capital additional used. Assthis uses were discovered after the capital invention, are not included in the cost of the new capital therefore, are positive externalities of their.
Also, generally the labor productivity increases with new capital not decrease.
Answer:
The Correct Statements regarding an adjusted trial balance and its use in preparing financial statements are:
1. The adjusted trial balance includes all accounts and balances appearing in financial statements.
3. Financial statements are easier to prepare using the adjusted trial balance than the general ledger.
5. The ending Retained Earnings account balance on the balance sheet is transferred from the statement of retained earnings.
6. The income statement is the first financial statement prepared after preparing the adjusted trial balance.
Explanation:
a) The above answers leave the following incorrect statements about the adjusted trial balance:
2. The ending Retained Earnings account balance on the balance sheet is taken directly from the adjusted trial balance.
4. The balance sheet is the first financial statement prepared.
b) In conclusion, the adjusted trial balance, which lists the general ledger account balances, is compiled after considering period-end adjustment entries, in line with the accrual concept and the matching principles of generally accepted accounting principles.
Answer:
(D) all incremental and allocated costs assigned to a project
Explanation:
The term capital budgeting in business maybe defined as the process of appropriating cash expenditures to long term investment opportunities, longer life spam than the operating period — usually a year. That is, capital budgeting, or capital expenditure is the proposed capital as well as the source of revenue to financing the proposed investment opportunities.
Given:
Present value, P=179500
interest per period (month), i = 0.0475/12
number of periods (month), n=30*12=360
Interest charged after first month
Interest=P*i
=179500*0.0475/12
=710.52
Monthly payment (just to confirm that A > Interest)
A = Pi(1+i)^n/((1+i)^n-1)
=179500*(0.0475/12)(1+0.0475/12)^360/((1+0.0475/12)^360-1)
= 936.36 (to the nearest cent.
> 710.52 so ok.
