1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Nastasia [14]
2 years ago
11

Belle Co. received merchandise on consignment. As of March 31, Belle had recorded the transaction as a purchase and included the

goods in inventory. The effect of this on its financial statements for March 31 would be
Business
1 answer:
mihalych1998 [28]2 years ago
8 0

Answer:

net income was correct and current assets and current liabilities were overstated.

Explanation:

As the Belle company received the merchandise on the consignment also it is recorded as the purchase and get involved the goods in the inventory

So here the impact on the financial statement as on March 31 would be that the net income would be right but the current asset and the current liabilities would be overstated.

hence, the same is to be considered

You might be interested in
you have $6000 to invest in two stock funds. The first fund pays 5% annual interest and the second account pays 9% annual intere
stira [4]

Answer:

Amount of money invested is $2,000 and $4,000

Explanation:

In this question, we are asked to calculate how much was invested in two different accounts given the amount of money invested in both accounts.

Let the amount of money invested in both accounts be a and b respectively.

Mathematically;

A + B = 6000 ......I

Now we use the formula for simple interest to check the amount that is supposed to be made on Both accounts if he end of a year.

Formula for simple interest is I = PRT/100

Let’s apply this to what is on ground:

5*1* a/100 = 5a/100

Second is

9*b*1/100 = 9b/100

That is 5a + 9b = 38,000. ........ii

Solving Both simultaneously as follows:

Let A = 6000-b from 1

Substitute this into 2

5(6000-b) + 9b = 38,000

30,000 -5b + 9b = 38,000

4b = 8,000

b =$2000

This means a would be 6000 - 2,000 = $4000

8 0
3 years ago
At the end of the current year, Accounts Receivable has a balance of $590,000; Allowance for Doubtful Accounts has a debit balan
denpristay [2]

Answer and Explanation:

a. The computation of uncollectible accounts and Journal entry is shown below:-

Bad Debt expenses Dr, $6,650

($2,660,000 × 1 ÷ 4× 1%)

       To Allowance for doubtful accounts $6,650

(Being uncollectible accounts is recorded)

b. The computation of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense is shown below:-

Accounts receivable = $590,000

Allowance for Doubtful Accounts = (Sales of the year × 1 ÷ 4 × 1%) - Credit balance

= ($2,660,000 × 1 ÷ 4 × 1%) - $5,500

= $6,650 - $5,500

= $1,150

Bad debt expenses = Sales of the year × 1 ÷ 4 × 1%

= $2,660,000 × 1 ÷ 4 × 1%

= $6,650

c. The computation of net realizable value of accounts receivable is shown below:-

Net realizable value = Accounts receivable - Allowance for Doubtful Accounts

= $590,000 - $1,150

= $588,850

6 0
3 years ago
How does applying econometrics to economics validate economic decisions for an organization? support your response with an examp
nordsb [41]
<span>By utilizing economic theories, for example, Frequency disseminations, likelihood and likelihood conveyances, actual impedance, straightforward and various relapse investigation, synchronous conditions models and Time arrangement techniques, econometrics utilizes these speculations, math and statistical obstructions to evaluate the financial hypotheses.</span>
8 0
2 years ago
Q. 2:- Choose the correct answer :-
ikadub [295]

Answer:

1) Muhammad (S.A.W)

2) Al- Quran

3) A muslim

5 0
2 years ago
Bellbird Corporation acquired an 80% interest in Honey Inc for $130,000 on January 1, 2014, when Honey had Capital Stock of $125
Lyrx [107]

Answer:

$15,750

Explanation:

The computation of the net income reported by two methods is shown below:

= Income from Corporal + Non-controlling interest income

= $12,600 + $3,150

= $15,750

Or we can one thing also

= Income from Corporal ÷ acquiring percentage

= $12,600 ÷ 80%

= $15,750

All other information that is mentioned in the question is not relevant. Hence, ignored it

5 0
3 years ago
Other questions:
  • Machines at a bottling plant are set to fill bottles to 12 ounces. The quality control officer at the plant periodically tests t
    12·1 answer
  • Eric randomly surveyed 150 adults from a certain city and asked which team in a contest they were rooting​ for, either north hig
    11·2 answers
  • What factors allow Amazon to open the cashier-less store?
    6·1 answer
  • Charles Lackey operates a bakery in Idaho Falls, Idaho. Because of its excellent product and excellent location, demand has incr
    13·1 answer
  • Steven, the vice president of Clair Ltd., has always been able to delegate tasks effectively and inspire his subordinates. He li
    7·1 answer
  • Why might one doubt that current forms of digital money, such as Bitcoin, will replace more traditional fiat currencies?
    5·1 answer
  • Alex Meir recently won a lottery and has the option of receiving one of the following three prizes: (1) $94,000 cash immediately
    15·1 answer
  • A 14-week construction activity requires a crane that rents for $1,000 per week and a crew of general laborers that costs $5,000
    6·1 answer
  • What item flows from the income statement to the statement of retained​ earnings?.
    8·1 answer
  • Harmony reports a regular tax liability of $15,800 and tentative minimum tax of $17,880. Given just this information, what is he
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!