Select all that apply.

For each error below, indicate:

patriot [66]

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.

8 0

3 years ago

Workplace communication can suffer when individuals

iVinArrow [24]

Lack communication, ignorance, bad behavior

4 0

3 years ago

If there are two identical companies, one financed 100% equity and the other 50% equity and 50% debt, which would be worth more

Umnica [9.8K]

The one with 100% equity?

5 0

4 years ago

Total costs for Locke & Company at 120 comma 000 units are $ 329 comma 000, while total fixed costs are $ 175 comma 000. T

Yuliya22 [10]

Answer:

For 260,000 units Variable Costs are = $ 154,000/120,000 * 260,000= $1.2833* 260,000= $ 333,667

Explanation:

Locke & Company

Total costs $ 329, 000

Less Fixed Costs $ 175, 000

Variable Costs $ 154,000 for 120,000 units

For 1 unit Variable Costs are = $ 154,000/120,000= $1.2833

For 260,000 units Variable Costs are = $ 154,000/120,000 * 260,000= $1.2833* 260,000= $ 333,667

The total Costs for 260,000 units would be determined by adding Variable Costs and Fixed Costs.

We Suppose the fixed costs are same then = 333,667 + 175,000= $ 508,667

3 0

4 years ago

Read 2 more answers

In the Excel, or spreadsheet, approach to recording financial transactions, if manufacturing overhead is underapplied by X dolla

Tatiana [17]

Answer:

False.

Explanation:

To close the underapplied Manufacturing Overhead account requires that the Cost of Goods Sold is debited, say with $100 while the Manufacturing Overhead account is credited with the same amount. Underapplied Manufacturing Overhead account means that a debit balance is left after applying the overhead to production. To close this debit, therefore, a credit entry is required to the manufacturing overhead account. The corresponding debit entry goes to the Cost of Goods Sold, or this may be apportioned among Cost of Goods Sold, Finished Goods Inventory, and Work-in-Process, as may be the case.

5 0

3 years ago