Which of the following is a potentional benefit of joining a business-related student organization?

At the end of the current year, the accountant for Navistar Graphics forgot to make an adjusting entry to accrue Wages payable t

solniwko [45]

Answer: The correct answer is A). Net income is overstated.

Explanation: Net income is equal to Income less expenses. When an accrued expense is not recognised it results in an understated expense which in turn leads to an overstated net income.

Wages payable is a liability. An omission of such a liability means that wages expenses is also omitted.

3 0

3 years ago

The only skill required of managerial accountants is that they have a solid knowledge of both financial and managerial accountin

slava [35]

Answer:

It's false

Explanation:

8 0

2 years ago

What is one explanation for why this labor supply curve is upward sloping over the range of wages from low wage to high wage?

hjlf

Answer:

Option 1 - the opportunity cost of leisure decreases as wages decrease.

Explanation:

The labour supply curve of any occupation will always be upward sloping because when wages, (the opportunity cost of leisure) rises, the more hours of leisure a staff will relinquish to do more work.

The opposite of this is true as seen in option 1 of the question.

Opportunity costs will reduce with a consequent reduction in average wages. When fewer people want to retain their employment due to decrease in wage rates, it would lead to a fall in demand for leisure.

6 0

3 years ago

A The following section is taken from Blossom's balance sheet at December 31, 2021.

loris [4]

Answer:

Date Account titles and explanation Debit Credit

1-1-21 Bond interest payable $46,000

Cash $46,000

(To record payment of interest)

1-1-21 Bond payable $155,000

Loss on redemption bond $15,500

(155,000/100*10)

Cash $170,500

(To record bond redemption)

31-1-21 Interest expenses $36,450

Bond interest expenses $36,450

(560,000-155,000)*9%

(Adjusting entry to accrue the interest on the remaining)

6 0

3 years ago

Leonardo, who is married but files separately, earns $90,000 of taxable income. He also has $8,750 in city of Tulsa bonds. His w

UkoKoshka [18]

Answer: 17.56%

Explanation:

Given that,

Leonardo taxable income = $90,000

Tulsa bonds = $8,750

Theresa taxable income = $50,000

Computation of Leonardo's Tax:

According to the tax rate schedule,

Total Tax = Tax + 24% of taxable income over $82,500

= $14,089.50 + 24% × $7,500

= $14,089.50 + $1,800

= $15,889.5

Computation of Theresa's Tax:

According to the tax rate schedule,

Total Tax = Tax + 22% of taxable income over $38,700

= $4453.50 + 22% × $11,300

= $4453.50 + $2,486

= $6939.5

Total tax on Leonardo's income and Theresa's income:

= $15,889.5 + $6939.5

= $22,829

Effective tax rate = $\frac{Total\ Tax}{Total\ Taxable\ Income}\times100$

= $\frac{22,829}{130,000}\times100$

= 17.56%

5 0

4 years ago