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Raphael Taiwo
Answers (6)
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Answered
The principal's death automatically terminates an existing agency under the Restatement (Third)of Agency.
On Jul 17, 2024
False
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Answered
When the price for Blu-ray players dropped, the demand for DVD players went down, based on this, DVD players and Blu-ray players are
A) complementary products.
B) outsourced products.
C) substitute products.
D) interchangeable products.
E) superior products.
A) complementary products.
B) outsourced products.
C) substitute products.
D) interchangeable products.
E) superior products.
On Jul 15, 2024
C
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Jill,a bookkeeper just received an attractive offer from an outside firm.Her opportunity cost,of staying in her current position has
A) Increased
B) Decreased
C) Not changed
D) All of the above
A) Increased
B) Decreased
C) Not changed
D) All of the above
On Jun 16, 2024
A
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Answered
Using the gross method, record the payment of the following transaction in time to take the discount. Clip Company bought $15,000 of merchandise, terms 1/15, n/45. The company uses the voucher system and the periodic inventory method.
A) Debit Cash $15,000; credit Vouchers Payable $15,000.
B) Debit Vouchers Payable $15,000; credit Cash $14,850; credit Purchases Discount $150.
C) Debit Vouchers Payable $14,850; credit Cash $14,850.
D) Debit Vouchers Payable $15,000; credit Cash $15,000.
A) Debit Cash $15,000; credit Vouchers Payable $15,000.
B) Debit Vouchers Payable $15,000; credit Cash $14,850; credit Purchases Discount $150.
C) Debit Vouchers Payable $14,850; credit Cash $14,850.
D) Debit Vouchers Payable $15,000; credit Cash $15,000.
On Jun 15, 2024
B
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Answered
If an entity both sells capital assets and purchases capital assets during the year, only the net cash inflow or outflow will be reported in the investing section of the cash flow statement.
On May 17, 2024
False
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Answered
A new accountant who prepared the financial statements for Saltech Company at the end of its first year of operations made several errors.For each of the following items,indicate whether the income statement and balance sheet are affected by the error,and also the amount by which the respective financial statement is affected.(For example,an error might cause revenues and net income on the income statement and retained earnings and accounts receivable and assets on the balance sheet to be overstated by x dollars).Ignore the effects of income taxes.
Items to determine which financial statement is affected,the error amount,and whether the account is overstated or understated:
a.The company had sales for cash of $3,000,000.It also had sales on account of $1,800,000 that had been collected by the end of the year,and sales on account of $200,000 that are expected to be collected early the following year.The accountant reported total sales revenue of $4,800,000.
b.The company had total inventories of $600,000 at the end of the year.Of this amount,inventory reported at $30,000 was obsolete and will have to be scrapped.The balance sheet prepared by the accountant showed total inventories of $600,000.
c.The company has a bank loan for which interest expense during the year of $10,000 will be paid early in January of the next year.The accountant recorded neither the interest expense nor the interest payable.
d.An insurance policy was listed as an asset of $6,000 at the beginning of the year.The entire amount of the policy was for the current year and the policy has expired.The accountant took no action to recognize the expiration of the policy.
Items to determine which financial statement is affected,the error amount,and whether the account is overstated or understated:
a.The company had sales for cash of $3,000,000.It also had sales on account of $1,800,000 that had been collected by the end of the year,and sales on account of $200,000 that are expected to be collected early the following year.The accountant reported total sales revenue of $4,800,000.
b.The company had total inventories of $600,000 at the end of the year.Of this amount,inventory reported at $30,000 was obsolete and will have to be scrapped.The balance sheet prepared by the accountant showed total inventories of $600,000.
c.The company has a bank loan for which interest expense during the year of $10,000 will be paid early in January of the next year.The accountant recorded neither the interest expense nor the interest payable.
d.An insurance policy was listed as an asset of $6,000 at the beginning of the year.The entire amount of the policy was for the current year and the policy has expired.The accountant took no action to recognize the expiration of the policy.
On May 16, 2024
a.On the income statement,revenues and net income are understated by $200,000.On the balance sheet,accounts receivable and retained earnings are understated by $200,000.
b.On the balance sheet,inventory and retained earnings are overstated by $30,000.On the income statement,expenses are understated and the net income is overstated by $30,000.
c.On the income statement,expenses are understated and net income is overstated by $10,000.On the balance sheet,interest payable is understated and retained earnings are overstated by $10,000.
d.On the balance sheet,prepaid insurance and retained earnings are overstated by $6,000.On the income statement,expenses are understated and net income is overstated by $6,000.
b.On the balance sheet,inventory and retained earnings are overstated by $30,000.On the income statement,expenses are understated and the net income is overstated by $30,000.
c.On the income statement,expenses are understated and net income is overstated by $10,000.On the balance sheet,interest payable is understated and retained earnings are overstated by $10,000.
d.On the balance sheet,prepaid insurance and retained earnings are overstated by $6,000.On the income statement,expenses are understated and net income is overstated by $6,000.