-transposition
-reversal of entries
-original entry
-omission

•Ethan records $1,000 as a rent expense; however, the actual rent paid was
$1,500.
•Ethan records stationery expenses as $251, but it should have been $215.
•Ethan records salaries of $5,000 as credits instead of debits.
•Ethan made a subtraction error while analyzing the profit on the sale of an
asset.
•Ethan completely overlooked stationery expenses of $115.
calculation
1000
Match each definition to each example.

Answers

Answer 1

Accounting error are errors committed in accounting, which are not intentional.

What is accounting error?

These are unintentional errors committed in accounting, which are often corrected when spotted.

Matching each definition to each example is shown below:

Ethan records $1,000 as a rent expense; however, the actual rent paid was $1,500 Original entryEthan records stationery expenses as $251, but it should have been $215 TranspositionEthan records salaries of $5,000 as credits instead of debits. Reversal of entriesEthan made a subtraction error while analyzing the profit on the sale of an asset. CalculationEthan completely overlooked stationery expenses of $115. Omission

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Related Questions

in your community on the negative impact of strikes as a socio economic issue on businesses

Answers

Explanation:

hooliganism

increase in poverty

insufficient revenue

decrease in productivity

Rank order the vendors keeping the seasonal products team’s needs in mind

Answers

The vendor that can change the seasonal demand of the product is Vendor V.

What is the meaning of Seasonal Product?

Seasonal Product refers to the product whose requirement occurs that the time of the season. For Example:- Requirement of the woolen clothes at the time of the winner season.

The complete question is attached below.

The team behind the seasonal product should think about using or taking Vendor V. This is due to their performance as per the diagram attached below.

It can be noticed that their performance is superior in every parameter listed in the table. Vendor V is enhancing the performance of all four elements in every parameter and is able to quickly adapt to seasonal variations.

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Alpha Software Inc. made an advance rent payment of $6,000 for its warehouse. The accounting period for which the company paid the rent was from January to June 2014. The accountant recorded a rent payment of $1,000 in the month of January, 2014. Which accounting principle guides this action? A. accounting periodicity B. matching principle C. historical cost D. business entity

Answers

Based on the fact that the accountant recorded the rent payment for the month of January, the principle here is the B. matching principle.

What is the matching principle?

The matching principle calls for apportioning expenses to the period they were incurred so that they can be matched with the revenue in that period.

The accountant recorded $1,000 for rent in January $1,000 would be apportioned per month based on the total rent paid for 6 months.

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what is a resume and why is it important to adopt a you attitude when preparing one?

Answers

Answer:

A resume is a form you fill out for your job, giving information on why you would be good at the job and important traits about you.

A resume is a doc that you fill out for your wanted employer can look at your skills, experiences, strengths and weaknesses, etc. it’s important to have a you attitude when preparing it because the resume is all about you.

Which of the following is the best example of a law?
OA. You can't spend more money that you earn.
O B. You should not make promises you can't keep.
C. Teachers must retire at age 65.
D. You may not ask an interviewee if he or she is married or has
children.

Answers

The best example of a law is that C. Teachers must retire at age 65.

What is law?

It should be noted that law simply means the system of rules that guide or govern a group of people.

In this case, the best example of a law is that the teachers must retire at age 65. This guides them.

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Which one of the following will not cause a change in the demand for labour, illustrated by a shift of the demand curve?

A.
A decrease in the number of employers

B.
A decrease in the wage rate

C.
An increase in the price of the product

D.
A decrease in the productivity of labour

Answers

Answer:

B. An increase in the wage rate

Explanation:

An agricultural manager requires work
different from that of a normal farmer in
which of the following ways?
A. being able to run farm equipment
B. being able to harvest crops
C. being able to obtain legal information on grant
programs
D. being able to raise livestock.

Answers

Answer:

C-Being able to obtain legal informational on grant programs

Explanation:

A key difference between an IRA and keogh plan is:
a) you may withdraw your money early from a keogh plan without penalty, but not from an IRA
b) you may contribute more to a keogh plan than to an IRA
c) self-employed individuals may open an IRA, but not a keogh

Answers

A key difference between an IRA and a Keogh plan is you may contribute more to a Keogh account than to an IRA.

What is a Keogh account?

An account, the facility of which is granted to self-employed professionals who are involved in sole proprietorship and partnership businesses for the purpose of retirement plans and benefits is known as a Keogh Account.

An IRA, on the other hand, is a facility provided to employed individuals or professionals for the better management of their retirement plans and benefits.

Hence, option B holds true regarding a Keogh Account.

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Here are simplified financial statements for Watervan Corporation:

1.) Calculate Watervan’s economic value added (EVA).
Note: Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.

2.) What is the company’s return on capital? (Use start-of-year rather than average capital.)
Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.

3.) What is its return on equity? (Use start-of-year rather than average equity.)
Note: Enter your answer as a percent rounded to 2 decimal places.

Answers

Based on the financial statements given for Watervan Corporation, the Economic Value Added is $54.501 million.

What is the Economic Value Added?

This can be found by the formula:

= (EBIT x (1 - Tax rate)) - (Cost of capital x Capital)

Tax rate is:

= 20 / 97 x 100

= 20.6%

Capital invested:

= Equity + Long term debt

= 256 + 121

= $377 million

Economic value added is:

= (109 x (1 - 20.6%)) - (8.5% x 377)

= $54.501 million

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how to solve the time value of money problems

Answers

Answer:

The Time Value of Money formula is FV = PV x [ 1 + (i / n) ] (n x t)] where V is the Future value of money, PV is the Present value of money, i is the interest rate, n is the number of impounding periods per year, and t is the number of years.

what is local business

Answers

A local business is a busses that sells its products and services to consumers in its own city or town.

a local business is a business that is pretty common and sells its own products to the public that is pretty familiar nor close.

What do researchers mean by "secondary data"?

A. Information from research already conducted for another
purpose

B. Data collected after any research to gather primary data

C. Data collected specifically for the researcher's own study

D. Data considered less important than primary data-

Answers

Answer:

Explanation:

Your answer should be A.

I hope it helps! Have a great day!

bren~

Answer:

A. Information from research already conducted for another purpose.

Explanation:

I hope it helps! Have a great day!

Pan~

Q.12 The owner’s equity balance of LL-company showed an increase in Br. 900,000 for the year 2018. You are provided with the following additional information: Additional investments made during the year Br. 480,000 Withdrawals during the year amounted to 35% of investment Expenses incurred during the year: Salaries Expenses 74,500 Advertising Expenses 42,000 Utilities expenses 50,000 Depreciation Expenses 80,000 Transportation Expenses 35,000 Required: (a) Calculate the revenues generated in 2018. (b) Calculate the net income or net loss for the year 2018.

Answers

a) The revenues generated in 2018 were Br. 800,025.

b) The net income for the year 2018 was Br. 518,525.

What is the increase in owner's equity?

The owner's equity increases with the following factors:

Increased capital contribution.Higher profitsIncreased salesDecreased expenses.

Data and Calculations:

Increase in Owner's Equity = Br. 900,000

Additional investments = Br. 480,000

Withdrawals = 35% of investment expenses

= Br. 98,525 (35% x Br. 281,500)

Salaries Expenses 74,500

Advertising Expenses 42,000

Utilities expenses 50,000

Depreciation Expenses 80,000

Transportation Expenses 35,000

Total investment expenses = Br. 281,500

Net income (loss) = Br. 518,525 (Br. 900,000 -480,000 + 98,525)

Revenues = Br. 800,025 (Br. 518,525 + 281,500)

Thus, while the revenues generated in 2018 were Br. 800,025, the net income for the year 2018 was Br. 518,525.

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financial
Question7
A flexible manufacturing system is

Answers

A flexible manufacturing system is a production method that is designed to easily adapt to changes in the type and quantity of the product being manufactured.

Answer:

A flexible manufacturing system (FMS) is a production method that is designed to easily adapt to changes in the type and quantity of the product being manufactured.

3. Which pair of fields must contain unique values for every name entry?
a. CUSTOMER TYPE and COMPANY NAME.
b. VENDOR TYPE and FULL NAME.
C. CUSTOMER NAME and VENDOR NAME.
d. COMPANY NAME and FULL NAME.

Answers

CUSTOMER NAME and VENDOR NAME must contain unique values for the entry of name in the data sheet.

Who is a customer?

Someone who buys or purchases a commodity from a seller with an intention to consume or resell such product to someone else at a given price or quantity is known as a customer.

Every consumer is a customer, but every customer is not a consumer. A vendor, on the other hand, is an individual who deals in commodities to be sold to their customers at a given price or quantity.

Hence, option C holds true regarding a customer.

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An opportunity cost is best described as:

Answers

Answer :

You can describe it in relation to a particular activity which is the loss of value or benefit that would be incurred (the cost) by engaging in that activity, relative to engaging in an alternative activity offering a higher return in value or benefit.

hope this helps..

Answer:

The Alternative Forgone

Explanation:

The opportunity cost simply tells us what you have to give up in other to get something else. For instance, if you have $100 to get either a phone or a console. If you eventually get the console, the opportunity cost is the phone that you have forgone.

A consumer protection agency that protects students who take out student
loans is the
O A. Consumer Financial Protection Bureau
OB. Food and Drug Administration
OC. Better Business Bureau
OD. Federal Trade Commission

Answers

It’s a consumer financial protection bureau

What can a producer gain by specializing?

Answers

Answer:

Absolute advantage.

Explanation:

A producer are gain an absolute advantage from specializing.

[Correct Me If I'm Not Correct]

"Keep Safe"

"Hope's It's Help"

Answer:

Absolute advantage.

Explanation:

A producer are gain an absolute advantage from specializing.

[Correct Me If I'm Not Correct]

Find the GDP data of a country within five years, and analyze the reasons for its growth and decline

Answers

The GDP of the United States shows sustained growth which translates into economic development. However, in 2020 it decreased due to the pandemic.

What is GDP?

The gross domestic product (GDP) is a term used in economics to refer to the macroeconomic magnitude that expresses the monetary value of the production of final demand goods and services of a country or region during a given period, usually one year.

Let's analyze the GDP of the United States2016 - 18.6 billion dollars.2017 - 19.5 billion dollars.2018 - 20.6 billion dollars.2019 - 21.4 billion dollars.2020 - 20.9 billion dollars.

According to the above information, it can be inferred that the United States has a high GDP as a result of its high industrialization and economic strength, however, in 2020 there was a decrease as a result of the pandemic.

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Santoro co produced a draft statement of the financial position at the year end which showed the owners equity of 4,50,000. It was later discovered however that the following transactions which all occurred on the last day of the financial year had not been taken into account. 1) Property which cost 3,26,000 had been revalued to 3,86,000 2) Inventories which cost 26,000 had been sold on credit for 31,000 3) The owner withdrew 22,000 in cash. 4) The trade receivable paid the amount owing of 23000 in full what will be the revised figure for owners equity after the above transactions are taken into account?

Answers

Based on the revisions to the statement for Santoro Co., the revised figure for the owner's equity would be $493,000.

What is the new figure for owner's equity?

The revised figure can be found as:

= Beginning owner's equity + (Property readjustment) + Inventory readjustment - Withdrawals

Solving gives:

= 450,000 + (386,000 - 326,000) + (31,000 - 26,000) - 22,000

= $493,000

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Assuming a country's economy maintains an 8% rate of growth, young adults starting at age 20 would see the average standard of living in their country more than double by the time they had reached age

Answers

Answer:

A) 30

Explanation:

to determine in how many years the economy will double with an 8% growth rate, we can use the rule of 72. The rule of 72 basically works by dividing 72 by the compounding growth rate to determine the number of years it will take an investment to double.

The rule of 72 works well when growth rate is between 6-10%, at 8% it is quite exact. For lower growth rates you should use the rule of 70 which is basically the same but instead of using 72, you use 70. For growth rates over 10% you should use 69.3.

the number of years for the economy to double = 72/8 = 9 years, so 9 plus 20 = 29 years. Since the question asks at what age the economy should have more than doubled, it would be a little over 29, and in this case it is 30.

You can always check which number is more exact calculating 1.08⁹ = 1.999

2. You now have Birr 2,000,000 in the bank earning interest of .5 percent per month. You need Birr 3,000,000 to make a down payment on a house. You can save an additional Birr 10,000 per month. How long will it take me to accumulate the Birr 3,000,000?

Answers

The number of months that it would take me to accumulate the Birr 3,000,000 is 50 months.

How many months would it take to accumulate 3,000,000?

The equation that represents the total amount saved :

Total amount =amount invested + total interest earned + total amount earned

Total interest earned = amount invested x time x interest rate

2,000,000 x 0.005 x m = 10,000m

Total amount earned = savings per month x total number of months

10,000m

3,000,000 = 2,000,000 + 10,000m + 10,000m

3,000,000 - 2,000,000 = 20,000m

1,000,000 = 20,000m

m = 50 months

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Question 7 of 10
An example of an expenses that is not an allowable tax deductions is:
A. A hospital bill
OB. A donation to a charity
OC. An all inclusive vacation
OD. Home mortgage interest

Answers

All-inclusive vacations are not an example of expenses that are not allowable tax deductions.

What are the tax deductions allowed?

They correspond to a form of exemption and credit in taxation, such as interest on a home mortgage, unreimbursed healthcare costs and charitable donations.

Therefore, tax deductions contribute to a reduction in taxable income and in the amount of taxable tax.

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Answer:

the answer is C.

Explanation:

list four factor you should consider when selecting a financial institution

Answers

Answer:

▪︎Products and Services That Fit Your Needs.

▪︎Security for Your Money.

▪︎Convenient Access to Your Cash.

▪︎Minimal Fees.

Explanation:

A steam generation system at a biomassfueled power plant uses an electrostatic precipitator (ESP) to clean its gaseous effluents. The power plant has consistently made use of the same type of ESP over the past several years. The installed cost of a new ESP has been relatively constant at $80,000. Records of operation and maintenance expenses indicate the following average expenses per year as a function of the age of the ESP. The MVs of the ESP are also reasonably well known as a function of age. Determine the best time to replace the ESP if the MARR
is 15% per year

Answers

A steam generation system at a biomass-fueled power plant uses an electrostatic precipitator (ESP) to clean its gaseous effluents. the best time to replace the ESP is mathematically given as

EUAC3= 46377.48

What is the best time to replace the ESP if the MARR is 15% per year?

Generally, the equation for the EUAC for the yrs of operation is mathematically given as

For Year 1

EUAC1 = 85000 * (A/P,9%,1) + 25000 - 63000 * (A/F,9%,1)

EUAC1 = 54650

Solving till year 5

EUAC2= 46525.60

EUAC3= 46377.48

EUAC4= 48730.91

EUAC5= 50730.79

In conclusion, the best time to replace the ESP if the MARR is 15% per year will be at the EUAC3= 46377.48 since EUAC is the lowest at that year.

Answers

For my retirement and my family future

Answer:

D). All of the above

Requirements for a good code of ethics grade 11

Answers

Answer:

Don't be bad, help others.

Explanation:

Commercial banks hold deposits and ______ a. charge account holders interest b. pay account holders interest c. charge savers interest d. issue currency e. pay borrowers interest

Answers

A commercial bank holds deposits and pays account holders' interests at regular intervals. Hence, the correct choice is option B.

What is a commercial bank?

A commercial bank is an institution that is established as a profit financial organization that accepts deposits, gives loans, and presents different financial services to its customers.

Commercial banks assist satisfy the medium- and short-time period monetary necessities of businesses.

Hence, A commercial bank holds deposits and pays account holders' interests at regular intervals. the correct choice is option B.

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On January 1, 2021, Splash City issues $500,000 of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year.

Assuming the market interest rate on the issue date is 8%, the bonds will issue at $549,482.

Answers

The entries to record the bond issue on January 1, 2021 is: Debit Cash $549,482; Credit Discount On bonds Payable $49,482; Credit Bonds Payable $500,000.

Journal entries

Splash city journal entries

January 1, 2021

Debit Cash $549,482

Credit Discount On bonds Payable $49,482

Credit Bonds Payable $500,000

(To record bond issue)

June 30, 2021

Debit Interest Expense $21,979.28

(8%/2×$549,482)

Debit Discount on Bonds Payable $520.72

($22,500-$21,979.28)

Cash $22,500

(9%/2×$500,000)

(To record semiannual interest payments )

December 31, 2021

Debit Interest Expense $21,979.28

(8%/2×$549,482)

Debit Discount on Bonds Payable $520.72

($22,500-$21,979.28)

Cash $22,500

(9%/2×$500,000)

(To record semiannual interest payments )

Therefore the entries to record the bond issue on January 1, 2021 is: Debit Cash $549,482; Credit Discount On bonds Payable $49,482; Credit Bonds Payable $500,000.

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18
Select the correct text in the passage.
Which phrases explain the smart Investment made by Lu Shing and her husband?
Lu Shing is a teacher in a primary school, while her husband works in a huge bookstore. They have two kids and are concerned about their
future. Lu's husband has Invested in a few blue chip stocks listed on the NASDAQ stock exchange and earns good profits from them. Lu, on the
other hand, has invested in some safe Security bonds and fixed return annultles. They also receive monthly rent from an old penthouse in the
suburbs. Lu is also taking up violin lessons so that she can teach violin to students in her free time and pursue her passion. Her husband is a
semi-professional lawn tennis player.
Reset
Next.

Answers

The phrases that explain the smart Investment made by Lu Shing and her husband are:

"smart""sensible""low-risk"
What is an Investment?

This refers to the buying of stocks or other property in hopes that it would appreciate in value over a period of time.

Hence, we can see that based on the smart investment made by the family of Lu Shing who both have stable jobs and bought stocks that are low-risk, the correct phrases to describe them are listed above.