It is true that Mr. Woodsman has to pay Goldilocks $50.00 for a comparable basket of goodies to eat for his Sunday dinner, then he can bring a civil action against Red Riding Hood for $10.00
Promise to sell and not delivering on the promised date is Breach of contract and Mr. Woodsman can sue red riding hood for damages.
A breach of a binding contract is when one of the stipulated terms and conditions is broken. Anything from a late payment to a more significant infraction, like failing to deliver a promised asset, could constitute a breach.
A plaintiff, who files an action in court alleging a violation of contract, must first prove the existence of a written agreement between the parties. Additionally, the plaintiff must show how the defendant—the party that is the target of a claim or legal accusation—failed to uphold the terms of the contract.
Punitive damages are rarely granted for failing to fulfil stated commitments, with settlements limited to the amounts specified in the contract. A breach of contract is not regarded as a crime or even a tort.
For instance, if a contract indicated that you would be paid $50,000 for a project that you finished but only received $20,000, you could be granted $30,000 in damages.
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in order for an organization to maintain a competitive advantage, it must stay ahead of its competition in customer responsiveness, innovation, quality, and . multiple choice question.
In order for an organization to maintain a competitive advantage, it must stay ahead of its competition in customer responsiveness, innovation, quality, and efficiency.
A client is the recipient of a great, carrier, product or an idea - received from a seller, supplier, or provider thru a monetary transaction or change for cash or a few different valuable consideration.
A client is a person or enterprise that buys goods or offerings from any other enterprise. customers are important because they generate sales. with out them, businesses would exit of business.
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True or False, indirect expenses and service department expenses are allocated to departments that benefit from them.
This statement is true as indirect expenses are allocated to departments based on their benefits received by each department.
These are those expenses that are not related to a particular activity. For instance, building rent, depreciation, etc. These costs cannot be linked specifically to a given item or division.
The best examples of indirect costs are rent and utilities. If a building has eight departments, rent cannot be distributed equally; instead, it is divided based on the amount of space each department has taken up. The same is true for office expenses like power, phone bills, and other bills; each is allocated depending on the benefits used by each department.
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Many advertisers and marketers have been required to pay damages to individuals when pictures of them have been used without authorization to promote products. In this situation, which of the following torts was committed by the advertisers and marketers?
assault
defamation
battery
invasion of privacy
invasion of privacy
The correct option is D ; Invasion of privacy , Unwanted phone calls that keep coming in, taking pictures or videos of someone inside their house or another private location,
without their knowledge or consent, leaking sensitive information about someone who has caused harm or injury, and more. making a private matter about someone public.
If a reasonable person would find the intrusion (snooping into someone's private life) objectionable, it would be considered a tort.
Without the public's knowledge, disclosure of embarrassing private facts is made public. When someone's appearance or voice is utilized for profit without their consent, this is known as commercial exploitation.
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one reason the blank is so important is that the cost and effort to obtain repeat sales from a satisfied customer is roughly half of that necessary to gain a sale from a new customer.
One reason the follow-up blank is so important is that the cost and effort to obtain repeat sales from a satisfied customer is roughly half of that necessary to gain a sale from a new customer.
A customer is a person who receives an item, service, product or idea in the commercial, commercial or economic field that he has purchased from a seller, seller or supplier in exchange for money or consideration. other useful.
The gift economy based on favors was the mainstay of early cultures. Later, as business grew, less stable human relationships were created, based on fleeting desires rather than persistent social desires. Customers are generally defined as individuals who purchase products and services, while customers are those who receive direct advice and support.
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which of the following happened in the stocking industry during the industrial revolution?
At least 100 times as many people were working in the stocking industry as there were at the turn of the century.
What use serves the stocking frame?In 1589, the stocking frame, a type of knitting machine, was created. Each row of loops in a knitted fabric is caught into the row before it, and this is how knitted fabrics are formed. The stocking industry made it possible to produce an entire row of loops at once.
During the Industrial Revolution, what happened to the stocking industry?By the turn of the century or the industrial revolution, the stocking industry had at least 100 times as many employees as it did at the start of the century.
The innovative stocking frames were destroyed during a riot by craft workers, who also threatened the creators.
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in part because of germany's terrible experience with hyperinflation, the european central bank places more emphasis on
In part because of Germany's terrible experience with hyperinflation, the European central bank places more emphasis on Price stability.
Price stability is when there are no major oscillations in the prices of general consumer goods. While it's important to note that the law of force and demand will always influence some inconstancies as demand dynamics shift, a stable frugality sees those oscillations moving within a normal range.
When this happens, consumers come more frugal. When consumers notice a rapid-fire drop in prices, they'll frequently hold off on purchases of unnecessary particulars grounded on the anticipation that prices will go lower. So deflation, too, can beget a drop in demand.
The benefits of price stability include:
It allows us to avoid the inefficiency costs arising from the presence of nominal rigor.It reduces the inefficiency costs created by affectation being a duty on plutocrat balances.It avoids adverse redistributive goods of affectation.It avoids adverse relations of affectation with taxation.By keeping affectation low and stable this effect is reduced.It reduces unanticipated changes in affectation, which produce deformations.It decreases the volatility of affectation, which in turn lowers query and requests interest rates and this motivates people to invest.It helps to maintain social cohesion and stability.To know more about Price stability,
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an evaluation system which emphasizes outputs over behaviors leads to greater organizational commitment by salespeople
It is false that salespeople show more organizational commitment when an evaluation system prioritizes outputs over behaviors.
It is well known that task, job, supervisory conduct, and organizational structure-related aspects affect salespeople's affective organizational commitment. While one or more of these elements have been the subject of prior empirical investigations, this study offers a test of their significance for a salesperson's affective organizational commitment.
The model developed in this study also breaks down each factor's significance into its effects on affective organizational commitment directly and indirectly (via role stress factors). The findings have interesting and practical implications for improving salespeople's affective organizational commitment. A behavior versus outcome sales control continuum based on techniques for observing, guiding, assessing, and rewarding the performance of the salesperson.
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Correct Question:
State true or false: An evaluation system which emphasizes outputs over behaviors leads to greater organizational commitment by salespeople
Joseph is working on his personal brand. After asking himself questions about his strengths, he's determined that his selling points are his enthusiasm and ability to learn quickly. He's now ready to write his tagline. Which tagline would be best for Joseph? O Quick learner, enthusiastic worker O Learns quickly and approaches all tasks with great enthusiasm O Compensating for weaknesses with enthusiasm and quick learning
Answer:
Quick learner, enthusiastic worker
Explanation:
in addition to open market operations and the required reserve ratio, another tool of monetary policy available to the fed is group of answer choices tax rates and the progressivity of the income-tax system. government spending and various transfer-payment programs. the difference between the discount rate and the federal funds rate. fiscal policy.
in addition to open market operations and the required reserve ratio, another tool of monetary policy available to the fed is the difference between the discount rate and the federal funds rate.
By paying a charge or fee, a debtor might purchase the right to postpone payments to a creditor for a predetermined length of time through the financial mechanism known as discounting. In essence, the party who is currently owing money purchases the right to postpone payment until a later time. Based on mortality, impatience, and salience effects, this transaction assumes that most people prefer current interest to delayed interest. The difference between the amount initially owing in the present and the amount that must be paid in the future to clear the obligation is known as the discount, or charge.
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using the following information, what is the amount of cost of merchandise sold? purchases $32,000 selling expense $ 960 merchandise inventory, september 1 5,700 merchandise inventory, september 30 6,370 administrative expense 910 sales 63,000 rent revenue 1,200 interest expense 1,040
The amount cost of merchandise sold is 31330
Cost of merchandise sold = Beginning merchandise inventory+Purchase-Ending merchandise inventory
= 5700+32000-6370
Cost of merchandise sold = 31330
The top five types of vending are product, retail, visual, virtual, and omnichannel. though classified into five different categories, they're frequently interrelated. for example, visual vending is correlated with product merchandising.
The general products product listing consists of shoes, clothes, domestic home equipment, beauty products, pharmaceutical merchandise, earrings, and meal products. they will no longer all be underneath one roof like the case of discounted stores, however, they sell one or greater of the goods listed.
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Employees who are being groomed for supply chain managerial positions should not be in rotation programs that are developed and controlled by a single leader.
True OR False
Employees who are being groomed for supply chain managerial positions should not be in rotation programs that are developed and controlled by a single leader. This statement is false.
What is rotation programs?Rotational programs are initiatives run by the company in which participants "rotate" across various facets of the business for certain amounts of time.
Further employers can assist staff members in maintaining perspective by implementing a job rotation program. When people execute the same duties every day, they may become accustomed to certain aspects of the routine or discover techniques to reduce their effort or save time on a particular project.
Therefore depending on participant interests and business needs, the Supply Chain Development Program offers associates the chance to rotate among 3-5 assignments that will expose them to the whole supply chain.
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most of the workplace messages that you write will likely deal with routine matters that require straightforward answers using the indirect method. t/f
It is false that most of the workplace messages you write are likely to deal with everyday problems that require simple answers using indirect methods.
What are Workplace messages?Workplace communication is the means by which employees exchange information and ideas. Effective communication is an important aspect of getting work done, whether face-to-face or virtual, and is part of internal communication efforts within an organization.
Types of workplace communication: verbally, physically, by phone and in writing.
What is good messaging in the workplace?Effective communication in the workplace is about building connections with others in your organization and creating an environment where everyone is included and heard. Communicate in a way that helps your team reach its goals and progress.
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generally accepted accounting principles require that the direct write-off method be used for financial reporting purposes if it is also used for tax purposes. t/f
The statement 'generally accepted accounting principles require that the direct write-off method be used for financial reporting purposes if it is also used for tax purposes' is false.
In the field of business, the write-off method can be described as a technique used for financial reporting that is used to report about bad debt. It is not used for reporting the tax purposes and hence the statement above is false.
The tax reports are not included in the financial debts of a person or business. Hence, when using the write-off method based on the accounting principles, the tax purposes, any of its kind, will not be included in the write-off method financial report. According to the accounting principles, the debts are mentioned for reporting purposes.
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over-the-counter (otc) markets: group of answer choices employ specialists to minimize price volatility. are networks of security dealers linked electronically. are centralized exchanges but you must be a dealer to be part of an exchange. only deal in the stocks of companies with over $100 million in capital.
Network of security dealers linked electronically.
Over the counter markets are decentralized markets and it deals in trades of shares, currencies, derivatives etc. These over the counter markets do not have any physical location however the dealers are connected electronically and acts as market makers for quoting the price to the traders/investor.
Securitization, credit derivatives, and alternative risk transfer are the key tools used to make credit and insurance risk risk transfers. Retained profits, loan financing, and equity financing make up the primary sources of finance. Retained earnings from company operations are used by companies to grow or pay dividends to their shareholders. Businesses can raise money by either going public or taking out private bank loans (issuing debt securities). The New York Stock Exchange serves as a market for the buying and selling of equities, not as a financial middleman. In contrast to banks and savings and loan organizations, it does not immediately offer a way for customers to save or loan their money to others.
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Assuming purchase costs are rising in a periodic inventory system, determine which of the statements below are correct regarding the cost of goods sold under FIFO, LIFO and weighted average cost flow methods.
-Companies using FIFO will report the highest gross profit and net income.
-Weighted average cost of goods sold will be between FIFO and LIFO costs of goods sold.
-Companies using FIFO will pay higher taxes than companies using LIFO, assuming all else being equal.
-Companies using FIFO will report the smallest cost of goods sold.
The periodic inventory system is a method of physical count if the stick is done at specific intervals in inventory valuation for the purpose of financial reporting. The specific period can be done monthly, quarterly, or annually and it is done at less cost with less effort.
Periodic inventory is done by three methods.
FIFO i.e., first in first out, in this method recently purchased stock is sold first then after the last purchase left stock is sold.LIFO i.e., Last in First out, which means last purchases goods are sold first then recent purchase foods are sold.The weighted average method in which the average cost of inventory is calculated on the date of purchases as well as on sale.Therefore we can conclude that companies using FIFO will have the highest gross profit as well as net income because the company will not be left with the burden of stock at the end and it would create a good connection with its customers because they will get fresh quality goods.
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If the utility you derive from your next dollar of wealth increases by less than a loss of a dollar reduces it, you are exhibiting
Multiple Choice a. loss aversion b. regret avoidance c. mental accounting
d. framing bias
If the utility you obtain from your next dollar of wealth increases by less than a dollar's loss reduces it, you are demonstrating loss aversion.
Therefore, Option A is accurate.
According to the behavioral economics idea of loss aversion, people would rather avoid losses than make profits that are on par with losses. To put it another way, the joy of finding $10 outweighs the sorrow of losing $10. A phenomenon where people believe a real or potential loss to be psychologically or emotionally worse than a corresponding gain is known as "loss aversion" in behavioral economics.By following these parameters it can be assumed that loss aversion is the right answerTo know more about Loss here
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Arizona Desert Homes (ADH) constructed a new subdivision during 2020 and 2021 under contract with Cactus Development Co. Relevant data are summarized below:
Contract amount $ 2,550,000 Cost: 2020 1,100,000 2021 500,000 Gross profit: 2020 650,000 2021 300,000 Contract billings: 2020 1,275,000 2021 1,275,000 ADH recognizes revenue upon completion of the contract.
In its December 31, 2020, balance sheet, ADH would report:
Multiple Choice
The contract asset, contract amount in excess of billings, of $1,275,000.
The contract asset, deferred profit, of $300,000.
The contract asset, cost and profits in excess of billings, of $475,000.
The contract liability, billings in excess of cost, of $175,000.
Arizona Desert Homes gets the excess of 5000000.
The contract asset, cost and profits in excess of billings, of $500,000.
E: Cost + profits: $1,200,000 + 800,000 = $ 2,000,000 + Billings: 1,500,000 = Excess: 500,000
Amazon recorded $118.6 billion of product sales and $59.3 billion of service sales, for a grand total of $177.9 billion. The figure forms the top line of the income statement.
Beneath that are all operating expenses, which are deducted to arrive at Operating Income, also sometimes referred to as Earnings Before Interest and Taxes.
Formula used in this is :
Revenue = No. of Units Sold x Average Price
Finally, interest and taxes are deducted to reach the bottom line of the income statement, $5 billion of net income.
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You have just accepted a position as human resources manager for a large firm. Your first task is to design the training program for the company. You decide to focus your training efforts on skills because these skills transferable to other firms. general are not specific are
General are not precise are as a manager of agency first undertaking can be cognizance at the training efforts of particular capabilities which make the firm unique than others . particular skill are the ones which associated with the venture particular . those abilties aren't transferable to different companies because of the particular nature of the abilities.
Education gives all and sundry a extremely good knowledge of their duties and the know-how and capabilities they want to do this task. this can enhance their self assurance which can also improve their common overall performance.
Training is teaching, or developing in oneself or others, any abilities and knowledge or health that relate to particular beneficial competencies. schooling has specific desires of improving one's capability, ability, productiveness and overall performance.
Education may be considered as a technique created from 5 associated levels or sports: assessment, motivation, design, shipping, and evaluation.
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According to William Shepherd's examination of competitive trends in the U.S. economy, a dominant firm:
is a firm with over half the market share and no close rival.
A dominating corporation, as defined by William Shepherd's analysis of competitive dynamics in the U.S. economy, is one that has more than 50% of the market share and has no direct competitors.
When there is just one company that is the most productive in an industry, a natural monopoly results.
It is unfeasible to have more than one company manufacturing the item under a natural monopoly since fixed costs are usually quite high. Tap water is an illustration of a natural monopoly.
This Act forbids mergers and acquisitions that are likely to reduce competition but carries no criminal sanctions. In accordance with this Act, the Government opposes mergers that are likely to raise consumer costs.
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Zhang Industries sells a product for $800. Unit sales for May were 800 and each month's sales are expected to exceed the prior month's results by 2%. Compute the total sales dollars to be reported on the sales budget for month ended June 30. $627,200. $644,200. $652,800. $640,000. $768,000.
As per the sales, the total sales dollars to be reported on the sales budget for month ended June 30 is $652,800
Here we have given that Zhang Industries sells a product for $800. and we need to find the total sales dollars to be reported on the sales budget for month ended June 30.
As we looking into the given question, we have identified the values of the following,
=> Unit sales price = $800
=> Units sold in May = 800 units
And the Total sales in May is calculated as
=> $800 * 800 units = $640,000
Here we know that Sales in next month are higher by 2% of the previous month.
So, it can be calculated as,
=> 800 x 2/100 = 16
Then the total sales on June is calculated as,
=> (800 + 16) x 800
=> 816 x 800
=> $652,800
Therefore, option (C) is correct.
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on november 1, 2021, taylor signed a one-year contract to provide handyman services on an as-needed basis to king associates, with the contract to start immediately. king agreed to pay taylor $3,600 for the one-year period. taylor is confident that king will pay that amount, but payment is not scheduled to occur until 2022. taylor should recognize revenue in 2021 in the amount of
$0.
$640.
$1,920.
$3,840
If on November 1, 2021, Taylor signed a one-year agreement to offer handyman services as needed to King Associates, Taylor should report income in the amount of $640 in 2021.
Since there is no doubt about the amount of the payment to be received, the contract is eligible for revenue recognition in 2021.
For two months of the deal, Taylor will have to report revenue in 2021.
Revenue to be recognized is 3840 * 2/12 = 640
The appropriate choice is Option B, $640.
Revenue, which is determined as the average sales price multiplied by the quantity of units sold, is the money made from regular business operations. To calculate net income, expenses are deducted from the top line's (or gross income) total. In the income statement, revenue is referred to as sales.
A company's revenue is the money generated by its operations. Depending on the chosen accounting approach, there are several ways to compute revenue. Sales made using a credit card will be counted as revenue for products or services that were delivered to the customer. In accordance with some regulations, revenue is recorded even if payment has not yet been made.
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if there are exactly two sellers of gasoline in mauston and if they collude, then which of the following outcomes is most likely? a. each seller will sell 125 gallons and charge a price of $2.5. b. each seller will sell 250 gallons and charge a price of $5. c. each seller will sell 175 gallons and charge a price of $3. d. each seller will sell 125 gallons and charge a price of $5.
If Mauston has exactly two gas stations and if they conspire, then a. Each vendor will offer 125 liters for sale at $5 per gallon.
The evaluation and measurement of an activity's results in relation to their anticipated or planned outcomes are referred to as its outcomes. The outcomes are what you hope to achieve after you meet the goal.
Beginning with the results can help you make more informed decisions about how to achieve your goals. Targets that are unknown are impossible to hit, and the more certain you are of the outcome, the higher your chances of success. Knowing the desired result gives you the ability to develop a plan that will lead there.
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The International Boot Company has income from operations of $80,000, invested assets of $500,000, and sales of $1,525,000. ​What is the investment turnover?
The investment turnover is 3.06 ($1,525,000 / $500,000).
The investment turnover is the ratio of sales to invested assets and is calculated by dividing the sales by the invested assets. In this case, the investment turnover for the International Boot Company is 3.05 ($1,525,000 / $500,000). This means that for every dollar invested in assets, the company makes $3.05 in sales.
The investment turnover is a measure of how many times the value of an investment's assets has been traded over a given period of time. It is calculated by dividing the total value of all trades made over a certain period of time by the average value of the investment's assets over the same period. The higher the investment turnover, the more active the investor or fund manager is in buying and selling assets. This metric can be used to measure the performance of an investor or fund manager, as well as to compare different investments.
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TRUE/FALSE. become(s) a part of the physical product and consist(s) of either finished items ready for assembly or products that need little processing before assembly.
Component parts become a part of a physical product and consist of either finished items ready for assembly or products that need little processing before assembly.
Component parts are smaller parts/materials that are used to build a larger product. They can be finished items ready to be assembled, or they may require some additional processing before they can be assembled. In either case, component parts are a critical part of the manufacturing process, as they are used to create the final product.
Component parts can be made from metal, plastic, wood etc. They can be produced through manufacturing processes, such as molding, casting, and machining. The specific component parts and manufacturing processes used will depend on the requirements of the final product and the materials and technologies available. By ensuring that component parts are of high quality and fit well together, manufacturers can reduce the risk of defects and improve the overall performance of the final product.
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Presented below are five different situations. Provide an answer to each of these questions. 1. The Kawaski Jeep dealership sells both new and used Jeeps. Some of the Jeeps are used for demonstration purposes; after 6 months, these Jeeps are then sold as used vehicles. Should Kawaski Jeep record these sales of used Jeeps as revenue or as a gain? 2. One of the main indicators of whether control has passed to the customer is whether revenue has been earned. Is this statement correct? 3. One of the five steps in determining whether revenue should be recognized is whether the sale has been realized. Do you agree? 4. One of the criteria that contract must meet to apply the revenue standard is that collectibility of the sales price must be reasonably possible. Is this correct? 5. Many believe the distinction between revenue and gains is important in the financial statements. Given that both revenues and gains increase net income, why is the distinction important?
Previous question
Kawaski frequently purchases and sells jeeps, both new and used. Customers have contracts in place to buy these jeeps, thus Kawaski should record sales revenue.
On the other hand, since selling real estate is not one of Kawaski's regular business operations, the transaction would not constitute a contract with a client if Kawaski sold its corporate headquarters to a third party. In this situation, the transaction should reflect a gain or loss on sale. ( 2) No. Although this criterion was utilized in earlier GAAP, it frequently proved challenging to put into reality. Having a current responsibility to pay, actual possession, legal title, ownership risks and rewards, and acceptance of the asset are now signs that control has shifted to the client. (3) See earlier. (4) No. The likelihood of revenue collection is required for a contract to be considered genuine. (5) Understanding how these improvements in net income happened is important.
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which of the following statements is not true about coal? coal is widely used because it is inexpensive to mine and transport at the present rate of use, coal reserves will last for centuries the value of coal is determined by its rank, grade and accessibility coal fueled the industrial revolution
The following statement, "Coal is widely used because it is inexpensive to mine and transport." is not true about coal.
When most people think of a coal mine, they picture a dark, dank cavern where miners toil away in the dim light. However, coal mines can actually be quite large and expansive, with a variety of different working areas.
The coal mine pictured here is one such example, with a large facility and multiple levels. While coal mining can be dangerous and difficult work, it is also an essential part of our global economy and provides jobs for millions of people around the world.
Hence, the correct option is "FIRST".
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In which of the following stages of the organizational decision-making process are alternative courses of action considered and one alternative is selected and implemented?
a. The problem monitoring stage
b. The problem identification stage
c. The problem solution stage
d. The problem generation stage
The stage of problem resolution (C) is the most suitable option. An organizational decision is one that is made in the firm's name with one one to more workgroups.
The decision-making unit could be as little as a single person, such as a supervisor, or as big also as overall organization population.
What are the choices made by an organization?
The term "organizational decision making" (ODM) refers to decisions made inside an organization that involve one or more actors and are made with the intention of being as productive as possible.
Generally speaking, the process entails the following steps: recognizing challenges, potential business, evaluating potential, selecting an option, applying the decision, and assessing decision efficacy. Leaders must take into account each step of the judgment process since it is crucial.
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in a recent super bowl, a tv network predicted that 29 % of the audience would express an interest in seeing one of its forthcoming television shows. the network ran commercials for these shows during the super bowl. the day after the super bowl, and advertising group sampled 90 people who saw the commercials and found that 30 of them said they would watch one of the television shows. suppose you are have the following null and alternative hypotheses for a test you are running: h0 : p
H0: The proportion of people who expressed interest in the TV show is equal to 29% and Ha: The proportion of people who expressed interest in the TV show is greater than 29%.
A ratio is an ordered pair of numbers a and b, written a / b where b does not equal 0. A proportion is an equation in which two ratios are set equal to each other. For example, if there is 1 boy and 3 girls you could write the ratio as: 1 : 3 (for every one boy there are 3 girls) 1 / 4 are boys and 3 / 4 are girls.
The proportion formula is used to depict if two ratios or fractions are equal. We can find the missing value by dividing the given values. The proportion formula can be given as a: b::c : d = a/b = c/d where a and d are the extreme terms and b and c are the mean terms.
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Below are three independent and unrelated errors.
On December 31, 2020, Wolfe-Bache Corporation failed to accrue salaries expense of $2,150. In January 2021, when it paid employees for the December 27–January 2 workweek, Wolfe-Bache made the following entry:Salaries expense 2,150 Cash 2,150On the last day of 2020, Midwest Importers received a $98,000 prepayment from a tenant for 2021 rent of a building. Midwest recorded the receipt as rent revenue. The error was discovered midway through 2021.At the end of 2020, Dinkins-Lowery Corporation failed to accrue interest of $8,700 on a note receivable. At the beginning of 2021, when the company received the cash, it was recorded as interest revenue.
Required:
For each error:
1. What would be the effect of each error on the income statement and the balance sheet in the 2020 financial statements?
2. Prepare any journal entries each company should record in 2021 to correct the errors.
What would be the effect of each error on the income statement and the balance sheet in the 2020 financial statements
(a ) Balance sheet- understatement to current liability by $2,150
(b) Balance sheet - understate current liability by $98,000
(c) Balance sheet - understatement of current asset by $8,700
What is income statement?One of the three crucial financial statements used to describe a company's financial performance throughout a certain accounting period is the income statement. The balance sheet and the cash flow statement are the other two important statements. The revenue, costs, profits, and losses incurred by a corporation over a specific time period are the main topics of the income statement. An income statement, also referred to as the profit and loss (P&L) statement or the statement of revenue and expenses, offers important information about a company's operations, the effectiveness of its management, under performing industries, and its performance in comparison to peers in the same industry.
1. Error (a).
Income statement: expense understated - net income overstated
Balance sheet: Liabilities understated - Retained earning overstated
Error (b)
Income statement: Revenue overstated - net income Overstated
Balance sheet: Liabilities understated - Retained earning overstated
Error (c)
Income statement: Revenue understated - net income Understated
Balance sheet: Asset understated Retained - Earning understated
2.
Debit Credit
a. Retained earning A/C Dr. $2150
To Office supplies expense A/C $2150
b. Retained earnings A/C Dr. $98000
To Rent revenue A/C $98000
C. Interest revenue A/C Dr. $8700
To retained earning A/C $8700
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suppose a country has national saving of $140 billion, government expenditures of $80 billion, taxes of $70 billion, domestic investment of $180 billion, and net capital outflow of negative $40 billion. as a result, its supply of loanable funds is $140 billion.
Supply of loan able fund is $140 billion.
As per the details provided in the above question is as follow,
The national saving of a country is $140 billion.
While the expenditure of government is $80billion.
Further the taxes of $70billion.
Also the domestic investment of $180billion.
While the net capital flow is -$40 billion
Thus what is the supply loan able funds?
We are aware that the availability of loan able funds indicates national savings. Government, business, and the general public all contribute to national savings. It does not incorporate government expenditure into an account.
Therefore we can say that,
Supply of Loanable Fund = National saving = $140 billion
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