Consider Emily's balance statement:

Emily's supervisor asked her to revise the balance statement. What does she need to revise? Why?

A B
1 Assets FY 2014
2 Accounts Payable $2,000
3 Wages $75,000
4 Taxes Payable $10,000
5 Mortgage Payable $15,000
6 Total $102,000
7
8 Liabilities FY 2014
9 Cash $800
10 Inventories $36,000
11 Investments $25,000
12 Accounts Receivable $61,800
13 Total $122,800
14
15 Balance -$20,800

Answers

Answer 1

Answer:

see below

Explanation:

A balance sheet is prepared following the accounting principles of assets equal to liabilities plus equity. Assets are left side while equity and liabilities on the other.

Assets are valuable that a business owns. Liabilities refer to the debts or loans of the business. It is what the business owes others. Equity is the owner's contribution to the business.

In this balance sheet,  Emily has confused assets and liabilities.

The column labeled as liabilities represents assets. She should change that. This column should be the topmost column.  She has interchanged the labels for liabilities and assets. The difference between assets and liabilities should be equity.

Answer 2

Answer:

Emily has mixed up the assets and liabilities. All the cells under “assets” are really liabilities and vice versa.

Explanation:


Related Questions

PLEASE HELP ME!!!!! I need to know the best ways to make a small business known. I just started a small Scentsy® business with my mom. I don't do social media and my moms is mainly her private friends even though it is public.

Answers

Answer:

Buy ads and get social media

Explanation:

what are some advantages of using a Credit card the right way?

Answers

it builds your credit score

Beyond convenience, advantages of credit cards include:

Opportunity to build credit.

Earn rewards such as cash back or miles points.

Protection against credit card fraud.

Free credit score information.

No foreign transaction fees.

Increased purchasing power.

Not linked to checking or savings account.

I need help please n thanks

Answers

Answer:

The first foundation is called THE foundation  You need to maintain a accurate balance so you can keep track

Explanation:

Controling does not require any process comment

Answers

what’s the question?

You have two employees who report directly to you. One is making $36,000/year and the second is making $24,000/year. You feel the second employee has done outstanding work, and you want to give her a $3,000/year raise. The company has limited you to a total increase in payroll of 5% for next year. How much of a raise can you afford to give to the first employee if you give the second employee a $3,000/year raise?

Answers

Answer:

Zero,( no raise at all)

Explanation:

The total labor cost for the two employees is

=$36,000 + $24,000

=$60,000

If only 5% of increases in payroll is approved, the actual increase

=5/100 x $60,000

=0.05 x $60,000

=$3,000

If the second employee is to get a raise of $3,000 per year, then the first employee will not get any raise.

Car dealer ben carte paid 97 percent of the base price of 22,567. he also paid 93 percent of options totaling 3,465. and a destination charge of $650. what is the dealers cost

Answers

Answer: im also working on my school work and i also need help i tried to work on that question im confused but i know that 22,567-97% is 677.01

It's 2021! Happy new year! How do you like this new year so far?

Answers

Answer:

its okay i guess..

Explanation:

Sor far my year is going amazing!

Entrepreneurs affect the economic decisions a country makes by:

A. convincing societies to give up their most expensive wants
B. producing useful goods regardless of their demands or scarcity
C. earning consistent salaries that make the economy more stable
D. identifying new ways for people to fulfill their wants and needs

Answers

Answer:

D. identifying new ways for people to fulfill their wants and needs

Explanation:

Entrepreneurs start new businesses in society. They are quick to spot and identify needs and wants in the market. Entrepreneurs establish businesses to provide solutions to these needs and want at a profit.

Entrepreneurs use their creativity to come up with new and unique products that offer solutions to society's problems. They innovate better products and ways of offering services that are friendly and more cost-effective. Entrepreneurship goes hand-in-hand with creativity and innovation.

In the first eight days after its release, how many Nintendo Wii systems were sold?

Answers

Answer

600,000 units

Explanation

Nintendo Wii sold 600,000 units of its new Wii video game console in the first eight days after its release in the Americas, as the company vies with rivals Sony Corp.

1. Your older sister, Anna is trying to figure out how she's going to pay for college in the
Fall. Anna is going over her options with you one night and she narrows it down to
either putting her college education on your parents' credit card or taking out a
student loan. Which one would you suggest and why?
I
2. Anna then tells you a story about her friend, Chad. Chad has a Target credit card that
he opened a few months ago. The other day he tried to use his credit card to buy
popcom at the movies, but it was denied. Explain to your sister why this happened.

Answers

1.) student loans due to the fact that they are more secure than credit card debt and maybe have long periods before they have to be paid off.
2.) chad has a maximum amount of money he can use before it has to be paid back. Unfortunately chads maximum was so low he couldn’t even buy popcorn, or he already maxed out his card.

What is a 401 (k) retirement plan? I NEED HELP:(

Answers

Answer:

-an employer sponsored retirement plan that allows a worker to save for retirement while deffering income taxes on the saved money or earnings until withdrawal.

Explanation:

just cause homie

A 401(k) retirement plan is a retirement plan sponsored by the employer where he or she deducts a small percentage of the gross pay of the employee.

What is the significance of the 401(k) retirement plan?

A 401(k) retirement plan can be referred to or considered as a plan where the employer contributes a fixed and a small proportion from the gross pay of the employee until the time he or she serves to the company of the employer.

An employee is free from paying any kind of taxation amount over the monies he or she has saved in a 401(k) retirement plan. However, the taxation is not a liability only until the employee makes a withdrawal.

Therefore, the significance regarding a 401(k) retirement plan has been aforementioned.

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Page:
International employment has played
on important role to solve unemployment
problems in Nepal.” Justify the statement​

Answers

Answer:

This means that Nepal, as a very underdeveloped country, lacks the necessary amount of domestic capital to build a healthy and functional economy, and for this reason, it requires international help in the form of foreign direct investment that can supply more capital to the country, capital that is used to set up new companies and investment projects that employ more Nepalese people.

Why do older kids think they know every thing?

Answers

Answer:

I have no clue tbh lol they think they are the boss of us

Because technically they do , when you turn a adult don’t you know stuff more when you were a kid ? For example a kid who is 6 is gonna know how to walk then a kid who is 1 :)

What’s the answer???

Answers

Answer:

I am not sure but I think it would be B right?

Explanation:

Because she already has $10 to go to the movie right, so she would use that 10 dollars to go to the movie with her friend?

Which people in government and public administration act as first responders during emergencies?
Law enforcement professionals, such as ________, act as the country’s first responders during emergencies, such as natural disasters.

Answers

Answer:

see below

Explanation:

Law enforcement professionals, such as state police offices, general law enforcement officers, firefighters, emergency medical technicians (EMT's) paramedic act as the country's first responders during emergencies, such as natural disasters. In some situations, the U.S. marshals, deputy marshals, and the military also respond to emergencies.

The principal responsibility of law enforcement officers is to protect citizen's lives and property. In times of emergencies, law enforcement agencies are expected to execute their mandate with care and speed.

NEED HELP ASAP

Complete the following sentence.

Chronological, functional, and targeted are just a few of the many formats for writing a _____.

Answers

Answer:

I think it's a story/book

Explanation:

because it's the only thing I can think of when I think of the words chronological, functional, and targeted.

Help PLEASE!!!

Joel works as a customer service representative in an electronics store. A customer has a complaint regarding a technical aspect of the computer
he bought from the store two weeks ago. Although Joelis familiar with the specifications of the computer, he is fully equipped to help the
customer with the complaint. Assuming that Joel possesses good customer service skills, which action should he toket

A. use the internet to find the required information and help the customer
B. ask the customer to wait while he has a meeting with his manager
C. help the customer contact the store's engineer who can provide help regarding technical issues
D. ask all members of his staff whether they have a solution to the customer's problem
E. politely tell the customer that nobody could possibly solve the problem

Answers

Answer: C

Explanation: since she is customer support the obvios (god i cant spell sometimes) thing to do is connect them to a engineer who can help them. you could also do process of elimination A: they probaly did search the internet already B: why the manager? wouldnt someone like an engineer have better insight on this? C: Engineers have the most expertise in this area so they can help fix the problem. D: sure this could help but its not as sure as asking the engineer

ANSWER: C

Joel being as a customer service representative in an electronics store shall help the customer contact the store's engineer who can provide help regarding technical issues. Option C is correct.

What is Customer Service Representative?

Customers who have inquiries, requests, or concerns regarding goods or services they have received from the business are assisted by a customer service representative.

At every stage of the process, they give priority to the demands of the clients and offer solutions that are tailored to those unique circumstances.

Essential Characteristics of an Outstanding Customer Service Representative has problem-solving abilities. The most important trait for providing outstanding customer service is problem-solving, followed by clear communication, friendliness, empathy, business savvy, goods knowledge, and strong time management.

Thus option c is correct.

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Which of the following is not a strategy for fostering customer relationships?

A.Run contest where customers have to answer questions or enter a lottery

B.Ask customers to fill out satisfaction survey and immediately respond to complaints

C.Share mailing lists with other companies who want to sell customers similar products

D.Establish a blog and provide customers with useful information unrelated to the product

Answers

Answer:

I would say B or D sorry if its wrong

Answer:

establish a blog and provide customers with useful information unrelated to the product

Explanation:

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