BUSINESS HIGH SCHOOL

Gilbert Company made an ordinary repair to a delivery truck during 2016 at a cost of $500 and capitalized the repair cost. What is the effect on the 2016 financial statements as a result of the incorrect capitalization?

Answers

Answer 1
Answer:

Answer:

The answer is:

Asset will be overstated

Net income will be overstated

Explanation:

Because of the incorrect capitalization(the process of converting or adding to a firm's asset):

1. Assets are overstated. Assets that shouldn't are added to the entire assets are added. So it's increasing the company's asset whereas it's not.

2. Net income are overstated. Because depreciation too will have to be charged for the asset that wasn't there, therefore, net asset will be overstated.

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What benefit does a 401(k) plan provide over an IRA? a higher rate of return fewer investment options less investment risk on-hand financial advisors employer’s contribution

Answers

Answer:

employer’s contribution

Explanation:

The 401K and a IRA are plans for the retirement for the employees or freelancers of the United States of America, in both cases there are benefits of both plans, in the case of the 401k the biggest benefit would be the fact that you can´t add more money whenever you want to your account, and with higher ceilings compared to the IRA.

Employer's Contribution on Plato

Hope this helped

Who is the last prophet of Islam?

Answers

The last prophet of Islam was Prophet Muhammad (saw). The Quran was brought down to Mohammed, and he memorized it and also taught it to the Sahabah. Later, the Sunnah was the way of life on how to live as an example for the Muslims. Also, as a result, the Kafireen used to say that Mohammed wrote the Quran as a poem, and an evidence against that was that he was illiterate, meaning he could not read or write. 
Muhammad is the last prophet in Islam. He was born in Arabia, in Makkah. Hope this helps. 

The balance of trade for a nation is the balance that nation has between _________ and _______.A. imports / exports
B. goods / services
C. credits /debits
D. surplus / deficit

Answers

Imports and Exports .

The stocks of firms that don t meet listing requirements for stock exchanges are traded on the _____ market.

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The stocks of firms that don't meet listing requirements for stock exchanges are traded on the over-the-counter market. An over-the-counter market is decentralized, without a central physical location. 

What does it mean to be "in the black "?

Answers

Answer:

The expression "in the black" is used to refer to a company's profitability and current financial health. ... When a company is in the black, it has positive earnings, is financially solvent, and not burdened by too much debt. Companies that are unprofitable and showing a loss are said to be in the red

Explanation:

The first and most essential step towards doing what you love is:

Answers

The first and most essential step towards doing what you love is identifying what it is exactly that you want to do. Then you can go about creating short and long-term goals and finding ways to achieve those goals. 
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