Social Studies, 12.02.2020 06:00 liyahheadhigh
The adjusting entry for accrued fees was omitted at July 31, the end of the current year.
Indicate which items will be in error, because of the omission, on (a) the income statement
for the current year and (b) the balance sheet as of July 31. Also indicate whether
the items in error will be overstated or understated.
a. Fees earned (or revenues) will be understated. Net income will be understated.
b. Accounts (fees) receivable (or assets) will be understated. Owner’s equity will
be understated.
Answers: 2
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In the united states, the percentage of children and adolescents affected by obesity has more than tripled since the data from 2015-2016 show that nearly 20% (1 in 5) school age children and young people (6 to 19 years) in the united states has obesity. this is do in part to the fact that younger people consume beverages containing high levels of sugar and products containing high levels of fat. consuming too many calories and not enough exercise are also issues. as a well known industry consultant you know many of the beverage industry executives. you are approached by a coke executive who tells you that someone from coke is unofficially willing to sell pepsi the coke formula and the coke marketing plan for $25 million. the individual has access to both the vault and the bottling equipment so they can get the formula and marketing documents with nobody at the coca cola company knowing. imagine you are a marketing consultant. discuss fully your concerns. what is the ethical dilemma? is it illegal to purchase the coke formula and marketing plan? explain fully your point of view. furthermore, what would you tell the executives regarding childhood obesity?
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Social Studies, 22.06.2019 12:00, sarahlearn3
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Answers: 2
The adjusting entry for accrued fees was omitted at July 31, the end of the current year.
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