Incurred special insurance costs

Reference no: EM13543697

During December of year 1, Nile C. incurred special insurance costs but did not record these costs until payment was made during the following year. These insurance costs directly related to inventory that had been sold by December 31, year 1. What is the effect of the omission of Nile s accrued liabilities and retained earnings at December 31, year 1? Accrued Liabilities: No effect; Retained Earnings: No Effect
Accrued Liabilities: No effect; Retained Earnings: Overstated
Accrued Liabilities: Understated ; Retained Earnings: Overstated
Accrued Liabilities: Understated ; Retained Earnings: No Effect

Reference no: EM13543697

Questions Cloud

A company uses a process cost accounting system : A company uses a process cost accounting system.

Find the average force exerted by the mattresses : A 75.0 kg stunt man jumps from a balcony and falls 26.5 m before colliding with a pile of mattresses. what is the average force exerted by the mattresses on the stuntman

The job order cost sheets used by garza company : The job order cost sheets used by Garza Company

What is the ladders moment of inertia : A 8.02 -m ladder with a mass of 21.2 kg lies flat on the ground. A painter grabs the top end of the ladder and pulls straight upward with a force of 260 N. At the instant the top of the ladder leaves the ground, the ladder experiences an angular a..

Incurred special insurance costs : Incurred special insurance costs

What is the constant angular acceleration : A motorcycle, which has an initial linear speed of 9.7 m/s, decelerates to a speed of 2.6 m/s in 3.6 s. Each wheel has a radius of 0.69 m and is rotating in a counterclockwise (positive) directions. What is (a) the constant angular acceleration (in r..

Compute how fast is each sphere moving : A solid uniform sphere and a uniform spherical shell, both having the same mass and radius, How fast is each sphere moving

What is the anguar acceleration of each wheel : A person is riding a bicycle, and its wheels have an angular velocity of 18.5 rad/s. Then, the brakes are applied and the bike is brought to a uniform stop. During braking, the angular displacement of each wheel is 17.5 revolutions. (a) How much time..

Find the angle below the horizontal made by velocity vector : A ball is thrown horizontally with a speed of Vo = 20.0 m/s from the top of a building of height h = 42.1 meters. What is the angle below the horizontal made by the velocity vector of the ball

User Account

All Pages