The income statement of annette co. for the month of july shows net income of $3,200 based on service revenue $7,700, salaries and wages expense $2,600, supplies expense $1,400, and utilities expense $500. in reviewing the statement, you discover the following: 1. insurance expired during july of $500 was omitted.2. supplies expense includes $300 of supplies that are still on hand at july 31.3. depreciation on equipment of $250 was omitted.4. accrued but unpaid salaries and wages at july 31 of $400 were not included.5. services provided but unrecorded totaled $700.required: a. what effect do the corrections have on the amount reported as total assets on the balance sheet? b. what effect do the corrections have on the amount reported as total liabilities on the balance sheet?

10. which of the following is true regarding preretirement inflation? a. defined-benefit plans provide more inflation protection than defined-contribution plans. b. because of preretirement inflation, possible investment-related growth is increased for defined-contribution plans. c. all types of benefits are designed to cope with preretirement inflation. d. preretirement inflation is generally reflected in the increase in an employee's compensation level over a working career.

Describe what fixed costs and marginal costs mean to a company.

R& m chatelaine is one of the largest tax-preparation firms in the united states. it wants to acquire the tax experts, a smaller rival. after the merger, chatelaine will be one of the two largest income-tax preparers in the u.s. market. what should chatelaine include in its acquisition plans? it should refocus its attention from the national to the international market. in addition to acquiring the tax experts, it should also determine the best way to drive independent "mom and pop" tax preparers out of business. chatelaine will need to explain to the federal trade commission how the acquisition will not result in an increase in prices for consumers. chatelaine should enter a price-based competition with its other major competitor to force it out of business and become a monopoly.