The company pre-paid $40,000 for a four-year insurance policy on January 1, 2014. At the end of 2017, before the books were closed, it was discovered this full amount had been incorrectly expensed on January 1, 2014. What would be the adjustment to retained earnings on December 31, 2017 to remedy this mistake?

No adjustment is to be made on December 31, 2017.

Explanation:

The Insurance expense was prepaid on January 1, 2014 for four years, which means this four year insurance should have ended on December 31, 2017.  

The Insurance was fully expensed out on January 1, 2014 which is discovered on December 31, 2017 when the Insurance is utilised and in usual circumstances should have been completely expensed out till December 31, 2017.  No adjustment is to be made on December 31, 2017.

the correct answer is:

it required the president to inform congress within forty-eight hours of any new troop commitment.

the war powers resolution (1973) is a federal law designed to limit the u.s. president’s ability to initiate or intensify military actions abroad without the approval of the congress.

it establishes that the president can send armed forces into action abroad only by declaration of war by congress, statutory authorization, or in case of a national emergency created by attack upon the united states, its territories or possessions, or its armed forces.

it requires the president to notify congress within 48 hours of sending armed forces to military action.

answersupplies;