Business, 07.11.2019 01:31 naomicervero

Krafty kris, inc., discovered the following errors after the 2017 financial statements were issued:

a. a major supplier shipped inventory valued at $8,550 to krafty kris on consignment. this merchandise was mistakenly included in the inventory taken by krafty kris on december 31, 2016. (goods shipped on consignment are the property of the consignor and should not have been included in krafty kris's inventory.)

b. krafty kris renewed its liability insurance policy on october 1, 2016, paying a $36,000 premium and debiting insurance expense. no further entries have been made. the premium purchased insurance coverage for a period of 36 months.

c. repair expense was debited at the time equipment was purchased for $100,000 on january 1, 2017. the equipment has a life of five years; its salvage value is considered immaterial. krafty uses straight-line depreciation method.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 11:50

Christopher kim, cfa, is a banker with batts brothers, an investment banking firm. kim follows the energy industry and has frequent contact with industry executives. kim is contacted by the ceo of a large oil and gas corporation who wants batts brothers to underwrite a secondary offering of the company's stock. the ceo offers kim the opportunity to fly on his private jet to his ranch in texas for an exotic game hunting expedition if kim's firm can complete the underwriting within 90 days. according to cfa institute standards of conduct, kim: a) may accept the offer as long as he discloses the offer to batts brothers.b) may not accept the offer because it is considered lavish entertainment.c) must obtain written consent from batts brothers before accepting the offer.

Answers: 1

Answer

Business, 22.06.2019 12:10

Which of the following is not part of the mission statement of the department of homeland security? lead the unified national effort to secure america protect against and respond to threats and hazards to the nation ensure safe and secure borders coordinate intelligence operations against terrorists in other countries

Answers: 1

Answer

Business, 22.06.2019 16:50

Slow ride corp. is evaluating a project with the following cash flows: year cash flow 0 –$12,000 1 5,800 2 6,500 3 6,200 4 5,100 5 –4,300 the company uses a 11 percent discount rate and an 8 percent reinvestment rate on all of its projects. calculate the mirr of the project using all three methods using these interest rates.

Answers: 2

Answer

Business, 22.06.2019 19:40

An increase in the market price of men's haircuts, from $16 per haircut to $26 per haircut, initially causes a local barbershop to have its employees work overtime to increase the number of daily haircuts provided from 20 to 25. when the $26 market price remains unchanged for several weeks and all other things remain equal as well, the barbershop hires additional employees and provides 40 haircuts per day. what is the short-run price elasticity of supply? nothing (your answer should have two decimal places.) what is the long-run price elasticity of supply? nothing (your answer should have two decimal places.)

Answers: 1

Answer

You know the right answer?

Krafty kris, inc., discovered the following errors after the 2017 financial statements were issued:...

Questions