Business, 15.07.2020 02:01 vanessa7676
For each of the following inventory errors occurring in 2018, determine the effect of the error on 2018's cost of goods sold, net income, and retained earnings using understated (U), overstated (O), or no effect (NE). Assume that the error is not discovered until 2019 and that a periodic inventory system is used. Ignore income taxes.
Cost of Net Retained
Goods Sold Income Earnings
1. Overstatement of ending inventory
2. Overstatement of purchases
3. Understatement of beginning inventory
4. Freight-in charges are understated
5. Understatement of ending inventory
6. Understatement of purchases
7. Overstatement of beginning inventory
8. Understatement of purchases plus understatement of ending inventory by the same amount
Answers: 2
Business, 21.06.2019 13:30
How is a proportional tax different from a progressive tax? a. a proportional tax decreases with income level, but a progressive tax increases with income level. b. a proportional tax increases with income level, but a progressive tax decreases with income level. c. a proportional tax increases with income level, but a progressive tax is the same percentage for all. d. a proportional tax is the same percentage for all, but a progressive tax increases with income level.
Answers: 2
Business, 23.06.2019 01:00
As more people migrated west during the gold rush, what do you think happened to the demand curve in most western markets, holding all else constant? a. there was no shift, nor any increase or decrease in quantity demanded. b. there was no shift, but there was a decrease in quantity demanded. c. the demand curve shifted to the left. d. the demand curve shifted to the right. e. there was no shift, but there was an increase in quantity demanded.
Answers: 2
Business, 23.06.2019 12:20
Gross output (go) reflects the overall status of the productive side of the economy better than gdp does. a. true b. false
Answers: 2
For each of the following inventory errors occurring in 2018, determine the effect of the error on 2...
Mathematics, 10.04.2020 15:26
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