Suppose that XYZ2 shop Company recorded as a purchase certain goods that it purchased account, with the term FOB shipping point and counted them in ending inventory before being received. The effect on the financial position is? UN: understated, NO: NO effect, and OV: overstated 1 Cost of goods sold 5. Retained earnings 2. Account payable 3. Purchases No ecsect 7. Working capital 4. Ending inventory 8. Current ratio 6. Net income​

Peppy knows a lot about marketing, but not much about the legal or financial aspects of starting a new business. he wants to consult with a lawyer and accountant, but his budget is tight with all of the expenses involved in getting peppy's pizzazzeria up and running. peppy should: trust his basic instincts and try to put it together without the advice of lawyers and accountants. delay talking with a lawyer and accountant until the business has established a positive cash flow for at least one year. immediately hire full-time lawyers and accountants for his staff. consult with a lawyer and accountant even though the budget is tight.