During the taking of its physical inventory on December 31, Barry's Bike Shop incorrectly counted its inventory as $204,505 instead of the correct amount of $166,687. The effect on the balance sheet and income statement would be:___________.
a. assets overstated by $37,818 retained earnings understated by $37.818, and not income statement understated by $37.818
b. assets overstated by $204,505; retained earnings understated by $166,687, and no effect on the income statement
c. assets, retained earnings, and net income all overstated by $37.818
d. assets and retained earnings overstated by $166,687; and net income understated by $204,505

Answers

Answer 1

Answer:

c. assets, retained earnings, and net income all overstated by $37.818

Explanation:

Given that

Inventory correct amount is $166,687

And, the Inventory wrongly recorded is $204,505

So

inventory was overstated by

= $204,505 - $166,687

= $37,818

As the ending inventory is overstated so the net income is also overstated and if the net income is overstated then the retained earnings would be overstated

hence, the correct option is c.


Related Questions

The only business that is directly protected by the U.S. Constitution (in the First Amendment) is:_______

a. interest group lobbying.
b. health care.
c. polling.
d. the press (the news media).
e. software development.

Answers

Answer:

d. the press (the news media).

Explanation:

The only business protected by the First Amendment is the press (the news media). The other aspects protected by the First Amendments are human rights and not a business. The press is protected because they serve as countrywide investigators to uncover the truth and inform the people, this also includes the truth of any government actions, scandals, or secrets being held from the public eye. This is because in a democracy the government is accountable for the people and not the other way around.

The four people below have the following investments. Invested Amount Interest Rate Compounding Jerry $ 11,400 12 % Quarterly Elaine 14,400 6 Semiannually George 21,400 8 Annually Kramer 17,400 10 Annually Required: 1-a. Calculate the future value at the end of five years

Answers

Answer:

Jerry

$20,589.67

Elaine

$19,352.40

George

$31,443.62

Kramer

$28,022.87

Explanation:

Use following formula to calculate the future value

FV = PV ( 1 + r )^n

Where

PV  = Present value = Investment

FV = Future value = ?

r = interest rate per compounding period

n= numbers of compounding periods

Jerry

PV = $11,400

r = 12% x 3/12 = 3%

n = 5 years x 12/4 = 20 periods

Placing values in the formula

FV = $11,400 x ( 1 + 3% )^20

FV = $20,589.67

Elaine

PV = $14,400

r = 6% x 6/12 = 3%

n = 5 years x 12/6 = 10 periods

Placing values in the formula

FV = $14,400 x ( 1 + 3% )^10

FV = $19,352.40

George

PV = $21,400

r = 8%

n = 5 years

Placing values in the formula

FV = $21,400 x ( 1 + 8% )^5

FV = $31,443.62

Kramer

17,400 10 Annually

PV = $17,400

r = 10%

n = 5 years

Placing values in the formula

FV = $17,400 x ( 1 + 10% )^5

FV = $28,022.87

The future values of the investments are computed as follows:

              Invested Amount   Interest Rate    Compounding    Future Value

Jerry               $ 11,400             12%                Quarterly            $20,589.67

Elaine               14,400               6%                Semiannually     $19,352.40

George            21,400               8%                Annually             $31,443.62

Kramer             17,400             10%                 Annually            $28,022.87

Data and Calculations:

Jerry:

N (# of periods) = 20 (5 x 4)

I/Y (Interest per year) = 12%

PV (Present Value) = $11,400

PMT (Periodic Payment) = 0

Results

Future Value = $20,589.67

Total Interest $9,189.6

Elaine:

N (# of periods) = 10 (5 x 2)

I/Y (Interest per year) = 6%

PV (Present Value) = $14,400

PMT (Periodic Payment) = 0

 

Results

Future Value = $19,352.40

Total Interest = $4,952.40

George:

N (# of periods) = 5 years

I/Y (Interest per year) = 8%

PV (Present Value) = $21,400

PMT (Periodic Payment) = 0

Results

Future Value = $31,443.62

Total Interest = $10,043.62

Kramer:

N (# of periods) = 5 years

I/Y (Interest per year) = 10%

PV (Present Value) = $17,400

PMT (Periodic Payment) = 0

 

Results

Future Value = $28,022.87

Total Interest = $10,622.87

Learn more: https://brainly.com/question/24703884

If the Fed has an interest-rate target, meaning they want to control the interest rate at a specific rate such as 4%, why will an increase in the demand for reserves lead to a rise in the money supply?

Answers

Answer:

A rise in demand for reserves will shift the demand for reserves curve to the right which will cause a rise in interest rates. The Fed will then have to act to reduce this interest rate because they would prefer that it remained at the specific rate as mentioned.

To do this they will embark on Open Market Operations aimed at increasing money supply as this will reduce interest rates by increasing the supply of reserves because it will shift the supply curve for reserves to the right. The new equilibrium will be a lower interest rate.

The relevant Open Market Operation will be the buying of bonds from the public.

According to the video, what is the main purpose of Insurance Underwriters’ work?
to protect insurance companies
to investigate insurance claims
to sell insurance policies
to advise individual investors

Answers

Answer:

A

Explanation:

just did it lol

Answer:

A. to protect insurance companies

Explanation: Just got done on edge

Determine the order in which the following budgets are generally prepared.
A. Material purchases budget select a number.
B. Sales budget select a number.
C. Budgeted income statement select a number.
D. Production budget select a number.

Answers

Answer:

The order in which the following budgets are generally prepared are as arranged below:

1. Sales budget

2. Production budget

3. Material purchases budget

4. Budgeted income statement

In an attempt to expatiate the decision above. We must observe that income statement starts with revenue. Similarly here, the budget will starts with sales. The revenue section is followed by production budget which from which various budgets like material, direct labor and overhead budget are prepared from. After the Production budget, follow the Material purchase budget, then Budgeted Income Statement

WHAT IS IT?
1.it can be use as thickening agent or as a weak glue
3.a food spread made from dry roasted peanuts

Answers

Answer:

I believe its Peanut Butter.

According to the rational-actor model, as the benefits of an activity rise a. we should observe fewer people undertaking the activity, because when benefits rise, costs usually rise by more. b. we should observe more people undertaking the activity. c. it is hard to predict how people will react, because some people are often irrational. d. the costs will rise too. e. none of the above

Answers

Answer: b.we should observe more people undertaking the activity

Explanation:

The rational actor model follows the theory of rational choice which believes that the behavior of individual actors make up the social behavior on the society and that the individual actors are all making their own individual decisions.

It should be noted that when there's an increase in the benefits of an activity, this will lead to more people enjoying the benefit as there will be more players.

Therefore, the correct option is B

Zara collects massive amounts of data on its SKUs, orders, sales patterns, store inventories, and other variables. This information is stored in a(n)

Answers

Answer: D. data warehouse.

Explanation:

A Data warehouse is to data what money is to banks. Here, the data that a company has gathered from its many sources will be stored for easier access.

This data can then be analysed and reported sometimes with relation to one another in such a way that detailed reports are created and better decisions made.

Zara is most likely using a data warehouse to store the massive amounts of data collected from all the listed sources.

QUESTION 22 In a competitive market, A. no single buyer or seller can influence the price of the product. B. there are only a small number of sellers. C. the goods offered by the different sellers are unique. D. accounting profit is driven to zero as firms freely enter and exit the market.

Answers

Answer:

A

Explanation:

In a competitive market there are no single buyer or seller that can influence the price of the product.

Such a market has numerous producers who compete with each other to provide goods and services. Not one producer can influence the market prices by increasing his output or by decreasing it.

Same goes for the consumer. One consumer can not influence the prices either.

When dealing with tangible products, consistency is usually measured in terms of:_____.
A. Features.
B. Attributes.
C. Systems.
D. Defects.

Answers

Answer:

D. Defects

Explanation:

In order to meet the unending needs and wants of consumers, to satisfactorily provide products that meets their requirements, tastes or preferences various manufacturing companies use five (5) main methods of production, and these are; labour-intensive production, mass production, batch production, capital-intensive production and job production.

Generally in Economics, the question of how goods are produced, determines how resources are combined in the production of goods.

This ultimately implies that, before a manufacturer produce its goods it determines the amount of resources that are available. These resources that are to be combined for the purpose of production of goods are entrepreneur, land, labor, and capital, which are generally referred to as the four (4) factors of production.

A tangible product refers to any product that can be physically touched by the end users or consumers such as electronic gadgets, bread, furniture, cooking utensils, etc.

When dealing with tangible products, consistency is usually measured in terms of defects. Any goods (products) manufactured by a company that is consistently devoid of defects such as broken parts or missing parts is generally considered to be of high quality and as such consumers would feel safe to use or buy such tangible products at all times.

The interest yields on U.S. Treasury securities in early 2009 fell to very low levels as a result of the combined events surrounding the global financial crisis. Calculate the simple and annualized yields for the​ 3-month and​ 6-month Tresury bills auctioned on March​ 9, 2009, listed here.

3-Months T-bills 6- Months T- bills
Treasury bill, face value $10,000 $10,000
Price at sale 9993.93 9976.74
Discount 6.07 23.07

Answers

Answer and Explanation:

The computation is shown below:

For three months

Simple yield is

= Discount ÷ Price at sale

= 6.07 ÷ 9993.93

= 0.0607%

And, the annualized yield is

= 0.0607% ÷ 3 × 12

= 0.2428%

For 6 months

= Discount ÷ Price at sale

= 23.07 ÷ 9976.74

= 0.2312%

And, the annualized yield is

= 0.2312% ÷ 6 × 12

= 0.4625%

Select the benefits of mentoring goal process PLS HELP ASAP

Answers

Answer:

Mentoring relationships can result in the following:

Increased knowledge transfer.

Job satisfaction.

Smart succession planning.

Development of leadership skills.

Motivation for professional development and accountability.

Achievement of goals and objectives.

Stronger internal networks.

Increased teamwork.

Explanation:

Why does the adoption of new technology tend to increase supply?

Answers

Answer:

New technology allows firms to produce at a lower cost. As a result, as firms adopt a new technology, their cost curves shift downward. Market supply increases, and the market supply curve shifts rightward. With a given demand, the quantity produced increases and the price falls.

Who owns the factors of production in a planned economy?
A.
Individuals
B.
Nobody
C.
The church
D.
The government

Answers

Answer:

A. Individuals

Answer:

D.

Explanation:

Under a command economy, governments own the factors of production. This is also sometimes referred to as a planned economy. (I like to call it a command economy, but it's the same thing.)

1.Provide definitions of throughput, inventory and operational expense given in The Goal. How do they compare with traditional definitions

Answers

Answer:

The Goal:

This involves increasing net profit and as this is done, return on investment is increased and cash flow is also increased.

Throughput can be defined as the rate by which money is being generated by the system through sales.

Inventory is all amount of money that is currently in the system. It is all the amount of money that has been invested in buying things which the system has intentions of selling.

Operational expense is all amount of money that has been spent by the system in trying to turn inventory into throughput.

Compared to traditional definitions they are almost basically with the same meaning.

What is the competitive position of Emirates in the industry and how does this position influence the competitive forces it faces

Answers

Answer:

Emirates Airline is considered a major airline in the Middle East. It operates approximately 2,200 flights weekly across Dubai and the United Arab Emirates (Doganis, 2002). Its headquarters are conveniently located in Dubai where most of it flights are coordinated. Emirates Airline is also known to operate one of the longest flights in the world. Emirates Airline is part of the Emirates Group. The airline is owned by the Dubai government, one of the countries within the United Arab Emirates group. The Emirates Airline was established in 1985 following the collapse of the Gulf Air.

The year-end financial statements of Rally Company for the current year, report total revenues of $19,829 million, accounts receivable of $1,272 million at the current year-end, and $1,19 million for the prior year-end. The company's accounts receivable turnover for the year is:_______.
a. 18.3 times.
b. 18.9 times.
c. 19.5 times.
d. 20.0 times.
e. none of these are correct.

Answers

Answer:

16.1 times

Explanation:

Calculation for the company's accounts receivable turnover for the year

Using this formula

Accounts Recievable Turnover = Total Revenues/Average accounts receivables

Let plug in the formula

Accounts Receivable Turnover = $19,829/[($1,272+$1,198)/2]

Accounts Receivable Turnover =$19,829/$1,235

Accounts Receivable Turnover = 16.1 times

Therefore The company's accounts receivable turnover for the year is: 16.1 times

In 2019, Waterway Industries sold 3000 units at $250 each. Variable expenses were $165 per unit, and fixed expenses were $780000. The same variable expenses per unit and fixed expenses are expected for 2020. If Waterway cuts selling price by 4%, what is Waterway's break-even point in units for 2020?
a) 9559
b) 9176.
c) 10000.
d) 10400.

Answers

Answer:

d) 10400.

Explanation:

The computation of the break even point in units is shown below:

Break even point in units is

= Fixed cost ÷ contribution margin per unit

= $780,000 ÷ ($250 × 96% - $165)

= $780,000 ÷ ($240 - $165)

= $780,000 ÷ $75

= 10,400 units

hence, the correct option is d. 10,400 units

We simply applied the above formula so that the correct value could come

And, the same is to be considered  

One of the draw backs of the profitablity index as a criteria for judging whether to accept a capital investment project is that:_______

Answers

Answer:

It might lead to over-optimistic projections

Explanation:

In simple words, the problem with using profitability index as the index criteria lies with the procedure of estimating it. In order to consider the business situation, the organisational finance group requires to settle with the corporation supervisors.

Leadership may be too enthusiastic about their assignment, so forecasts for cash flow may be too substantial. Consequently, in predicting the profitability index, there may be an uptrend prejudice.

Question Mode Multiple Choice Question Preferred stockholders: Multiple choice question. have the right to receive dividends only if there are enough dividends to pay the common stockholders too. must receive dividends every year. must receive more dividends per share than the common stockholders. have the right to receive dividends only in the years the board of directors declares dividends.

Answers

Answer:

d. have the right to receive dividends only in the years the board of directors declares dividends.

Explanation:

Preferred shareholders have the right to receive dividends in the priority to the common shareholders of the company unit. In other words, if there is sufficient funds with the company to declare dividends both to preferred and common shareholders, then in that case, preferred shareholders will be entitled the right to receive dividends first, and remaining amount will be distributed to common shareholders. Only that, they have this right only when the board of directors declares dividends.

How can parties that have unequal bargaining power negotiate meaningfully,
without one party taking advantage of the other?

Answers

Answer:

Through Collaborative bargaining

Explanation:

Parties that have an unequal bargaining power can negotiate meaningfully, without one party taking advantage of the other through the method known as collaborative bargaining. In collaborative bargaining, both the involved parties listen to each other’s claims and issues and then collaborate to come to a consensus. There is transparency in the overall bargaining process and hence there is very less probability that one party is taking advantage of the other party.

Kitchel told Parker that he needed a couple of weeks to think about his proposal. How should Parker handle this

Answers

Answer: Parker should close the deal quickly

Explanation:

Giving Kitchel so much time to go over the proposal is not ideal because in that time events could happen that would ensure Kitchel stayed with their current supplier such as the current supplier finding out and offering better terms thereby enticing Kitchel to stay.

It is imperative therefore that Parker close the deal as quickly as possible. He can do this by offering time conscious incentives that require that Kitchel order fast, he could even go meet Kitchel in person and press his claim and even hit hard at the weakness of Richmond's current supplier by stating that he would deliver things ahead of schedule.

1. Why do you think that there’s a huge gap in theory (what we know we should do) and practice (what we’re actually doing) of leadership development?

2. What are some reasons that companies might not be addressing Gen Y leadership development programs?

Answers

Answer:

1. Theories are based on assumptions.  It is practice that verifies the underlying assumptions behind every theory, using real-life experiences.   If theories are not put to use, they remain theories with untested assumptions.

2. The current leadership does not understand the millennials.  The millennials are operating with tools that look too sophisticated for the current leadership.  There is much confusion between what the Gen Y millennials want to achieve and the expected achievement targets being set by the current leadership. Leadership development programs for the Gen Y can only be implemented when misunderstanding is removed.

Explanation:

Leadership development includes all the processes that expand the capacities of individuals to perform in leadership positions by facilitating the execution of a company's strategy, building alignments, and winning mindsets while growing the capabilities of others to succeed the current leaders.

There is a more gap between the theory and the practice because the theories are totally based on the assumptions whereas the practice is fully depending on the theory.

Why there is a gap between theory and practice?

(1).

There is a huge gap in theory and practice in the leadership style  because the theories are established or fully founded on assumptions.  

But in the practice, it confirms the implicit premises or assumptions behind every theory by using real experiences of life.

Its theories are not taken place, then the practice is also not works.

(2).

The cutting-edge management does now no longer recognize the time period.  

The time period is run away with power train, that visual aspect too state-of-the-art for the cutting-edge management.

Leadership improvement packages for the Gen Y can handiest be carried out whilst false impression is removed.

There is a lot of confusion among what the Gen Y millennials need to accomplish, and the expected fulfillment targets being set through the cutting-edge management.

Therefore, there are the difference between the theory and practice.

Learn more about leadership, refer to:

https://brainly.com/question/7177953

Suppose the interest rate on your car loan is 19.00% and the inflation rate is 18.00%. Calculate the real interest rate

Answers

Answer:

1%

Explanation:

The real interest rate is the interest rate adjusted for inflation. It is the rate after accounting for inflation. The real interest rate is the difference between the inflation rate from the quoted(nominal )interest rate.

real interest rate = quoted interest rate - inflation rate

=19% - 18%

=1%

Companies seeking good PR may host a(n) _____ to highlight new hires, new facilities, or community service projects. Group of answer choices

Answers

Answer:

press conference

Explanation:

press conference which is an interview by journalist to a company or particular personel bto answer some questions on some of their products is essential in business.

It should be noted that Companies seeking good PR may host a press conference to highlight new hires, new facilities, or community service projects.

You purchase a $325,000 town home and you pay 25% down. You obtain a 30-year fixed-rate mortgage with an annual interest rate of 5.75%. After 5 years you refinance the mortgage for 25 years at a 5.1% annual interest rate. After you refinance, what is the new monthly payment (to the nearest dollar)?
A. $1,422
B. $1,401
C. $1,366
D. $1,335
E. $1,296

Answers

Answer:

Option D ($1335) is the right answer.

Explanation:

Step 1:

[tex]PV=325000\times (1-25 \ percent)\\[/tex]

[tex]N=30\times 12\\[/tex]

[tex]\frac{I}{Y} =\frac{5.75 \ percent}{12} \\[/tex]

[tex]FV=0\\[/tex]

[tex]CPT \ PMT=$1,422.46\\[/tex]

Step 2:

[tex]PMT=1422.46[/tex]

[tex]PV=-325000\timse (1-25 \ percent)[/tex]

[tex]\frac{I}{Y} =\frac{5.75 \ percent}{12}[/tex]

[tex]N=12\times 5[/tex]

[tex]CPT \ FV=$226,107.75[/tex]

Step 3:

[tex]PV=-226107.75[/tex]

[tex]\frac{I}{Y} =\frac{5.1 \ percent}{12}[/tex]

[tex]N=12\times 25[/tex]

[tex]FV=0[/tex]

[tex]CPT \ PMT=$1,335.01[/tex]

The other options offered aren't really relevant to the scenario presented. So, the solution here is just the right one.

International trade specialists that buy goods at a discount from a small businesses and resell them abroad are called

A. commission house brokers

B. exporting trade companies

C. business trade unions

D. domestic channel companies

Answers

Answer: B. exporting trade companies

Explanation:

Trade unions are the organisations that are out in place so as to protect the interest of workers. They negotiate for better wages and salaries, provide job security, and seek better working conditions for their workers.

Export trading company is simply referred to as an independent company that helps in the provision of support services to the companies that are involved in the exportation of goods and services.

Commission house brokers is simply an individual who helps in representing people who have properties.

Therefore, the answer is exporting trade companies.

The Aggie Company has EBIT of $50,000 and market value debt of $100,000 outstanding with a 9% coupon rate. The cost of equity for an all equity firm would be 14%. Aggie has a 35% corporate tax rate. Investors face a 20% tax rate on debt receipts and a 15% rate on equity. Determine the value of Aggie.
A) $120,000
B) $162,948
C) $258,537
D) $263,080
E) $332,143

Answers

Answer:

D) $263,080

Explanation:

Calculation to Determine the value

First step is to calculate the Unlevered firm amount

Unlevered firm = [$50,000 (.65)]/ .14

Unlevered firm= $232,142.86

Second Step is to calculate leverage tax shield value using this formula

Leverage tax shield value = [1 - ((1 - .35)(1 - .15)/1 - .20))]*$100,000

Leverage tax shield value = $30,937.50

Last step is to calculate the value

Using this formula

Total value=Unlevered firm+Leverage tax shield value

Let plug in the formula

Total Value = $232,142.86 + $30,937.50

Total Value = $263,080

Therefore the value will be $263,080

The following information is available for Silver Company for the three months ended March 31, 2019:

Merchandise inventory, January 1,
2013 $900,000
Purchases 34,00,000
Freight-in 2,00,000
Sales 48,00,000

The gross margin recorded was 25% of sales. What should be the merchandise inventory at March 31, 2019?

a. $700,000
b. $1,125,000
c. $900,000
d. $1,200,000

Answers

Answer:

c. $900,000

Explanation:

The ending inventory is calculated as;

Beginning inventory

$900,000

Add: Purchases

$3,400,000

Add: Freight in

$200,000

Total purchase Balance

$3,600,000

Cost of goods available

$4,500,000

Less: Cost of (goods estimated)

($3,600,000)

Ending inventory

$900,000

Therefore, the merchandise inventory at March 31, 2019 is $900,000

You borrow $10,000 today at a nominal rate of 5%; inflation for the past 10 years has been exactly 2%. Today, inflation instantly rises to 7% and stays that way for the duration of your loan. Based on the above information, ceteris paribus (all else equal), today: Group of answer choices

Answers

Here is the answer choice to the question

a. the real rate of interest on your loan is 14%.

b. the real rate of interest on your loan was previously 10% and is now 35%.

c. the real rate of interest on your loan is now –2%.

d. you will pay the lender back exactly $9,500.

e. you will pay the lender back exactly $10,700

Answer:

C. the real interest rate on your loan is now -2%

Explanation:

The real interest rate of can be gotten by subtracting the nominal interest rate from the inflation rate from nominal interest rate

Inflation rate = 7%

Nominal interest rate= 5%

= 5 percent - 7 percent

= -2%

The real interest rate can be defined as the rate of interest an investor, saver or lender is going to receive after they have allowed for inflation.

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