Sparky's incorrectly included inventory that was on consignment in its ending inventory count. Consequently, the ending inventory was overstated on the balance sheet. Explain how this error will affect this year's income statement. (Check all that apply.)

Answers

Answer 1

Answer:

Net Income will be Overvalued.

Explanation:

If closing inventory is overvalued, the cost of sales figure will be undervalued, consequently the gross profit and the net income for the year will  be overvalued.


Related Questions

Which is an advantage of the sole proprietorship and partnership business models?

Answers

Explanation:

Advantage is profit easy to earn money etc

A new client of the member firm has just opened a margin account. After account approval, the client's initial trade is an order to purchase 100 shares of LMN common stock at $25. With Regulation T at 50%, in order to be in compliance with all regulations, the client would need to deposit:___________

Answers

Answer:

$2,000

Explanation:

Data provided in the question

Number of shares purchased = 100 shares

Price of common stock = $25

Given percentage = 50%

Based on the above information, there is no borrowing taken place in a margin account because there is a minimum requirement to maintain $2,000 in equity and when the purchase is made lower than $2,000 so it is important to pay the amount in full and the deposits are important when it is made more than $2,000 in the case when the trade is more than $4,000

In which situation would saving a Word document as a PDF be most useful?
when checking for accessibility issues
O when allowing users to make changes to a document
when users who want to view a document do not have Word
O when sending a document to a person who has no access to browsers

Answers

Answer:

its "when users who want to view a document do not have word"

Explanation:

c

Answer: C

Explanation:

Jamir has decided that he needs a new car. He has found the model and color he wants for a purchase price of $25,838.

To buy the car, he must put 10 percent down, and his loan is for five years with an interest rate of 4.4 percent. His payments are $432.46.

To lease the car, he can sign a three-year contract with payments of $290. He needs to provide $1,500 up front to pay initial fees and his first month's payment. His annual mileage cannot exceed 15,000 miles.

Jamir’s new job is 25 miles away from his home. What is the most important thing he needs to consider before agrees to a lease?

Answers

Answer:

he will do more than 15,000 miles a year

Explanation:

Answer:

b) He will have to come up with a bigger down payment. c) His monthly payments will be higher.

Explanation:

can't see my options but got a question like this on edge.

Which of the following damages would be covered under the Liability Coverage of the Personal Auto policy? A Damage to a neighbor's riding lawn mower in the care of the insured B Damage to a rental car rented to the insured C Damage to property being transported by the insured D Damage caused to a rented garage by the insured auto

Answers

Answer: Damage caused to a rented garage by the insured auto

Explanation:

Personal Auto insurance policy is a policy that's is bought by vehicle owners in order to mitigate the costs which results from one getting in an accident with the vehicle.

Under the Liability Coverage of the Personal Auto policy, the damage that would be covered will be damage caused to a rented garage by the insured auto.

When labor productivity increases over time, generally A) it is due to increases in the number of workers B) So do average wages C) It results in higher For prices for goods and services .

Answers

Answer:

The answer is B.

Explanation:

Labour productivity is given as output per unit of labour input.

When output increases in an industry, ceteris paribus, the industry may have to lower prices in order to sell that increase. When output increases(labor productivity increases), workers will demand for higher wages. This is so because the efficiency of the workers has improved and there is need for compensation.

A new real estate professional is getting to know licensees at his new firm, Tremont Homes. One licensee tells him there's an unwritten agreement with a neighboring firm that Tremont serves the mid-town area, and everyone who has prospective clients in that area refer their leads to Tremont. What's this an example of

Answers

Answer:

Market allocation.

Explanation:

Market allocation refers to a form of horizontal trade arrangement in which various competitors decide to limit their respective business practices to particular aspects such as particular territories, specified products, particular regional zones, and specific set of customers. Therefore, market allocation provides competitors the opportunity to establish large channels of local monopolies. As per the question, Tremont establish monopoly in that area and it unfairly limits the options of customers.

Oucation 6 of 25
The need to get goods from producera to consumers raimes which of the
following bowie queations?
O A. How are goods and services to be distributed?
O B. What is to be produced?
O C. How is production to be organized?
O D. What is the most effective allocation?

Answers

Answer:

A. How are goods and services to be distributed?

Explanation:

After the manufacturing of the goods, the process of distribution proceeds. In this process, the goods and services produced are distributed from the producers to the consumers. Transportation, packaging, storage, and advertising are some of the processes that lie between the production and distribution of the products.

According to the given options, the basic question to be asked related to the distribution of the produced goods is option A. All the other three questions belongs to the production stage.

Answer:

How are goods and services to be distributed?

Explanation:

took the test

Corporate parenting generates corporate strategy by focusing on:_____.
a) differentiating its activities into separate units and integrating these activities through complex integrating mechanisms.
b) the cash flow among its business units.
c) the core competencies of the parent corporation and on the value created from the relationship between the parent and its units.
d) whether a business unit should be growing, stabilizing, or retrenching.
e) acquiring distinctive competencies in the marketplace.

Answers

Answer: c) the core competencies of the parent corporation and on the value created from the relationship between the parent and its units.

Explanation:

a. The factor distribution of income describes the relationship between
1. factor ownership and total income.
2. technology and total income.
3. capital and total income.
b. The factor market and factor prices play an essential part in the
1. allocation of income.
2. allocation of resources.
3. distribution of goods and services.
4. allocation of finance.

Answers

Answer:

a. The factor distribution of income describes the relationship between

3. capital and total income

b. The factor market and factor prices

1. allocation of income.

Explanation:

In economics, income distribution is defined as how a nation's total GDP is distributed amongst its population. On the other-hand, The factor distribution of income is the division of total income among labor, land, and capital. Factor prices, which are set in factor markets, helps in the  determination of the factor distribution of income.

Suppose Gina and Henry play two rounds of the ultimatum game. In the first round they play for $10; in the second round they play for $1,000. In the first round Gina suggests an 80/20 split ($8 to Gina, $2 to Henry), but Henry quickly rejects the offer as unfair. Assuming Gina is interested in gaining financially from the experience and that she understands behavioral economics, we would expect her to

Answers

Answer:

C. offer a more unequal split ($900/$100) in order to gain more for herself and figuring Henry will accept the split because $100 is better than nothing.

Explanation:

Since in the question it is mentioned that the first round play $10 then for second it would be $1,000. Split ratio is 80 by 20 but the same is rejected by Henry

For understanding the behavioral economics, i.e decision making effects  she should offer more unequal split i.e $900 by $100 so that she gain more as compared to Henry and at the same time Henry accept the $100 thinking that it is better than nothing

Hence, the correct option is c.

what is buisness studies​

Answers

Answer:

This is an academic subject taught in schools and at high college levels.

Explanation:

Its studies combines elements of finance, marketing,e.t.c.

Hope this helps you.

I also do this.

For retirement, identifying which of the following most correlates with generating income for retirement? A. Tangible assets B. Debt C. Insurance D. Cash flow

Answers

Answer:

it should be A

Explanation:

it generating income for retirement

A sole proprietorship: Multiple Choice involves significant legal costs during the formation process. has its profits taxed as personal income. provides limited financial liability for its owner. can generally raise significant capital from non-owner sources. has an unlimited life.

Answers

Answer:

has its profits taxed as personal income.

Explanation:

Some of the advantages of sole proprietorships are that they do not require expensive legal costs in order to establish them, but their two main disadvantages are that it is more difficult to raise additional funds and the owner (sole proprietor) has unlimited liability against any obligation resulting from the business. They also have a limited life, since they cease to exist if the owner dies.

As Bart Brownlee approached retirement, he decided the time had come to invest some of his nest egg in a conservative fund. He chose the Franklin Utilities Fund. If he invests $30,000 and the fund charges a load of 4.25 percent when shares are purchased, what is the amount of commission (load) Bart must pay?

Answers

Answer:

$1,275

Explanation:

The computation of the amount of commission for paying is shown below:

= Invested amount × fund charges a load percentage

= $30,000 × 4.25%

= $1,275

By multiplying the invested amount with the fund charges a load percentage we can easily calculate the amount of commission and the same is to be considered

Simkin Corporation keeps careful track of the time required to fill orders. Data concerning a particular order appear below: Hours Wait time 22.4 Process time 7.3 Inspection time 1.9 Move time 4.5 Queue time 6.6 The manufacturing cycle efficiency (MCE) was closest to:

Answers

Answer: 0.36

Explanation:

Given the following information :

Hours Wait time = 22.4

Process time = 7.3

Inspection time = 1.9

Move time = 4.5

Queue time = 6.6

The Manufacturing Cycle Efficiency (MCE) equals:

The ratio of the process time and the throughput time

The throughput time (Manufacturing cycle) regers to the duration of time required to manufacture a particular product.

It is usually the sum of the process, inspection, move and queue time.

Therefore, throughput time equals ;

(process + inspection + move + queue) time.

(7.3 + 1.9 + 4.5 + 6.6) = 20.3

MCE = PROCESS TIME / THROUGHPUT TIME

MCE = 7.3 / 20.3 = 0.3596 = 0.36

Suppose that kyle and lisa are both in the public eye. they get offers to sell secrets of the other to tabloids. if both keep the secrets, they are both better off than if they get exposed. if only one is exposed, the other person is better off than if no one was exposed. thier payoffs from each option are given in the payoff matrix below.

Answers

Answer:

Give us more

Explanation:

No payoff matrix included, and no question present.

If I was gonna be a business person what would I be and why?

Answers

Answer:

peter druker and write about him and the stuff he did write that he is the person u look up for

Cai Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year. Raw Materials Bal. 1/1 17,000 Credits ? Debits 97,000 Bal. 12/31 30,000 Work In Process Bal. 1/1 19,000 Credits 506,000 Direct materials 74,000 Direct labor 13,000 Overhead applied 257,000 Bal. 12/31 ? The cost of indirect materials requisitioned for use in production during the year was:

Answers

Answer:

The cost of indirect materials requisitioned for use in production is $10,000

Explanation:

Direct Material used  = Opening Raw Material inventory + purchases - Closing RM inventory

Direct Material used = 17000 + 97000 - 30000  

= $84,000

Out of this $84000, $74000 was Direct material in the WIP account , so therefore indirect material=  

= 84,000 - 74,000

=$10,000

Answer:

10,000

Explanation:

If average daily remittances are $6 million, and "extended disbursement float" adds two days to the disbursement schedule, how much should the firm be willing to pay for a cash management system if the firm earns 7% on excess funds

Answers

Answer:

$840,000

Explanation:

Calculation of how much should the firm be willing to pay for a cash management system

Using this formula

Annual return from cash management system = Average daily remittances × 2 days disbursement schedule× Percentage of excess funds

Let plug in the formula

Annual return from cash management system$6,000,000 × 2 days × 7%

Annual return from cash management system= $840,000

Therefore the firm be willing to pay the amount of $840,000 for thebcash management system if the firm earns 7% on excess funds.

Florida state saving bond can be converted to $1000 at maturity date of five year from purchase if the state bond are to be competitive with the USA saving bonds which pay 1% interest compounded annually at what price will the state bonds sell

Answers

Answer:

The price will the state bonds sell would be $951.46

Explanation:

In order to calculate the price will the state bonds sell we would have to make the following calculation:

price will the state bonds sell=price to be converted/(1+interest rate)∧n

According to given data we have the following:

price to be converted=can be converted to $1,000 at maturity date of five year from purchase

interest rate=1%

n=5

Therefore, price will the state bonds sell=$1,000/(1+1%)^5

price will the state bonds sell=$951.46

The price will the state bonds sell would be $951.46

PLEASE HELP ASAP! What is the impact of effective purchasing on an operation’s cash flow?

Answers

Answer:

Cost reduction; leading to profit for the company/business.

Explanation:

Remember, a cash flow is an indication or indicator of the amount of money coming into and out of a business.

Thus, effective purchasing Implies buying the right items needed for operations at the right/fair price so as to reduce the total cost of operations, which invariably leads to more Profit since there's reductions in costs.

The practice of effective purchasing leads to Cost reduction and Profit maximization on operation’s cash flow.

Effective purchasing involves the practice of evaluating available suppliers for their performance, stability and efficiency to allow patronizing the one which offers lower cost service with same quality.

Effective purchasing results to cost reduction and thus, result to increased profit because the right items needed for operations at gotten at the fair price

Therefore, the practice of effective purchasing leads to Cost reduction and Profit maximization on operation’s cash flow.

Learn more about Effective purchasing here

brainly.com/question/19785132

Carly's Classic Limo Service sold one of its automobiles for $19,000. The car was an antique car that Carly used to promote the business. The car had an original cost of $13,000 with $11,000 in accumulated depreciation. The recognized gain on the sale was $

Answers

Answer:

$17,000

Explanation:

The reason is that the recognized gain is the difference between the Carrying Value and the Sale Value of the asset.

Here

Carrying value of asset = $13,000 Cost    -  $11,000 Accumulated Depreciation

Carrying value of asset = $2,000

Sale Value is $19,000

Recognized Gain = $19,000 Sale Value     -    Carrying Value $2,000

Recognized Gain = $17,000

The project team member also referred to as the customer representative and responsible for defining the customer requirements and product features and for ensuring that the development team delivers an end product with the required features is the

Answers

Answer:

Product Owner (PO)

Explanation:

The Product owner is the one who knows what product features actually the customer is demanding from them. His opinion will have significant impact on the product formation as he will be acting as a customer agent. The product owner is a representative of the customer and helps the development team to develop a product of customer choice.

Angina, Inc., has 5 million shares outstanding. The firm is considering issuing an additional 1 million shares. After selling these shares at their $20 per share offering price and netting 95% of the sale proceeds, the firm is obligated by an earlier agreement to sell an additional 250,000 shares at 90% of the offering price. In total, how much cash will the firm net from these stock sales?

Answers

Answer:

$23,500,000

Explanation:

Angina Inc. has an outstanding of 5 million shares

The company is considering issuing an additional 1 million shares at $20 per share offering price and 95% of the proceeds gotten from the sale

An earlier agreement obligated the firm to sell an additional 250,000 shares at 90% of the offering price

The first step is to calculate the net proceeds for the shares sold

Net proceeds= Number of shares sold×price per share×percentage of sales proceed

The net proceeds for 1,000,000 shares can be calculated as follows

= 1,000,000×95/100×$20

= 1,000,000×0.95×$20

= $19,000,000

The net proceeds for 250,000 shares can be calculated as follows

= 250,000×90/100×$20

= 250,000×0.9×$20

= $4,500,000

Therefore, the total proceeds can be calculated as follows

= $19,000,000+$4,500,000

= $23,500,000

Hence the firm will realize a total cash of $23,500,000 from the stock sale.

Harry deposits $2400 in an account that pays 7% simple interest and $3500 in a second account that has a higher interest rate but is more risky. What interest rate must he get on the second account in order to earn at least $800 in interest for one year?

Answers

Answer:

18.0571%

Explanation:

Simple interest = principal x time x year

simple interest on the first investment = $2400  x 0,07 x 1 = $168

in order to earn at least $800 , he must earn $800 - $168 = $632 in the second investment

$632 = $3500 x r x 1

r = $632 / $3500 = 0,180571 = 18.0571%

Nora is applying for a student loan to attend college. What is true? A) Her lender takes less risk with this type of loan. B) There is no collateral needed for this secured loan. C) The APR will be lower the first month of the loan. D) A higher interest may be associated with this unsecured loan. Help QUICK!!!

Answers

Answer:

D) A higher interest may be associated with this unsecured loan.

Explanation:

The secured loan is the loan in which collateral property is pledged while on the other hand the unsecured loan is the loan in which no collateral property is pledged

As in the given situation, the unsecured loan is higher riskier as compared with the unsecured loan. Moreover, in the unsecured loan the interest rate is high and it required high credit scores

Therefore the option D is most appropriate and fits to the current scenario

Niko is a member of a five-person community action team to address natural resource issues in his region. He notices that every time the team meets, members do not listen respectfully to each other. According to Hill’s model of team leadership Niko should ______.

Answers

Answer: Step up into a leadership role and use coaching behaviors to address internal relations

Explanation:

Taking responsibility is most timethe only way to resolve a problem in a group or society. One of the ways to go about this is having an undying passion that ensures that until the problem is resolved you won't take a break because the task in most of these sort of scenario could be frustrating and make the one who take up the task give up easily but once there's passion then the individual can rise to the occasion to ensure that things are done rightly through coaching method to meet their goal.

If a small business fails to repay a bank loan, what will the lending institution do to recover its loss?

Answers

Answer:

The bank sues the company for not paying the loan

Explanation:

When the small business fails to repay the loan to the bank, the bank sues the company in the credit bureau. The court then may declare the company bankrupt or the assets of the business can be liquidated to repay the creditor's loan. The defaults and unable to repay the loan affects the person's credit score severely, if the business is sole proprietorship. If the business is declared bankrupt then all of the business assets are liquidated and the money is paid to the lenders.

The selling of Busch Entertainment, a theme park unit that owns SeaWorld, by Belgium-based AB InBev after the acquisition of Anheuser-Busch by InBev to ensure a focus on AB InBev’s core business, is an example of Multiple Choice a principal–agent problem. taper integration. restructuring. a diversification premium. franchising.

Answers

Answer:

The right answer is "Restructuring ".

Explanation:

Restructuring seems to be a process during which a firm keeps changing its organization's strategy as well as its path. Most restructuring procedures demonstrate laying off workers. The enterprise can fire workers, remove divisions, or shutter almost all of its stores nationwide.

So that the given instance would be an example of "Restructuring".

Other Questions
sodium chloride is called an electrovalent compound where as carbon dioxide is called covalent compound why One of the main differences between human relations and the behavioral sciences is that:The behavioral sciences are oriented more toward application than is the field of human relations. Analysis of income statements,balance sheet and,aditional information from the accounting records of Gatdgets.Inc., reveals the following items1. Purchase of a patent. 2. Depreciation expense. 3. Decrease in accounts receivable. 4. Issuance of a note payable. 5. Increase in inventory. 6. Collection of notes receivable. 7. Purchase of equipment. 8. Exchange of long-term assets. 9. Decrease in accounts payable. 10. Payment of dividends.Required:Indicate in which section of the statement of the cash flows each of these items would be reported:operating activities,or a separate non cash activities note. What is the initial investment outlay for the spectrometer, that is, what is the Year 0 project cash flow Gabe can wrap 1 2/3 presents in 1/3 hour. how many presents can Gabe wrap per hour? How many carbon atoms are represented by the model belowA) 0B) 3C) 2D) 1 A chemist dissolves 867. mg of pure barium hydroxide in enough water to make up 170. mL of solution. Calculate the pH of the solution. (The temperature of the solution is 25 degree C.) Be sure your answer has the correct number of significant digits. Identify the axis of symmetry of the given quadraticy= -3x^2 - 12 Farrah, Alice ,and pia each bought between 5 and 8 feet of yarn . Farrah bought 7 pieces of yarn.Alice bought 6 pieces of yarn pia bought 9 pieces of yarn the lengths of yarn are given below drag yarn to the box below each persons name to show what they could have bought Please please help me! Here is a graph of y=7-x for values x from 0 to 7. Before beginning an experiment, Mrs. Wilson warns her science class not to drop the bar magnets on the floor. What is the most likely reason for Mrs. Wilsons warning? Throughout the play AnInspector Calls what is Priestleyhoping to achieve and why? Approximately how many Africans were introduced to the New World via the Transatlantic Trade system? Article II, Section 2 He [the president] shall have Power, by and with the Advice and Consent of the Senate, to make Treaties, provided two thirds of the Senators present concur; and he shall nominate, and by and with the Advice and Consent of the Senate, shall appoint Ambassadors, other public Ministers and Consuls, Judges of the supreme Court, and all other Officers of the United States, whose Appointments are not herein otherwise provided for, and which shall be established by Law: but the Congress may by Law vest the Appointment of such inferior Officers, as they think proper, in the President alone, in the Courts of Law, or in the Heads of Departments. Which fundamental principle of U.S. democracy does this excerpt describe? A.representative government A. representative government B.checks and balances B. checks and balances C.right to a fair trial C. right to a fair trial D.legislative powers D. legislative powers Management at a home improvement store randomly selected 95 customers and observed their shopping habits.They recorded the number of items each of the customers purchased as well as the total time the customers spent in the store. Identify the types of variables recorded by the managers of the home improvement store.a. number of items-discrete: total time-discrete b. number of items-continuous; total time-discrete c. number of items-continuous; total time-continuous d. number of items-discrete; total time-continuous Using a sheet of graph paper, solve the following system of equations graphically. Be sure to show any work, use a straight edge, and be neat. When you are finished, enter the solution set in the box below and turn in your graph paper to your teacher. Which types of measurement are used to describe quantities of heat and temperature ? How would the magnetic field lines appear for a bar magnet cut at the midpoint, with the two pieces placed end to end with a space in between such that the cut edges are closest to each other? What would the general shape of the field lines look like? What would the field lines look like in between the two pieces? Sam always has eggs for breakfast. He either has boiled,poached or fried eggs.The probability that he has fried eggs is 0.65 and theprobability that he has poached eggs is 0.25.a) What is the probability that he has boiled eggs?b) Work out the probability thati)He has boiled eggs on the first day and friedeggs on the secondii) He has fried eggs both daysiii) He has boiled eggs on at least one day What are data?A. Pieces of information recorded in an experimentB. Sources that summarize a primary sourceC. Educated guesses about the outcome of an experimentD. Variables that are adjusted by the experimenterSUBNIIT