Business, 12.11.2019 21:31 shifaxoxoxo

In taking a physical inventory at the end of year 2017, grant company forgot to count certain units. indicate how this error affects the following: (a) 2017 cost of goods sold. overstates 2017 cost of goods sold. understates 2017 cost of goods sold. none of the above. (b) 2017 gross profit. understates 2017 gross profit. overstates 2017 gross profit. none of the above. (c) 2017 net income. understates 2017 net income. overstates 2017 net income. none of the above. (d) 2018 net income. understates 2018 net income. overstates 2018 net income. none of the above. (e) the combined two-year income. the understated 2017 net income and the overstated 2018 net income combine to yield a correct total income for the two-year period. the understated 2018 net income and the overstated 2017 net income combine to yield a correct total income for the two-year period. (f) income for years after 2018. the 2017 error will affect years after 2018. the 2017 error will not affect years after 2018.

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 05:50

1. all other things equal, according to the law of demand, when the price of a good falls, the demand for the good falls the demand for the good rises the quantity demanded of the good falls the quantity demanded of the good rises 2. when a market is in equilibrium, the quantity of the good that buyers are willing and able to buy exactly equals the quantity that sellers are willing and able to sell cannot be determined is less than the quantity that sellers are willing and able to sell is greater than the quantity that sellers are willing and able to sell 3. which of the following factors does not influence the demand for a good or service? consumer (buyer) income the price of related goods the number of sellers buyer expectations 4. when the number of sellers in a market increases, demand rises supply rises the price rises, all else equal the number of buyers falls

Answers: 1

Answer

Business, 22.06.2019 12:30

True or false entrepreneurs try to meet the needs of the marketplace by supplying a service or product

Answers: 1

Answer

Business, 22.06.2019 20:10

Russell's is considering purchasing $697,400 of equipment for a four-year project. the equipment falls in the five-year macrs class with annual percentages of .2, .32, .192, .1152, .1152, and .0576 for years 1 to 6, respectively. at the end of the project the equipment can be sold for an estimated $135,000. the required return is 13.2 percent and the tax rate is 23 percent. what is the amount of the aftertax salvage value of the equipment assuming no bonus depreciation is taken

Answers: 2

Answer

Business, 23.06.2019 00:00

Both a demand curve and a demand schedule show how a. prices affect consumer demand. b. consumer demand affects income. c. prices affect complementary goods. d. consumer demand affects substitute goods.

Answers: 2

Answer

You know the right answer?

In taking a physical inventory at the end of year 2017, grant company forgot to count certain units....

Questions