Cake Mart understated its ending inventory in the current year by $5,000. The company incorrectly reported net income of $100,000. Determine the effect this error had on the financial statements. Multiple choice question. Cost of goods sold was too low by $5,000, which caused net income to be overstated. Cost of goods sold will be too high by $5,000, and this caused net income to be understated by $5,000. Total assets on the balance sheet will be too high by $5,000. Cost of goods sold will be too high by $5,000, and this caused net income to be overstated by $5,000.
Answers: 3
Business, 22.06.2019 03:20
Yael decides that she no longer enjoys her job, and she quits to open a gluten-free, dairy-free kosher bakery. she pays a monthly rent for her store of $2,000. her labor costs for one month are $4,500, and she spends $6,000 a month on nut flours, sugar, and other supplies. yael was earning $2,500 a month working as a bank teller. these are her only costs. her monthly revenue is $14,000. which of the following statements about yael’s costs and profit are correct? correct answer(s) an accountant would say she is earning a monthly profit of $1,500. her implicit costs are $2,500 a month. an economist would tell her that she is experiencing a loss. her total costs are $12,500 a month. her explicit costs include the labor, rent, and supplies for her store. her economic profit is $1,500 a month.
Answers: 3
Business, 22.06.2019 19:00
Question 55 ted, a supervisor for jack's pool supplies, was accused of stealing pool supplies and selling them to friends and relatives at reduced prices. given ted's earlier track record, he was not fired immediately. the authorities decided to give him an administrative leave, without pay, until the investigation was complete. in view of the given information, it would be most appropriate to say that ted was: demoted. discharged. suspended. dismissed.
Answers: 2
Business, 23.06.2019 02:00
Which type of unemployment would increase if workers lost their jobs because their positions were replaced by an automated process? a) cyclical b) frictional c) international d) structural
Answers: 1
Business, 23.06.2019 07:00
Select all of the tools you could use to track your expenses. -budget software -spreadsheet -mint© -automatic bill payment -mvelopes®
Answers: 2
Cake Mart understated its ending inventory in the current year by $5,000. The company incorrectly re...
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