Assume the prior year ending inventory was understated by $ 50,000 . Explain how this error would affect the prior year and current year pretax income amounts. What would be the effects if the prior year ending inventory were overstated by $ 50,000 instead of understated?
Answers
f the prior year ending inventory was understated by $50,000, it means that the value of inventory at the end of the prior year was actually higher than what was initially recorded. This error would have the following effects:
Prior Year Pre-tax Income: The understatement of ending inventory would result in lower cost of goods sold (COGS) for the prior year. COGS is calculated as Opening Inventory + Purchases - Ending Inventory. Since the ending inventory was understated, the COGS would be lower, leading to higher gross profit and, consequently, higher pre-tax income for the prior year.
If the prior year ending inventory were overstated by $50,000 instead of understated, the effects would be the opposite:
Prior Year Pre-tax Income: The overstatement of ending inventory would result in higher COGS for the prior year. This would lead to lower gross profit and, consequently, lower pre-tax income for the prior year.
Current Year Pre-tax Income: The overstatement of ending inventory carries forward to the current year, resulting in a higher opening inventory. As a result, COGS for the current year would be lower, increasing the gross profit and pre-tax income for the current year.
In summary, an understatement of ending inventory in the prior year would lead to higher pre-tax income for the prior year and lower pre-tax income for the current year. Conversely, an overstatement of ending inventory in the prior year would result in lower pre-tax income for the prior year and higher pre-tax income for the current year.
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Related Questions
Which of the following is NOT a problem caused by monopolies?
Select one:
Low quality
Fewer new products
Poor customer service
More competition
Answers
Answer:
Poor customer service
Explanation:
Poor customer service
A problem that is not caused by monopolies is More competition.Thus the correct answer is D.
What is a monopoly?A monopoly refers to a situation when the market of particular goods and services is captured by a single entity or owner and restricts entry by controlling the activities.
They aim at limiting the amount produced for the market, which leads to charging more. This results in cutting back on economic welfare and consumer surplus.
As they are the single seller in the market which shows that there is no competition in the market, who challenges them. The problem of more competition is not caused by monopoly.
Therefore, Option D is appropriate.
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target your tax planning efforts toward paying your fair share of taxes while taking advantage of tax benefits appropriate to your personal and financial situation.
Answers
Concentrate your tax planning efforts on paying your fair share of taxes and obtaining tax benefits that are suitable for your financial and personal circumstances. The previous claim is accurate.
How to define tax planning.
Tax planning includes analyzing a scenario or financial strategy from a tax standpoint. The basic goal of tax planning is to ensure tax efficiency.
According to the relevant income tax brackets, everyone is required to pay taxes. Therefore, effective tax planning is crucial for them to reach their financial objectives. A person may take use of the various exclusions and deductions to reduce their tax liability.
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Services’ marketing is not as advanced as products marketing.
true or false
Answers
Answer:
false
Explanation:
2. Where does Steve Jobs’ power and influence come from?
Answers
Answer:
working with apple and creating the mac
Explanation:
which prevention level is associated with risk appraisal and risk reduction via screening?
Answers
The prevention level associated with risk appraisal and risk reduction via screening is secondary prevention. It focuses on identifying individuals at risk through risk appraisal and implementing interventions to reduce that risk and prevent the development of the disease or condition.
The prevention level that is associated with risk appraisal and risk reduction via screening is secondary prevention.
Secondary prevention aims to detect and treat a disease or condition at an early stage, before it becomes symptomatic or progresses further. It focuses on identifying individuals who are at a higher risk of developing a particular disease or condition, and intervening to reduce that risk.
Risk appraisal is an important component of secondary prevention. It involves assessing an individual's risk factors, such as age, gender, family history, lifestyle choices, and previous medical history, to determine their likelihood of developing a specific disease or condition. This can be done through various screening methods, such as questionnaires, blood tests, imaging tests, or genetic testing.
Once the risk factors are identified through risk appraisal, appropriate interventions can be implemented to reduce the risk and prevent the development of the disease. This is known as risk reduction. It can include lifestyle modifications, such as dietary changes, exercise, smoking cessation, or medication use.
Screening plays a crucial role in secondary prevention by allowing early detection and intervention. It involves the systematic examination of a population to identify individuals who are at risk or have early signs of a disease, even if they are not yet experiencing any symptoms.
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how many tines in earth does the sun intersect equartor
Answers
Answer:
два
Explanation:
United Research Associates (URA) had received a contract to produce two units of a new cruise missile guidance control. The first unit took 4,000 hours to complete and cost $40,000 in materials and equipment usage. The second took 3,600 hours and cost $32,000 in materials and equipment usage. Labor cost is charged at $20 per hour. The prime contractor has now approached URA and asked to submit a bid for the cost of producing another 20 guidance controls. Use and a. What will the last unit cost to build? (Round your answer to the nearest dollar amount.) b. What will be the average time for the 20 missile guidance controls? (Round your answer to the nearest whole number.) c. What will the average cost be for guidance control for the 20 in the contract? (Round your answer to the nearest dollar amount.)
Answers
The average cost for guidance control for the 20 in the contract is $112,000, rounded to the nearest dollar amount.
a. Calculation of last unit cost to buildThe cost of producing the first unit of the cruise missile guidance control is $40,000 and it took 4,000 hours to complete. Therefore, the labor cost for the first unit can be calculated as:
4,000 hours × $20/hour = $80,000
For the second unit, the cost was $32,000 and it took 3,600 hours to complete.
Therefore, the labor cost for the second unit can be calculated as: 3,600 hours × $20/hour = $72,000
The average cost per guidance control for the 20 units in the contract = $2,240,000/20 units = $112,000 .
Thus, the total labor cost for both the units = $80,000 + $72,000 = $152,000
Therefore, the average labor cost per hour = $152,000/7,600 hours = $20/hour
Hence, the cost of producing the last unit can be calculated as:
(20 hours × $20/hour) + $32,000 = $400 + $32,000 = $32,400
Therefore, the last unit will cost $32,400 to build.b.
Calculation of the average time for the 20 missile guidance controls
To calculate the average time for the 20 missile guidance controls, we can use the average time per unit of the first two units.
The total time taken to produce the first two units = 4,000 + 3,600 = 7,600 hours
Therefore, the average time per unit = 7,600 hours/2 units = 3,800 hours
Thus, the average time to produce 20 missile guidance controls = 3,800 hours × 20 units = 76,000 hours
Therefore, the average time for the 20 missile guidance controls is 76,000 hours, rounded to the nearest whole number.c.
Calculation of the average cost for guidance control for the 20 in the contract
The total cost of producing the first two units = $40,000 + $32,000 = $72,000
The total labor cost for the first two units = 4,000 hours × $20/hour + 3,600 hours × $20/hour
= $80,000 + $72,000 = $152,000
Therefore, the total cost to produce the first two units including labor = $72,000 + $152,000 = $224,000
The cost per unit for the first two units = $224,000/2 units = $112,000
Therefore, the total cost of producing 20 units can be calculated as:20 units × $112,000/unit = $2,240,000
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Which results are more likely for someone without personal finance skills? Select three options.
larger long-term credit or loan costs
less preparation for emergencies
fewer utility expenses
simple long-term investment strategies
increased long-term challenges
Answers
Answer:
1,2 & 5
Explanation:
Answer:
1, 2, 5
Explanation:
edge 2021
If you want to take advantage of compound interest, what should you do when an investment produces interest? a. use the interest to pay your bills. b. reinvest the interest. c. put the interest in a savings account. d. put the interest in a checking account. please select the best answer from the choices provided a b c d
Answers
The best answer from the given option is reinvest the interest. (b)
When you choose to reinvest the interest got from an investment,, you have higher chances of getting more and higher interest for bigger and profitable investments.
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Select the term that best fits the scenario.
Garret is an undergraduate looking for a job to pay for college. As Garret seeks employment, he is glad to know that he will be paid at least $7.25 per hour.
Oblack market
O license
O quota
O price ceiling
O price floor
Answers
The term that best fits the scenario is: Price floor In the given scenario, Garret is glad to know that he will be paid at least $7.25 per hour.
This indicates that there is a minimum wage requirement set at $7.25, which acts as a price floor. A price floor is a government-imposed minimum price that is set above the equilibrium price in a market. It ensures that workers receive a certain minimum wage for their labor.
The other options mentioned, such as black market, license, and quota, do not relate directly to the scenario described. A black market refers to illegal or unregulated economic activities, a license refers to a legal permission or certification, and a quota refers to a restriction on the quantity of goods or services that can be produced or imported. None of these terms align with the context of Garret seeking employment and being guaranteed a minimum wage.
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Which two security regulations does the pci enforce with regard to electronic banking?
Choices
A. Banks must maintain a secure network
B. Banks must allow customers to chose the level of security they want
C. Banks must compensate customers for money lost due to stolen cards
D. Banks must have information security policy
Answers
Answer:
A. Banks must maintain a secure network D. Banks must have information security policyExplanation:
The Payment Card Industry Data Security Standards (PCI DSS) are there to make sure that companies dealing with payment cards for customers protect these customers by having a secure payment environment to prevent customer money being at risk.
First and foremost the companies should have a secure network for processing card payments and data which means no expense should be spared in maintaining this. Companies must also have an information security policy that employees must follow when dealing with customer information.
Explain the role of public relations in developing and maintaining a corporate image.
Answers
By overseeing communication and relationships between an organisation and its stakeholders, public relations plays a critical part in creating and sustaining a company image.
To influence the perception, reputation, and overall image of the business, strategic communication is used. To improve the public's view of the company, public relations experts take part in activities like media relations, crisis management, community involvement, and employee communications. Public relations contributes to the development of trust, credibility, and goodwill among stakeholders by clearly articulating the company's ideals, accomplishments, and social responsibility efforts. It helps build the company's brand, draw in clients, investors, and talent while minimising reputational hazards.
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Which of these products or services must typically be provided by traditional and not by digital marketing channels? software education music orthopedic surgery car rental reservations
Answers
The service that must typically be provided by traditional and not digital marketing channels is orthopedic surgery.
What is traditional marketing?Traditional marketing refers to the use of traditional methods to get customers to buy a product or service. These methods include print advertisements such as billboards, flyers, and magazine ads.
Traditional marketing also includes in-person events, such as trade shows and local events, that allow businesses to interact with potential customers face to face. Finally, traditional marketing includes TV and radio commercials that are designed to reach a broad audience.
What is digital marketing?Digital marketing refers to the use of digital technologies to promote a product or service. Digital marketing encompasses many different channels, including email, social media, and search engines. Digital marketing can be highly targeted and allows businesses to reach customers where they are spending their time: online.
Digital marketing also allows businesses to track and measure their results in real-time, making it easier to determine what is working and what is not.
Orthopedic surgery is a service that must typically be provided by traditional and not by digital marketing channels. This is because orthopedic surgery involves physical procedures performed by medical professionals, which cannot be conducted through digital means.
Therefore, the service that must typically be provided by traditional and not digital marketing channels is orthopedic surgery.
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In the context of the stage of the organizational socialization process, _____ involve the actual work performed. t
Answers
In the context of the stage of the organizational socialization process, "job-related tasks" involve the actual work performed by the individual within the organization.
An organization is a structured entity composed of people, resources, and processes working together to achieve specific goals or objectives. It provides a framework for individuals to collaborate, coordinate their efforts, and allocate resources effectively. Organizations can be of various types, such as businesses, non-profit organizations, government agencies, educational institutions, and more. They typically have a hierarchical structure with defined roles, responsibilities, and communication channels. Organizational success often depends on factors like effective leadership, clear vision and mission, efficient decision-making, strong teamwork, and adaptability to changing environments.
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PLEASE HELP!!! What is the name for the highest amount a policyholder pays for deductibles, coinsurance, and co payments?
A. benefit maximum
B. coverage maximum
C. out-of-pocket maximum
D. premium maximum
Answers
Answer:
out of pocket
Explanation:
plato
You have been offered an insurance settlement that provides for annual payments of $29,000, $42,000, and $53,000 over the next three years, respectively. the first payment will be made one year from today. if you would rather receive a lump sum settlement today, what is the minimum amount you should accept? assume your discount rate is 8.7 percent.
Answers
The minimum amount which should be accepted as a lump sum settlement today is $102,600 (round off)
Calculate the present value of the $29,000 initial payment that will be made in a year. Make use of the equation: PV = FV / (1 + r)n, where PV is the present value, FV is the future value (8.7% in this case), and r is the discount rate. In this situation, the future value is $29,000. (in this case, 1). \(PV = 29,000 / (1 + 0.087)^1, PV = 26,688.93\) Calculate the present value of the $42,000 second payment that will be made in two years. utilize the same formula, but with n being 2: \(PV = 42,000 / (1 + 0.087)^2, PV = 34,044.20\), Calculate the current value of the third $53,000 payment, which is due in three years. Use the same formula once more, but with n equal to 3 instead: \(PV = 53,000 / (1 + 0.087)^3, PV = 41,865.68\) To determine the total present value, add the three installments' present values together: Total PV is equal to 26,688.93, 34.044.20, and 41.865.68. PV overall is 102,598.81, Today, you may accept a lump sum payment of no less than $102,598.81.
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The most problematic sources are those that: A. Provide the least information about their author and original source of information B. Contain information that is biased C. Contain information only from secondary sources D. Provide one outlook on the information being presented
Answers
The most problematic sources are those that provide the least information about their author and original source of information. A material or device that emits radiation, whether ionising or non-ionizing, and that needs to be licensed by the Australian Radiation.
The protection and Nuclear Safety Authority is referred to as a problematic source. Investments, operations, and financing These three streams of business cash flow can significantly impact the development and viability of your organization. The sources of company finance include retained earnings, equity, term loans, debt, letters of credit, debentures, euro issuance, working capital loans, the venture capital investments, etc.
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Answer: I believe the answer is A.
Explanation: I really hope this helps and have a fabulous day!
where is my brother kadin
Answers
where did u see him last
locking a cell so that others cannot alters its contents is know as
Answers
Answer:
The correct answer is cell protection.
Explanation:
It is when you prevent others to edit or change the contents of certain cells in a sheet. In doing this, you first unlock all cells. Then, select the cells you want to lock then select the option to lock them. Hope this helped.
Answer:
The answer is Cell protection.
what might happen if the government creates more money to cover a large deficit?
Answers
If the government creates more money to cover a large deficit, it can lead to several economic consequences, including inflation and a decrease in the value of the currency.
When the government creates more money, it increases the supply of money in circulation, leading to a decrease in the value of each unit of currency. This can lead to higher prices for goods and services, as the value of money decreases, and people need more money to purchase the same things.
Inflation can be harmful to the economy as it reduces the purchasing power of individuals, making it harder for them to afford basic necessities. It can also lead to higher interest rates, as lenders demand compensation for the decreasing value of the money they lend out.
Creating more money to cover a deficit can also lead to a decrease in investor confidence and lower foreign investment, as other countries may view the country's economic policies as unstable. Overall, creating more money to cover a large deficit can have negative economic consequences that can impact the long-term health of the economy.
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When using FYI messages, who is likely to gain the most benefit from the message? a. Both the sender and receiver. b. The organization. c. The receiver. d. The sender.
Answers
The receiver is likely to gain the most benefit from FYI messages. The answer is c.
FYI stands for "for your information" and is typically used to convey information that may be helpful or relevant to the receiver but does not necessarily require a response or action. FYI messages are often used in the workplace to keep team members informed of updates, changes, or developments within the organization.
While both the sender and receiver may benefit from the message to some extent, the primary purpose of an FYI message is to provide information to the receiver.
By keeping team members informed and up-to-date, organizations can improve communication and collaboration among team members, which can ultimately benefit the organization as a whole. Hence, c is the correct answer. Hence, c is the correct answer.
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can be in form of a written summary of the findings of a required investigation or a particular problem
A) presentation
B) itinenaries
C) reports
D) notices
Answers
do you like lauge arts it is supper fun in cool
Answers
Answer: It's really confusing. its just mid.
Explanation:
to back up the files on your disks in windows 7, which windows program can you use?
Answers
"Backup and Restore". Click "Set up backup" to start the backup wizard. Follow the prompts in the wizard to select the files and folders that you want to back up.
To back up the files on your disks in Windows 7, you can use the "Backup and Restore" program that is built into the operating system. A backup is a copy of data that is used to protect against data loss. Data loss can happen due to accidental deletion, hardware failure, or other problems. In the case of computers, backups are often used to protect important files, such as documents, photos, and videos, from being lost due to a hard drive failure or other problem. In Windows 7, the Backup and Restore program is a built-in tool that you can use to back up important files and documents. With this program, you can create a backup of your entire system, or you can select individual files and folders to back up. The program also allows you to schedule regular backups, so you don't have to worry about remembering to do it manually.How to use Backup and Restore in Windows 7?To use the Backup and Restore program in Windows 7, follow these steps:Click the "Start" button and select "Control Panel".Select "System and Security", and then click.
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Eli is buying a townhouse that costs $276,650. He has $28,000 in savings and earns $4,475 a month. Eli would like to spend no more than 30% of his income on his mortgage payment. Which loan option would you recommend to Eli? a. 30 year FHA, 3. 5% down at a fixed rate of 6. 5% b. 30 year fixed, 5% down at a fixed rate of 6. 25% c. 30 year fixed, 6. 5% down at a fixed rate of 5. 75% d. 30 year fixed, 10% down at a fixed rate of 5%.
Answers
The loan option which I would recommend to Eli is which there are 30 years fixed, 10% down at a fixed rate of 5%.
What is the interest rate?The quotient of a loan, that is charged as interest to the receiver, is typically expressed as an annual percentage of the loan outstanding.
Given data are:
Cost of buying a townhouse = $276,650
Savings = $28,000
Earns per month = $4,475
computation:When we take 10% down, fix rate than a cover for the down payment is:
cover for the down payment :
\(\text{Cover for the down payment}=\text{10\%}\times\text{Cost of House}\\\\\text{Cover for the down payment}=\dfrac{10}{100} \times\$276,650\\\\\text{Cover for the down payment}=\$27,665.\)
And, here monthly income is $4,475
So, the mortgage will be :
\(\text{Mortgage}=30\%\times\$4,475\\\\\text{Mortgage}= \$1,342.50.\)
So, by the balance of the mortgage is:
\(\$276,650 - \$27,665= \$248,985.\)
Hence, the total monthly repayment is:
Total monthly repayment:
\(\$248,985\times\dfrac{0.05}{12}+\dfrac{348985}{30\times12}\\\\=\$1729.08.\)
Therefore, option D is correct.
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Question 6 (Personal finance help urgently
Answers
There are many different ways interviews can be conducted, including face-to-face, distance, group, and performance . Which style would you prefer the most? Why? Which style would you prefer the least? Why? << Read Less
Answers
douglas pays selena $43,300 for her 30% interest in a partnership with net assets of $127,900. following this transaction, douglas's capital account should have a credit balance of a.$43,300 b.$127,900 c.$12,990 d.$38,370
Answers
Selena receives $43,300 from Douglas for her 30% stake in a partnership with $127,900 in net assets. After this transaction, the capital account of Douglas should have a account balance of $38,370.
Douglas's Capital account balance
= Net assets x30%
= $127,900 x 30%
= $31,875
Therefore, Douglas's capital account should have a credit balance of $38,370
A financial repository's account balance represents the amount of money there is at the end of the current accounting period. It is the sum net assets of the balance carried over from the previous month and the net difference between the credits and debits that have been recorded during any given accounting cycle.
The amount due or the net debt may be shown in an account balance. The former is frequently depicted in financial accounts that include net assets recurring bills, like those for utilities or gym memberships. The latter, on the other hand, is reflected in accounts with negative cash balances, such as bank overdrafts.
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during the introduction stage sales are ______ and profit is ______.
Answers
Product Life cycle Management has several stages. The stages determined the growth and low downs of product. During the introduction stage, sales are growing slow(low) and profit is minimal.
Market Introduction stage is often called the introduction stage that has a low growth rate of sales as the product is said to be recently brought into limelight and consumers may not know much about it.Most times, firms do experience losses rather than profits during this stage. and so when product is new on the market and small or no profit is made due to high costs and low sales.
Conclusively, the stage gives a lot of opportunities such as low competition in the market.
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____ the process to sell products and / or Services of a company and abide by their strict rules(blue print) as to how it does business.
Answers
Answer: Business ethics
Explanation:
Business ethics is described as how an organization carries our it's business, which anyone doing business with them would have to consider and work with it.
Various organization have their rules as to how they carry out their business operations, most reflect theirs by you taking up their registration process then you would be issues their terms and conditions with payment pattern inclusive.