Answer
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Explanation
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Answer:
Balance sheet
Inventory - Understatement by $11,600
Owners equity - Understatement by $11,600
Income statement
Cost of goods sold - Overstatement by $11,600
Net income - Understatement by $11,600
Explanation:
The movement in an inventory account which is the difference between the opening and ending balances is a function of the purchases and the sales during the period.
This is captured in the equation below
Opening balance + purchases - cost of goods sold = ending balance
Hence an understatement of the ending balance would result in an overstatement of the cost of goods sold thus an understatement of the net income (and owner's equity).
The understatement in closing inventory balance is
= $378,500 - $366,900
= $11,600.
The 4 Major characteristics of a mineral are:
1. It is formed by natural processes, not man-made.
2. It is inorganic, it's not alive, it will never be.
3. It is a crystalline solid, a definite volume and shape with a repeating structure.
4. It can be an element or compound with a definite chemical composition, made the same each time with and orderly arrangement of atoms.
Since the employees are asked to learn to rappel off the roof of the facility, then, these activities serve to increase the <u>cognitive component</u> of their <u>cultural intelligence</u>.
<h3>What is the cognitive component & cultural intelligence?</h3>
The cognitive component deals with the ability to think while the cultural intelligence entails skill to relate and work effectively in culturally diverse situations
In conclusion, because the employees are asked to learn to rappel off the roof of the facility, then, these activities serve to increase the <u>cognitive component</u> of the<u>i</u><u>r</u><u> </u><u>cultural intelligence</u>.
Read more about cultural intelligence
<em>brainly.com/question/26171717</em>