Answer:
B. Cost of goods sold will be too low by $5,000.
Explanation:
Given that
Ending inventory overstated in the current year by $5,000
And, the net income is incorrectly reported $100,000
So, due to this error
The cost of goods sold is understated by $5,000
And, the net income is overstated by $5,000
Since the cost of goods sold is understated by $5,000 so it would be too low due to which the net income overstated by $5,000
Answer:
$30,000 and $360,000
Explanation:
The computation of the gain on the exchange is shown below:
= Cash received + fair value of the computer - undepreciated cost of existing computer
= $120,000 + $360,000 - $450,000
= $30,000
The amount of the computer which is recorded will equal to the fair value of the computer i.e $360,000
For computing the gain we simply added the fair value and deduct the undepreciated cost of an existing computer in the cash received amount so that the accurate amount can come.
All other information which is given is not relevant. Hence, ignored it
Current ratio is a comparison of current assets to current liabilities, calculated by dividing your current assets by your current liabilities.
The quick ratio compares the total amount of cash + marketable securities + accounts receivable to the amount of current liabilities.
A. Inventory would be a factor in both of these ration (assets). In both of these industries, inventory would be low. You cannot readily stockpile energy and burgers are perishable items.
B. It is true that both of these industries would have low outstanding accounts receivable because people will need their power to survive and fast food places don't offer credit.
C. These two industries deal with cash mainly. Cash doesn't have to be physical currency, but accounts that can easily be paid.
D. Low current and quick ratios are actually signs of good management not poor management.
All of the above are correct EXCEPT answer D.
Answer:
heading
Explanation:
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