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drek231 [11]
3 years ago
7

A company discovered in 2013 that it had overstated the inventory balance for Dec 31, 2011 by $10,000. The company had (incorrec

tly) reported Net Income to be $300,000 for 2011, and $400,000 for 2012. What are the corrected Net Incomes for 2011 and 2012
Business
1 answer:
kompoz [17]3 years ago
7 0

Answer:

Corrected Net Income for 2011 = $290,000

Corrected Net Income for 2012 = $410,000

Explanation:

Data provided in the question:

The overstated the inventory balance for Dec 31, 2011 = $10,000

The reported Net Income for 2011 =  $300,000

The reported Net Income for 2012 =  $400,000

Now,

Since the inventory is overstated in the year 2011, it will be subtracted from the reported incorrect Net Income for 2011

Thus,

Corrected Net Income for 2011 = $300,000 - $10,000

= $290,000

And, for the year 2012 the overstated inventory will be added to the reported Net Income for 2012

thus,

Corrected Net Income for 2012 = $400,000 + $10,000

= $410,000

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The correct answer is  A. King John’s poor financial decisions and loss of territory

Explanation:

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The night before a midterm exam, you decide to go to the movies instead of studying for the exam. You score 60 percent on your e
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Answer:

10% of exam score

Explanation:

Opportunity Cost is the cost of next best alternative, foregone (sacrifised)  while making a choice.

Example : If a person has option to have an apple or an orange, & choses to have apple. The opportunity cost of having an apple is the sacrifised orange.

Given : A night before mid time exam, spent while watching movies - later lead to fall in exam grade from 70 % to 60%

The opportunity cost of movies watched, is the sacrifised grade of exam, which would have gotten, if the time would have spent in studying. The corresponding grade lost = 70% grade achievable - 60% grade achieved. Hence, the opportunity cost = 10% of exam score.

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Allocative efficiency is concerned with :_________.
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A) Producing the combination of goods most desired by society

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The "invisible hand" concept suggests that
Alisiya [41]
The answer is C hope it helps
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Two investors have the following pattern of expected returns (Before-Tax Cash Flows): Investment A: Y1: $5,000; Y2: $10,000; Y3:
Arada [10]

Answer:

Investment A = 11.089%

Investment B = 12.772%

Explanation:

The internal rate of return is the discount rate that equates the after tax cash flows from an investment to the amount invested.

The internal rate of return can be calculated using a financial calculator

For investment A,

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For investment B,

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cash flow in Y3: $1,000

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IRR = 12.772%

To find the IRR using a financial calacutor:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the IRR button and then press the compute button.

I hope my answer helps you

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