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dedylja [7]
4 years ago
8

Sheridan Inc. reported total assets of $6408000 and net income of $503000 for the current year. Sheridan determined that invento

ry was understated by $137000 at the beginning of the year and $58700 at the end of the year. Ignoring income taxes, what is the corrected amount for total assets and net income for the year
Business
1 answer:
adoni [48]4 years ago
8 0

Solution:

Given,

Total assets = $6408000

Net income = $503000

Now , to calculate corrected amount for total assets and net income for the year :

503000 + 137000 = 640,000

The corrected amount for total assets and net income for the year : 640,000

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When Nina tells her manager that she doesn't feel she needs to attend various training sessions at company expense or utilize su
Virty [35]

Answer:

The right answer is, False.

Explanation:

Nowadays companies seek to improve the attitudes, knowledge and skills of their employees, through training activities so that everyone works synergistically in achieving the objectives of organizations.

3 0
3 years ago
Suppose an apartment complex converts to a condominium, so that the former renters are now owners of their housing units. Suppos
Lorico [155]

Answer:

GDP is likely to remain same as a result of this conversion.

Explanation:

GDP is the total value of goods & services, produced by an economy, during a given year.

It can be calculated by 2 methods

  • By Expenditure method : GDP = Private Final Capital Expenditure + Govt. Final Consumption Expenditure + Gross Domestic Capital Formation + Net Exports
  • By Income method : NDP = Compensation of Employees + Operating Surplus (Rent + Profit + Income) + Mixed Income

Given case - Converting a rented apartment into a resident owned condominium , with value of housing services = rent formerly paid :

This brings no change in the GDP, as : The apartment 'rent' previously paid was included in 'operating surplus' of national income, by Income method. And, the equal condominium value is now included in investment addition i.e 'Gross domestic capital formation' , by Income method.

6 0
3 years ago
Allure Company manufactures and distributes two products, M and XY. Overhead costs are currently allocated using the number of u
AVprozaik [17]

Answer:

Option (b) is correct.

Explanation:

Given that,

Total Overhead Cost = $477,000

Number of Units of Product XY = 72,000

Number of Units of Product M = 108,000

Total overhead allocated to Product XY using the current system:

= (Total Overhead Cost ÷ Number of units produced in total) × Number of Units of Product XY

= ($477,000 ÷ 180,000) × 72,000

= $2.65 × 72,000

= $190,800

5 0
3 years ago
Benson and Orton are partners who share income in the ratio of 2:3 and have capital balances of $60,000 and $40,000, respectivel
hjlf

Answer:

$48,800

Explanation:

Ratio = 2:3

Total investment:

= Benson capital + Orton capital + Ramsey capital

= $60,000 + $40,000 + $20,000

= $120,000

Total Equity of Ramsey:

= 40% of  Total investment

= 0.4 × $120,000

= $48,000

Old partners contribution:

= Equity of Ramsey - Ramsey capital

= $48,000 - $20,000

= $28,000

Benson’s capital balance after admitting Ramsey:

= Benson’s capital - Old partners contribution(2 ÷ 5)

= $60,000 - [$28,000 × (2 ÷ 5)]

= $60,000 - $11,200

= $48,800

6 0
3 years ago
A marketing plan refers to:_______
Alex73 [517]

Answer:

e. a road map for the marketing activities of an organization for a specified future time period, such as one year or five years.

Explanation:

A company's marketing plan generally involves specific periods of time, and usually last more than one year, but they aren't long enough to be considered as long term goals (more than 5 years). They follow the company's marketing strategies (long term goals), coordinate marketing activities and set short term goals.

5 0
3 years ago
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