Answer:
Dr Retained earnings $8.2
Cr Inventory $8.2
Explanation:
By changing method of an inventory valuation, the company should apply it retrospectively based on IAS 8 guidelines on change in accounting estimates and errors. Thus, the said difference from FIFO method to Weighted Average method of valuation should be credited directly against Retained earnings account because, accounts are already closed right after the year ended.
$32-$23.8= $8.2 million
To record the said adjustment you have to
Debit Retained earnings and credit Inventory in the amount of $8.2 million.
Answer:
A. two balance sheets and B. income statement
Explanation:
There are three types of activities in the cash flow statement which are described below:
1. Operating activities: It includes those transactions which affect the working capital after net income. The increase in current assets and a decrease in current liabilities would be deducted whereas the decrease in current assets and an increase in current liabilities would be added.
These changes in working capital would be adjusted. Moreover, the depreciation expense is added to the net income and the loss on sale of assets is added whereas the gain on sale of assets is deducted
2. Investing activities: It records those activities which include purchase and sale of the long term assets. The purchase is an outflow of cash whereas sale is an inflow of cash
3. Financing activities: It records those activities which affect the long term liability and shareholder equity balance. The issue of shares is an inflow of cash whereas redemption and dividend is an outflow of cash.
<h2>"Innovative" traits best describes Carol</h2>
Explanation:
Based on the given statement, Carol Bates is very much interested in grabbing the latest gadgets. It means that,
- Carol is updated
- Adaptable to change
- Have exploring capability to upgrade
- A technology savvy
- Monitors market and has good knowledge on current trends
- Self-motivated to be on track
- Has creative skills to use the latest gadgets
All the above qualities describes that Carol Bates is innovative.
Data security issues such as: Information leaks, Breach of the GDPR law, hacking
