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kirza4 [7]
3 years ago
10

Q-mart failed to include inventory that was kept in a separate warehouse in its 12/31 end-of-the-period inventory count. Consequ

ently, the ending inventory on 12/31 was understated on the balance sheet. Explain how this error affects the current year's income statement. (Check all that apply.)
Business
1 answer:
Sindrei [870]3 years ago
3 0

Answer:

Total assets and Total equity will be this year's understated.

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Which of the following statements is true?-direct costs can easily be traced to a cost object; indirect costs cannot be-both dir
Andru [333]

Answer: Statement A

Explanation: Direct cost are those costs which are variable in nature and can be allocated to the total units of output produced, these are easily traceable. Examples - direct material, direct labor and piece rate wages etc.

Indirect costs are those cost which cannot be allocated to the number of units produced on individual basis unlike direct cost these costs can be either fixed or variable in nature. Examples - rent expenses, administrative expenses.

.

From the above explanation we can conclude that statement A is correct.

5 0
3 years ago
Steelweld, a car parts manufacturer, pays employees a higher hourly rate as they learn to master more parts of the work process.
Reptile [31]

Answer:

<u>The correct answer is A. Skill-based pay.</u>

Complete question and statement: Steelweld, a car parts manufacturer, pays employees a higher hourly rate as they learn to master more parts of the work process. Employees earn $10 per hour when they are hired and they can earn up to $20 per hour if they master all 12 work units in the production process. Which of these reward systems is being applied by Steelweld?

A. Skill-based pay

B. Piece-rate pay

C. Job evaluation system

D. Seniority-based pay

E. Membership-based pay

Source: https://www.coursehero.com/file/p6jelia/p-166-Steelweld-a-car-parts-manufacturer-pays-employees-a-higher-hourly-rate-as/

Explanation: It is perfectly clear that this car parts company is promoting the development of skills during the production process. The employee knows in advance that as he or she develops a greater number of skills, he or she will have a better pay. The formula for a better payment is disclosed.

7 0
3 years ago
Choose all that apply.<br> Spreadsheets can be used to
mezya [45]

Answer:

create specific budgets for things like vacations or a wedding

calculate the amount of mortgage payments or car payments

4 0
2 years ago
A revenue tariff is designed to assist more efficient domestic producers, whereas a protective tariff is designed to promote imp
bezimeni [28]

Answer:

False

Explanation:

Revenue tariff means increasing earnings. It will raise government revenue instead of protecting domestic ventures. It is a direct income in the form of tax to obtain from corporate revenues.

On the other hand, protective tariffs are designed to protect domestic producers. It protects local manufacturers by imposing a heavy duty on imported products, which enables the products to become less attractive. Therefore, the aim is to reduce imports.

6 0
3 years ago
Read 2 more answers
E2-6 Investment Income LO 2-2, 2-3 What net income would Ravine Corporation have reported for each of the years, assuming Ravine
zheka24 [161]

Answer: investment Income

Explanation: By Carrying  the Investment at fair Value or by using equity method would ensure that the investment income is spread adequately across the Corporation over the years be it two years or three years. This would also help the corporation to make proper planning around their budget and finances as regards to units in the corporation.

4 0
3 years ago
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