Timmons Corporation purchases office supplies for $350 cash. Debit Supplies $350, credit Cash $350.
A legal entity is an organization (usually a group of people or a legal entity) authorized by the State to act as a single entity and legally recognized as such for a specific purpose. Early incorporated entities were established by charter. Most jurisdictions now allow the formation of new companies through registration.
A corporation is a business entity owned by shareholders who elect a board of directors to oversee the activities of the organization. A company is responsible for its actions and finances, but its shareholders are not.
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Answer:
2017 Net Income = $53000
2018 Net Income = $87000
Explanation:
The overstatement of ending/closing inventory causes the Cost of Goods Sold (COGS) to be understated and the Gross and Net profit to be overstated by the same amount.
If the 2017 ending inventory was iverstated by $7000, the correct profit figure for 2017 will be $7000 less than is reported.
2017 correct Net Income = 60000 - 7000 = $53000
An overstatment of ending inventory in one year also means and overstatement of opening inventory of the next year. Thus, the 2018 opening inventory is overstated by $8000 and an overstatement of opening inventory means an overstatement of COGS and an understatement of Gross and Net Income by the same amount.
Thus, the correct Net Income for 2018 = 80000 + 7000 = $87000
Answer:
<u>yes</u>
<u>Explanation:</u>
Decision making involves a carefully thought out process about the best course of action, and medical staffs often rely on them in their decision making.
For example, medical staff can evaluate the quality and efficiency of the care they provide by monitoring negative tends that may appear on coded data, Meanwhile management can use their findings from coded data to draft out better health policies for their organization.
Answer:
A) $600,000.
Explanation:
Given that
Replacement cost =$620,000
But before that we have to compute the net realizable value which is given below.
Net realizable value based on cost to sell is
= $720,000 - $30,000
= $690,000
Net realizable value based on normal profit margin is
= $690,000 - 80,000
= $610,000
And the
Cost = $600,000
Since as we can see that the cost is less than the market value so the same i.e $600,000 would be reported as an inventory
