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4 years ago

What answer describes the Nigerian scam

1 answer:

8 0

Well the Nigerian scam is a bunch of scams the most used one is the one that he's a Nigerian price and to send him 100000$ and he will make you rich hope this helps

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During the taking of its physical inventory on August 31, 2019, Kate Interiors Company incorrectly counted its inventory as $366

soldier1979 [14.2K]

Answer:

Balance sheet

Inventory - Understatement by $11,600

Owners equity - Understatement by $11,600

Income statement

Cost of goods sold - Overstatement by $11,600

Net income - Understatement by $11,600

Explanation:

The movement in an inventory account which is the difference between the opening and ending balances is a function of the purchases and the sales during the period.

This is captured in the equation below

Opening balance + purchases - cost of goods sold = ending balance

Hence an understatement of the ending balance would result in an overstatement of the cost of goods sold thus an understatement of the net income (and owner's equity).

The understatement in closing inventory balance is

= $378,500 - $366,900

= $11,600.

3 0

4 years ago

Your uncle the banker offers to lend you $25,000 to start a new business. You will have to make a payment of $7,000 at the end o

Sergio [31]

Answer:

Annual interest rate = 6%

Explanation:

Amount of loan = $25,000

The total amount repaid:

($7,000 × 3 years) + ($10,000 balloon payment)

= (7,000 × 3) + (10,000)

21,000 + 10,000 = $31,000

Interest on payment = repayed amount - loaned amoun

Interest on payment = 31,000 - 25,000 = $6,000

Let the total percentage on the loaned amount be x

Therefore we are looking for what percentage rate of the loaned amount ($25,000) will give the interest of $6,000

x % of 25,000 = 6,000

$\frac{x}{100} \times\ 25,000 = 6,000\\\frac{25,000x}{100} = 6,000\\25,000x = 600,000\\x = \frac{600,000}{25,000}\\x = 24$

Therefore the total percentage interest rate = 24%

Annual interest rate = Total interest rate ÷ number of years

Annual interest rate = 24 ÷ 4 = 6%

∴ Annual interest rate = 6%

7 0

3 years ago

The balance sheet for Appalachian Corporation at the end of the current year includes the following:

Pepsi [2]

B. number of times preferred dividends are earned

8 0

3 years ago

Flynn Industries has three activity cost pools and two products. It expects to produce 2,200 units of Product BC113 and 1,430 of

netineya [11]

Answer:

Results are below.

Explanation:

First, we need to calculate the allocation rate:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Machine setup= 19,608 / 38= $516 per set up

Machining= 123,650 / 4,945= $25 per machine hour

Packing= 33,530 / 479= $70 per order

Now, we can allocate to each product:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Product BC113:

Machine setup= 516*21= $10,836

Machining= 25*1,122= $28,050

Packing= 70*192= $13,440

Total= $52,326

Product AD908:

Machine setup= 516*17= $8,772

Machining= 25*3,824= $95,600

Packing= 70*287= $20,090

Total= $124,462

Finally, the unitary cost:

Product BC113= 52,326 / 2,200= $28,79

Product AD908= 124,462 / 1,430= $87.04

3 0

3 years ago

CVS pharmacy collects data from bar-coded products. These data can be evaluated and combined to monitor which CVS products are i

Pani-rosa [81]

Answer:

InfoScan.

Explanation:

A UPC is an acronym for universal product code. UPC is typically used for the identification of a specific product and its manufacturer (vendor) through a unique code that is printed on the product.

Basically, a universal product code (UPC) comprises of two (2) main parts;

A machine-readable barcode that contains sets of vertical black lines.

A unique twelve (12) digit number placed beneath or adjacent to the machine-readable barcode.

The first six-digits of the UPC represents the manufacturer and is printed on all of its products while the next five-digits is the product's unique reference number (item number) and the last digit is typically known as a check digit, used for the verification of the authenticity of a UPC.

Generally, the universal product code are usually scanned with a barcode scanner and this makes it easier to identify a product, as well as its price.

In this scenario, CVS pharmacy collects data from bar-coded products, which can be evaluated and combined to monitor its products that are in demand by customers. Also, this method is used to track pricing data to make sure that its pricing remains competitive among rivals. Thus, thiis is an example of InfoScan used for systemically scanning price information on products.

3 0

3 years ago