The correct answer is "ending inventory of one period is the beginning inventory of the next period."
An inventory error not only affects the current year's cost of goods sold, gross profit, net income, current assets, and equity, but also the next period's statements because ending inventory of one period is the beginning inventory of the next period.
That is why the manager has to be strict regarding the inventory of a company. Inventory has a cost that can be translated into money. So accountants have to be perfect regarding the inventory. So yes, ann error in keeping the inventory affects the company in that the ending inventory of one period is the beginning inventory of the next period. An internal audit can reveal the mistakes in accurately keeping the inventory. So it is better to put extra attention in the process so nothing wrong would be revealed after the audit.
Answer:
Dr Right of use asset 59,007.60
Cr Lease liability 59,007.60
Explanation:
Variable lease payments are generally not included as right of use asset or lease liability. Even though a 60% possibility exists that an additional $5,000 will be paid, they are not based on an index and are not disguised payments (only two exceptions to this rule).
Annual lease payments = $12,000
PV annuity factor, 6%, 6 periods = 4.9173
PV of lease payments = $12,000 x 4.9173 = $59,007.60
The equilibrium level of consumption is $28500.
The equilibrium level of consumption is at the point where the disposable income is equal to the consumption.
If this was properly placed in a tabular form, we would clearly see that when the disposable income was at $28500, the consumption in dollars was also at the same price level.
Given this condition, we can conclude in economics that consumption is at its level of equilibrium.
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Answer:
$5,500 USD
Explanation:
Since traditional Roth IRA accounts cannot be owned jointly, then both individuals must have their own account. That being said they can still contribute to each other's Roth IRA accounts on behalf of their spouse. You can contribute a total of 100% of your earned income up to a limit of $5,500 USD. Pensions are not allowed as contributions. Individual's over the age of 50 have a limit of $6,500
