Answer:
Cost of goods sold will be too low by $5000.
Explanation:
Since, As per the given situation the current year the ending inventory is overstated by $5,000. By mistaken company reported the net income is $100,000.
Therefore, the ending inventory is high so, the error on the income statement of the current period is the too low of cost of goods sold will be by $5000.
Answer:
Accrual basis accounting
Explanation:
Under Accrual basis of accounting, income is recognized when it is earned and not when actual cash is paid or received.
Under cash basis of accounting, income is only recognized when actual cash is received.
Accrual basis of accounting ensures transactions pertaining to a period are recorded in that period and it depicts more accurate financial picture unlike in cash accounting wherein income for a period might be overstated or understated.
Following cash basis of accounting is not in accord with both US GAAPs (generally accepted accounting principles) and IFRS.
Answer:
The table below lists the fastest growth industries based on projection information for the year 2018. Selecting a career that is growing rapidly is a good idea. These industries are obviously expected to remain strong, and jobs within these industries will be in demand. Each of the twenty industries included in this table are rapid-growth industries. This is not an all-inclusive list of rapidly growing industries; it is merely the top twenty. The list is organized by annual percentage of growth projected and not in order by the industry that is expected to employ the largest number of people. As you look at the data, do you notice several of the industries fit into the Health Science, Information Technology, and Science, Technology, Engineering & Mathematics Career Clusters?
If this isn't the answer to your question i'm sorry I tried my best
Answer:
value of the owned property, including land
Explanation: