The answer is material math error.
An adjusting entry is essentially a bookkeeping modification that improves the accuracy of the financial statements by reflecting the revenue and spending on an accrual basis, which is typically but not always the case. At the conclusion of the accounting period, adjustments are made. This might happen towards the end of the month or at the end of the year.
Prior period adjustments are errors or mistakes committed in the prior reporting period. These mistakes must be remedied or eliminated by taking suitable corrective action. Prior period items include factual errors, arithmetic errors, and errors in applying accounting rules.
Therefore, material math error is the correct option.
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Answer:
<u>Opportunity</u>
Explanation:
Corey notices a "backlash" against health food among people who eat out. He decides to open a restaurant that stresses "good home cooking" heavy with gravies , bread , oils , etc. Corey has identified and is trying to capitalize on an opportunity in the market environment.
O<em>pportunities are external thin</em>g .<em> You have to look for them , it is not something which come to you by it own .Instead you have to work hard for </em>it.
You should have the full knowledge about the external environment . You should have the knowledge about the market about people and should know about the taste and preferences of the people.
There is always an opportunities you just need to identify it . Here <em>Corey identify the need and he have the means to fulfill that need which als</em>o <em>essential</em> . Only identifying the opportunities is not the only thing but also you have the means to fulfill them . After that you can gain benefits.
Answer:
It should accept the special order at the price of $36 as the total marginal cost will be $28.5 (27 variable cost + 1.15 shipping cost).
Explanation:
Special orders are accepted only if marginal revenue increases the marginal cost. Marginal cost is the total cost incurred to fulfill any order.
In the given scenario, since the Company already has adequate capacity and it will not incur any additional fixed cost, therefore the order can be accepted by taking variable cost in to consideration.
Marginal Revenue 36
Less: Marginal Cost
Variable Cost (27)
Shipping Cost <u> (1.15)</u>
Total Profit from Order <u> 7.85</u>
Answer:
B
Explanation:
Reserves J: Excess reserves J: Loans J: Deposits ;Money supply
Answer: See explanation
Explanation:
a. If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment?
The amount of cash required for the payment will be:
Purchases: = $12,900
Less: Returns = $2500
Less: Discount = ($12900 - $2500) × 1% = ($10400 × 1%) = $104
Cash required for payment = $10296
b. What account is credited by Barans Company to record the return?
Based on the information above, the merchandise inventory will be credited.
