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RoseWind [281]
3 years ago
7

During its first and second years of operations, Rogers Company, a corporation using a periodic inventory system, made undiscove

red errors in taking its year-end inventories that overstated year 1 ending inventory by $80,000 and overstated year 2 ending inventory by $60,000. The combined effect of these errors on reported income is:
Business
1 answer:
elena-s [515]3 years ago
4 0

Answer:

Net Income understated by $20,000

Explanation:

In the first year, closing inventory was overstated by $80,000. The implications of the above would be,

Net Income for the first year would be overstated by $80,000

In the Second year,

Opening Stock would be overstated by $80,000

Due to this, cost of production stands overstated by $80,000.

Now, given in the question that closing stock for second year is overstated by $60,000 i.e profits are overstated by $60,000.

This means, the net effect on profits would be, $80,000 less $60,000 i.e $20,000 understated profits for the second year.  

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Which items are consequences of globalized trade for a developed nation that begins to import more goods and services from less-
Vaselesa [24]

Answer:

Globalization has resulted in great opportunities for businesses from less developed countries to take a hold over the more and much bigger markets from all over the world. Hence, the business over there has the opportunity for better capital flow, human capital, technology, larger export, and low-cost imports, And since they export their products at lower rates, the developed countries import from them more goods and services to save capital.

However,

1. These products lack quality.

2, And they are more prone to defects as well as wear and tear, as a developed country's technology is far superior to those of developing countries. However, now the developing countries are picking up the speed, and coming up with better technology to match that of developed, because of better education facilities, and proper training.

Explanation:

Please check the answer.

5 0
3 years ago
The journal entry to record employer payroll taxes owed affects ______.
weeeeeb [17]

Answer:

a) liabilities only

Explanation:

The journal entry to record the payroll tax expense is shown below:

Payroll tax expense A/c Dr

     To Social security tax payable A/c

     To Medicate tax payable A/c

     To State Unemployment tax payable A/c

     To Federal Unemployment tax payable A/c

(Being the payroll tax expense is recorded)

The payroll tax expense is shown on the debit side of the income statement whereas payroll tax payable is shown on the liabilities side of the balance sheet

5 0
3 years ago
Kane manages a used bookstore. He reads a report advising him to stock
sergeinik [125]

Answer:

I would say that the answer is D. If he knows that people don't buy encyclopedia's, yet he stocks them, the store could lose money because no one would buy it.

Explanation:

Hope this helps. :D

4 0
2 years ago
Read 2 more answers
What reference is used to describe a township?
Alisiya [41]
أود أن تكون فإن الإحصائيات الثابتة والمتنقلة
6 0
2 years ago
Anna-Marie senses that one of her employees feels excluded from the rest of the group. She is surprised by this, as she believes
cricket20 [7]

The best action that Anna-Marie should take next is <u>A- She should talk</u> to the employee to understand their perspective.

Talking to the employee will reveal if they are out-group members and enable Anna-Marie to understand their views.

<h3>Who is an out-group member?</h3>

An out-group member is an individual in an organization who does not identify themselves as part of the group or unit.

An out-group member does not pursue the same goals as other group members and most times feels excluded from the group.

<h3>Answer Options:</h3>

A- She should talk to the employee to understand their perspective.

B- She should redistribute the company policy describing inclusion expectations.

C- No action is required; she is already acting ethically.

D- She should start documenting her efforts at inclusion.

Thus, the best action that Anna-Marie should take next is <u>A- She should talk</u> to the employee to understand their perspective.

Learn more about out-group members at brainly.com/question/7548841

3 0
1 year ago
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