1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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.  

You might be interested in
2. List and explain the components of the money supply
meriva

Answer:

Currency such as notes and coins with the people.

Demand deposits with the banks such as savings and current account.

Time deposit with the bank such as Fixed deposit and recurring deposit.

4 0
2 years ago
The economy's long-run AS curve assumes that wages and other resource prices _____. rev: 06_12_2018 Multiple Choice eventually r
liubo4ka [24]

Answer: eventually rise and fall to match upward or downward changes in the price level.

Explanation:

Long-run aggregate supply (LRAS) curve simply shows the long-term output for a country. In the long-run, it should be noted that the aggregate supply curve is vertical, which shows that the changes in the aggregate demand will only result in a temporary change with regards to the total output of the economy.

The aggregate supply curve of an economy assumes that the wages and other resource prices eventually rise and fall to match upward or downward changes in the price level.

Therefore, the correct option is A.

8 0
2 years ago
Core self-evaluations (CSEs) represent a broad personality trait comprising four positive individual traits: (1) self-efficacy,
ryzh [129]

Answer: True

Explanation:

Thw above statement is true. Core self-evaluations (CSEs) is made up of positive individual traits which are self-efficacy, self-esteem, locus of control, and then emotional stability.

There individual traits are all vital in the accomplishment of a particular objective. Individuals that have high self-evaluations believe in themselves and are known to be effective.

4 0
3 years ago
Employees in an advertising company are well paid, yet they all seem to be lacking interest in work and are demotivated. What no
zysi [14]

the answer here is d

5 0
3 years ago
Stealth bank has deposits of $300 million. it holds reserves of $20 million and has purchased government bonds worth $300 millio
ryzh [129]

First let us identify if the asset is a gain or loss. An asset is a gain if it contributes to the banks overall finance while it is a loss if it is a cost directly or indirectly.

Deposits of $300 million = Gain (+)

Reserves of $20 million = Gain (+)

<span>Purchased government bonds worth $300 million = Loss (-)         ---> This entails cost</span>

Selling bank’s loans at current market value of $600 million = Gain (+)

Therefore adding up everything to get the banks net worth:

Stealth banks net worth = $300 M + $20 M - $300 M + $600 M

<span>Stealth banks net worth = $620 million</span>

7 0
3 years ago
Other questions:
  • I need help writing a witness statement. I am a domestic abuse therapist in a mock trial and i need to write a witness statement
    11·1 answer
  • Stephanie, Inc. sells its product for $40. The variable costs are $18 per unit. Fixed costs are $16,000. The company is consider
    5·1 answer
  • Suppose the rate of return on a 10-year T-bond is 4.05%, the expected average rate of inflation over the next 10 years is 2.0%,
    14·1 answer
  • Consider a two-period model of a small open economy with a single good each period. Let preferences of the representative househ
    11·1 answer
  • Block Island TV currently sells large televisions for $380. It has costs of $290. A competitor is bringing a new large televisio
    7·1 answer
  • The salvage value on a piece of equipment for Excavators, Inc. is expected to be $10,000 in 12 years. If the discount rate is 8%
    7·1 answer
  • Balance Sheet Presentation of Available-for-Sale Investments During Year 1, its first year of operations, Galileo Company purcha
    10·1 answer
  • Insurance Reading Quiz
    11·1 answer
  • As treasurer of your firm, you wish to establish a credit line facility to cover an expected average annual borrowing of $10 mil
    10·1 answer
  • A disadvantage of the free cash flow valuation method is A. The free cash flow method is not used widely in practice. B. The ter
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!