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
butalik [34]
2 years ago
14

During the taking of its physical inventory on December 31, Barry's Bike Shop incorrectly counted its inventory as $350,000 inst

ead of the correct amount of $280,000. The effect on the balance sheet and income statement would be
a. assets overstated by $70,000; retained earnings understated by $70,000; and net income statement understated by $70,000.
b. assets and retained earnings overstated by $70,000 and net income understated by $70,000.
c. assets overstated by $70,000; retained earnings understated by $70,000; and no effect on the income statement.
d. assets, retained earnings, and net income all overstated by $70,000.
Business
2 answers:
luda_lava [24]2 years ago
6 0

Answer:

363,423

Explanation:

Alex73 [517]2 years ago
5 0

Answer:

The correct answer is B.

Explanation:

If your inventory is miss-accounting and reflected in accounting items, the company has to make a corrective entry that reflects the true value of its assets. Therefore, it must expose the asset and retained earnings and the underestimated value of net earnings of $70,000.

Have a nice day!

You might be interested in
The company that you manage has invested $5 million in developing a new product, but the development is not quite finished. At a
Citrus2011 [14]

Given Information:

The company that you manage has invested $5 million in developing a new product, but the development is not quite finished. At a recent meeting, your salespeople report that the introduction of competing products has reduced the expected sales of your new product to $2 million. If it would cost $1 million to finish development and make the product, should you go ahead and do so? What is the most that you should pay to complete the development?

Answer:

Yes, because the total loss would then be $3 million rather than $5 million. The most you should pay to complete the development would be $2 million.

Explanation:

Every product or service that is marketed or is related against, and competitive with, a product or service created or produced by Fiserv or manufactured or distributed. Competitive Product or Service

In the end demand for the product declines due to the exhaustion of supply and economies and new technologies and shifts in the preferences of the customer.

The projected benefit generated by the new product must be offset by the profits from expenses in the project appraisal.

5 0
3 years ago
A.J., a 20-something college graduate, was recently hired as a financial-analyst assistant for a large company. He recalled that
Helga [31]

Answer:

prepare an expense record, and make certain that his credit is good so he can continue to spend more than he makes

Explanation:

Since in the question it is mentioned that an individual is recently hired as a financial analyst for a big company he remebered that how he can manage his personal finance and the financial concerns so in order to maintain its approach with respect to his own finance we should suggest that first prepare the record of an expense and also certain about the good credit score so that he is able to spend more

Therefore the first option is correct

4 0
3 years ago
______can be computed based on hard data or expert judgment and relevant
Katen [24]
Workforce allocation
4 0
3 years ago
True or false Decentralization refers to the degree to that decision making is concentrated to the top of the organization
MatroZZZ [7]

Decentralization refers to the degree to that decision-making is concentrated to the top of the organization: False.

<h3>What is a decentralized organization?</h3>

In a decentralized organization, the decision-making authority and power isn't concentrated at the top level (echelon) of the organization.

This ultimately implies that, decentralization refers to the degree to that decision-making is concentrated to all the areas of an organization.

Read more on decentralization here: brainly.com/question/23818047

#SPJ1

8 0
2 years ago
Read 2 more answers
The ABC Auto Supply Company of Burlington, Vermont, uses an e-commerce software program on its Web site to allow customers such
elixir [45]

Answer:

The correct answer is letter "A": B2B.

Explanation:

In a B2B business model goods or services are traded between two or more businesses. Most parts of these transactions are dedicated to the exchange of raw materials. Customers are part of the process only when the final product is offered in the open market but not during the B2B business process.

8 0
2 years ago
Other questions:
  • Which change should be made to the above cover letter excerpt before sending it to an employer
    15·2 answers
  • __ means responding to pressure after a problem has arisen
    14·1 answer
  • The IMA suggests​ that, when faced with an ethical​ dilemma, the first thing management accountants should do is call the​ IMA's
    7·1 answer
  • What is the meaning of the X​- and Y​-intercepts? A. These points demonstrate an inefficient use of resources. B. These points s
    7·1 answer
  • Harriet and Harry Combs (both 37 years old) are married and both want to contribute to a Roth IRA. In 2019, their AGI before any
    8·1 answer
  • Wang, Inc. borrowed $10,000 from Second National Bank on January 1, 2010. The loan is to be repaid on July 1, 2010, along with i
    7·1 answer
  • The impact of Furman v. Georgia (1972) was that states had to
    9·2 answers
  • g Lawson Manufacturing Company has the following account balances at year end: Office supplies $ 4,000 Raw materials 27,000 Work
    6·1 answer
  • What remarketing audiences cannot be defined by default?.
    9·1 answer
  • Location externalities (skilled labor force, supporting industries in place, etc.) are considered a __________ factor when choos
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!