The correct answer is "ending inventory of one period is the beginning inventory of the next period."
An inventory error not only affects the current year's cost of goods sold, gross profit, net income, current assets, and equity, but also the next period's statements because ending inventory of one period is the beginning inventory of the next period.
That is why the manager has to be strict regarding the inventory of a company. Inventory has a cost that can be translated into money. So accountants have to be perfect regarding the inventory. So yes, ann error in keeping the inventory affects the company in that the ending inventory of one period is the beginning inventory of the next period. An internal audit can reveal the mistakes in accurately keeping the inventory. So it is better to put extra attention in the process so nothing wrong would be revealed after the audit.
Answer:
The interest rate is 11%
Explanation:
The loan amount = $50000
Interest amount = $5500
Since the annual interest amount and the principal amount is given so we have to find the interest rate by using the given information. Below is the formula to find the interest rate.
Let the interest rate = x
Principal × interest rate = Interest amount
$50000 × r = $5500
r = $5500 / $50000
r = 0.11 or 11%
The interest rate is 11%
1. If you have an item which you want to sell, make sure that you sell it for something more that what you bought it.
2. The items you are selling, sell them for a good price. If you go too expensive, no body will buy. But if you go cheap and easy, everyone will come to you.
3. when you have successfully started getting people to constantly buy your products, make your prices go higher slowly slowly.
4. Always make sure, the products you are selling are in good quality and are not... ruined in any way.
That's all the ideas I have. Hope it helped.
