Answer:
2020 net income overstatement $5,000
2021 net income understatement $5,000
Explanation:
The lower of cost and net realizable method of valuing inventory is used in valuing closing inventory where cost is invoice and NRV is the estimated selling price less cost to sell
Product Cost selling price cost to sell NR unit value
X $37 $48 $15 $33 $33
The inventory should have been valued at $33 not at $38
This means that inventory in 2020 was overstated by $5,000 ($38-$33)*1000)), costs of good sold in year 2020 was understated by $5,000 hence net income was overstated by $5,000
The spillover effect in year 2021 is the reverse of 2020,hence understatement of net income by $5,000
Answer: The answer is Other Financing Uses and Sources.
Explanation: The other financing uses and sources are usually under Operating statement account in government accounting and budgeting.
Other financing uses and sources encompass limited number of special transactions that include non-operating revenue and expenditures. Other items that are included in this financial reporting line are proceeds from debt transactions, operating transfers, sale of government assets. While other financing uses are transfers into a fund and proceeds of debts issue and sale of government asset, other financing sources show the transfer from one fund to another.
Answer:
Confidece, and empathy.
Explanation:
Confidence to know you will do great at your job, and empathy to know how others feel about themselves!
Hope this helps! Brainliest plz!
