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fiasKO [112]
3 years ago
9

Poppy co. uses a periodic inventory system. beginning inventory on january 1 was understated by $30,000, and its ending inventor

y on december 31 was understated by $17,000. in addition, a purchase of merchandise costing $20,000 was incorrectly recorded as a $2,000 purchase. none of these errors were discovered until the next year. as a result, poppy's cost of goods sold for this year was:
Business
1 answer:
ICE Princess25 [194]3 years ago
3 0

Answer:

The answer is: Poppy's COGS were understated by $31,000

Explanation:

To find how the cost of goods sold were affected by the accounting errors we must add the errors in the inventory records plus the error in the purchasing records.

  • Errors in inventory records = $30,000 understated inventory (Jan 1) - $17,000 understated inventory (Dec 31) = $13,000 understated
  • Error in purchasing records = $20,000 real cost - $2,000 record = $18,000 understated  

How COGS were affected:

$13,000 understated + $18,000 understated = $31,000 understated

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Import tariffs generally ________ the output of domestic producers of the affected products and also _________ the output of dom
Lady_Fox [76]

Answer:

increase , decrease

Explanation:

Import tariffs are amount levied on the imports of goods. tariffs makes imports more expensive and discourages import.

if an import tariff is in place for a particular good, the import of that good would reduce and this would increase domestic producers to produce more of the good to meet the demand of the good. so output of domestic producers would increase.

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6 0
3 years ago
The following information for "2019" pertains to Bartley Corporation: Capital contributions by shareholders $50,000 Realized los
Nadusha1986 [10]

Answer:

$13,500

Explanation:

Bartley's gross income should include only two items:

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2019 gross income = $8,000 + $5,500 = $13,500

The net gains or losses associated to the selling or rebuying of stocks are considered capital gains or losses, and they are taxed differently than gross income.

7 0
3 years ago
Suppose that you are a systems analyst on a project that involves modifying the sales order process. Since your company receives
mina [271]

Answer:

Sample size = 384.16 ≈ 385

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Explanation:

Data provided in the question:

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Certainty factor for 95% certainty = 1.96

Now,

Sample size = 0.25\times(\frac{\textup{Certainty factor}}{\textup{1 -Desired accuracy}})^2

on substituting the respective values, we get

Sample size = 0.25\times(\frac{\textup{1.96}}{\textup{1 - 0.95}})^2

or

Sample size = 384.16 ≈ 385

If we increase the order size to 25,000, there will be no change in the sample size as sample size is independent of the number of orders

3 0
4 years ago
How do most companies pay the current liabilities incurred by day-to-day operations?.
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Current assets, or possessions used up within a year, are generally used to settle current liabilities.

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  • Current liabilities are debts or commitments that fall due within a year or during the regular business cycle. Additionally, current obligations are paid off by using a current asset, either by generating a fresh current liability or by using cash.
  • In accounting, current liabilities are frequently interpreted as all debts owed by a company that must be paid in cash within the fiscal year or the operational cycle of that particular company, whichever is longer.
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To learn more about Current assets refer to:

brainly.com/question/13188114

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6 0
1 year ago
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