Answer:
D. $30,000 overstated
Explanation:
Understatement of ending Inventory overstate the value of cost of Goods sold and understate the value of Net income and retained earning as well.
Overstatement of ending Inventory understate the value of cost of Goods sold and overstate the value of Net income and retained earning as well.
In 2016 the net income and retained earning was understated by $120,000.
In 2017 the net income and retained earning was overstated by $150,000.
Net Effect of both event in Retained earning at January 1, 2018
$150,000 overstated - $120,000 understated = $30,000 overstated
Answer:
$175,000
Explanation:
Calculation to determine West should report on its income statement for the year ended December 31, 20X5, a gain on condemnation of property of
Using this formula
Gain on condemnation=Compensation for the forced sale-Book value
Let plug in the formula
Gain on condemnation=$450,000-$275,000
Gain on condemnation=$175,000
Therefore what should report on its income statement for the year ended December 31, 20X5, a gain on condemnation of property of $175,000
Answer:
$17,350
Explanation:
Calculation to determine the amount of cash to report in the balance sheet.
Currency located at the company $950
Add Short-term investments that mature within three months 1,850
Add Balance in savings account 8,100
Add Checks received from customers but not yet deposited 550
Add Coins located at the company 100
Add Balance in checking account 5,800
Total Cash $17,350
Therefore the amount of cash to report in the balance sheet is $17,350
Answer:
B. mini-multinational firm.
Explanation:
Based on the information provided within the question it can be said that the Royal Teas company is most likely classified as a mini-multinational firm. This term refers to a firm that has about 100 employees or less and has operations in various different foreign companies worldwide. Which seems to be the case with Royal Teas since they have only 30 employees worldwide and have operations in Asian Countries, UK and other locations.
