A system that permits banks to hold less than 100 percent of their deposits as reserves is called a

In taking a physical inventory at the end of Year 1, Grant Company forgot to count certain units and understated ending inventor

Rina8888 [55]

Answer:

a. Overstates Year 1 cost of goods sold.

b. Understates Year 1 net income

c. Understates Year 2 cost of goods sold

Explanation:

a. The formula for Calculating the Cost of Goods sold is;

Cost of Goods Sold = Opening inventory + Purchases - Closing inventory.

If the closing inventory is understated, it will reduced the amount being subtracted from Purchases and Opening inventory which would means that Cost of Goods sold will be overstated.

b. The Cost of goods sold is deducted from sales to give Gross profit. If Cost of goods is overstated, it will reduce Gross Profit higher than it should. A lower Gross Profit equates to a lower Net Income.

c. Going by the formula in a;

Cost of Goods Sold = Opening inventory + Purchases - Closing inventory.

In Year 2, the understated Year 1 closing stock will become the understated Year 2 Opening stock. With the opening stock understated, the Cost of goods will be understated as well because Opening stock is meant to increase Cost of goods sold as the formula shows. If it is understated, the amount that it will add will be understated as well.

4 0

2 years ago

Which is true about what a customer typically expects from a support technician?

vodomira [7]

A customer expects a support technician to be knowledgeable, patient, and friendly. The support technician must be knowledgeable to the degree that they solve the issue at hand, but can also give basic information to a customer.

3 0

2 years ago

The value of what a Canadian-owned Tim Hortons produces in South Korea is included in the Canadian ________ and the South Korean

Illusion [34]

Answer: GNP; GDP

Explanation:

The value of what a Canadian-owned Tim Hortons produces in South Korea is included in the Canadian GNP and the South Korean GDP.

Gross National Product refers to the total amount of domestic production and foreign production that can be attributed to the residents of a nation.

This means that GNP includes the GDP and income earned by residents of the country in other countries but less the income earned by foreigners in the country. For Canada therefore, the value of goods produced by the Canadian company in South Korea will be added to the GNP.

Gross Domestic Product (GDP) on the other hand is simply the total final value of goods and services produced in a country regardless of if it was foreigners or residents doing the production. The value of what a Canadian-owned Tim Hortons produces in South Korea is therefore included in South Korea's GDP.

7 0

2 years ago

When command is transferred, then all personnel involved in the incident should be told.

olga nikolaevna [1]

Based on the principle of formality, the correct answer goes:

The effective time and date of the transfertransfertransfertransfer

<h3>Command of transfer</h3>

When command is transferred, then all personnel with a need to know should be told: The effective time and date of the transfer.

In conclusion, we can conclude that the correct answer is as informing about effective time and date.

Learn more about transferring officer here: brainly.com/question/10721205

6 0

2 years ago

While it may not be possible to make the receiver happy when you deliver bad news, you can reduce bad feelings by structuring yo

OlgaM077 [116]

Answer:

Care and concerned use A) Unnderstanding
open to bad news C) When it may benefit them or somebody else
Candidate interview... C) close with good wishes D) Buffer the opening
Forgot to turn in report .... B) Accept responsibility of the mistake D) Apologize with sincerity
Bakery customer ... A) Defensive remark B) freebie or promotional discount C) a statement of company policy regarding refund
It provides no explanantion. A) It makes a promise that might br difficult to keep

Explanation:

To make somebody feel cared you must show understanding of his/her problems.
People are open to bad news if you present them with facts and tell about the best possible outcome for everyone
Reject a candidat with good wishes and providing feedback on his/her application.
When you make a mistake accept responsibility and apologize with sincerity. You must try to suggest an alternative to make up for your mistake
Defend your product with a remark that would gain understanding of the customer. Adhere to the company policy and offer something to make the customer happy
The letter doesn't mention any reason for not being able to make exceptions. A promise is made that might be difficult to keep as different people may have different expectations for "bigger bonus checks"

7 0

3 years ago