1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
lana [24]
3 years ago
8

Q 6.29: Accurate Auditing is conducting an inventory count for Blake Industries. Blake intermingles empty boxes with full boxes

in the storeroom. How would falsifying its inventory account have affected Blake’s financial statements if the auditors had not discovered the fraud?
Business
1 answer:
Rasek [7]3 years ago
3 0

Answer:

The asset would have been overestimated

Explanation:

An inventory account deals with assigning values to all the items or goods that are involved in the production process ranging from raw goods, processed goods to market-ready goods.

<em>An inventory represents an asset to a company. Hence, the presence of empty boxes in the storeroom if otherwise taken as full boxes will lead to an overestimation of the asset unless they are discovered.</em>

You might be interested in
What is the expansionary fiscal policy of the government?
iren [92.7K]

Answer:

D. when the government decreases the interest rate

Explanation:

Fiscal policy can be defined as the use of taxes, government spending and transfers to stabilize an economy. Expansionary fiscal policy of the government  is when the government of a country decreases its taxes and increases its expenditure.  the word "fiscal" refers to tax revenue and government spending.

when the government reduces its interest rates, consumers pay less interest, they have more money to spend and there will be drastic effect to that because there will be more spending in the  economy. businesses also benefits from this decreased interest as they will be motivated to buy equipment and obtain loan to boost their businesses and pay less interest.

5 0
3 years ago
The independent cases are listed below includes all balance sheet accounts related to operating activities: Net income Depreciat
OLEGan [10]

Answer: Please see below

Explanation: The values from  the question are scattered, but here is how they should appear

                                                    Case A       Case B         Case C  

Net income                               $310,000         15,000 $420,000    

Depreciation expense                  40,000   150,000       80,000

Accounts receivable increase

(decrease                                      100,000 (200,000) (20,000)

Inventory increase (decrease)        (50,000)   35,000   50,000

Accounts payable increase           (50,000)   120,000   70,000

Accrued liabilities increase

(decrease)                                  60,000  (220,000) (40,000)

To calculate the operating activities section of cash flows for each of the given cases,

we use the Indirect method formula

Net cash flow from operating actvities  = Net Income + Non-Cash Expenses – Increase in Working Capital

Net cash flow from operating actvities =Net Income +/- Changes in Assets & Liabilities + Non-Cash Expenses

Net cash flow from operating actvities = Net Income + Depreciation + Stock Based Compensation + Deferred Tax + Other Non Cash Items – Increase in Accounts Receivable – Increase in Inventory + Increase in Accounts Payable + Increase in Accrued Expenses + Increase in Deferred Revenue

Following the formulae above, we can determine what expense should be added or subtracted to give the operating activities of cash flow below as

                                  Case A                   Case B               Case C

Net Income               $310,000                15,000         $420,000  

Net Income Adjustments to Reconcile Net Income to net Cash provided by operating activities

Depreciation                   40,000              150,000       80,000

Changes in Assets and Liabilities

Accounts Receivable        - 100,000       200,000           20,000

Inventory                              50,000           -35,000        - 50,000    

Accounts Payable            -50,000            120,000       70,000

Accrued Liabilities              60,000           - 220,000       -40,000

Net Cash Provided by Operating Activities

                                      $310,000         $230,000       $500,000

6 0
3 years ago
How does fractional reserve banking grow the economy?
Aleks [24]

Answer:

C. By allowing the same money to be both stored as a deposit and  loaned to businesses is the correct answer.

Explanation:

6 0
3 years ago
In Littleville, which has 1,000 residents, 400 people do not currently work. Of these 400 persons, 240 are under age 16, 10 are
marin [14]

Answer:

7.69%

Explanation:

The official unemployment rate includes people who do not have a job but are able to take a job and are currently seeking one.

People with part time jobs are considered employed.

Littleville has 1,000 residents, 600 are employed = 400 do not work but how many are considered unemployed:

400 - 240 (under age 16) - 10 (institutionalized) - 100 (are not looking for work, including students and homemakers) = 50 unemployed

Littleville's unemployment rate = number of unemployed / total labor force = 50 / (600 + 50) = 50 / 650 = 7.69%

6 0
3 years ago
Consider firms that introduce new​ products, such as DVDs in 2001. When firms introduce new​ products, how do they typically det
lyudmila [28]

Answer:

D. estimate price elasticity of demand by experimenting with different prices.

Explanation:

Price elasticity of demand is an economic concept which is a measure of the sensitivity of customers willingness to buy something to its price. If the customers readily change their buying behavior with a change in price of the product, it would mean that the demand for the product is elastic.

When firms are introducing new products, they generally determine the best selling price by experimenting with different prices and observing the buying behavior of customers. Then the choose the price which produces the maximum amount of revenue for the firm, which entails the price of the product and number of units sold.

5 0
3 years ago
Other questions:
  • Soho Bottling was started in a kitchen in Brooklyn, New York, and makes soft drinks. After going through the various steps in th
    11·1 answer
  • The __________ is the serous membrane that covers most digestive organs.
    6·2 answers
  • Prepare the journal entry to record Zende Company’s issuance of 66,000 shares of $5 par value common stock assuming the shares s
    11·1 answer
  • Select the correct answer. What direction does the relationship between supply and price take? A. slopes upward B. parallel to t
    8·1 answer
  • Suppose the Bank of Tazi loaned the banks of Tazi 10 million tazes. Suppose also that both the reserve requirement and the perce
    5·1 answer
  • 570,000. The firm will raise the $570,000 in capital by issuing $230,000 of debt at a before-tax cost of 11.1%, $20,000 of prefe
    6·1 answer
  • A company incurs costs of $75 ($67 variable and $8 fixed) to make a product that normally sells for $120. A customer offers to b
    12·1 answer
  • Which of the following will cause an increase in ROI? An increase in controllable fixed costs. An increase in average operating
    5·1 answer
  • which career cluster does the accouning pathway belong in? a.finance b.manufacturing c.information technology d. health sciences
    13·1 answer
  • In the field of organizational behavior, organizations are described as
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!