Answer:
<em>a)Corrected net income= $97,000</em>
<em>b) Total assets figure is understated.</em>
Explanation:
<em>To arrive at the net income, cost of goods sold is usually deducted from the sales revenue. An cost of sold is determined by subtracting the value of inventory. So an understated inventory would mean an overstated </em><em>cost of goods sold </em><em>and </em><em>understated net income</em>
<em>Correct net income = 90,000 + 7,000</em>
<em> = $97,000</em>
<em>Inventory is part of current assets s reported in the balance sheet . Therefore, if inventory is understated it implies that the current assets figure is understated and therefore the</em><em> total assets figure is understated.</em>
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The answer is limited liability partnership
Answer:
Flashfone and Pictech
a. If Flashfone prices high, Pictech will make more profit if it chooses a (high,low) __low___ price, and if Flashfone prices low, Pictech will make more profit if it chooses a(high,low)___low____ price.
b. If Pictech prices high, Flashfone will make more profit if it chooses a(high,low)__low____price, and if Pictech prices low, Flashfone will make more profit if it chooses a (high,low) __low____ price.
c. Considering all of the information given, pricing high (is, is not) _is not_ a dominant strategy for both Flashfone and Pictech.
Explanation:
a) Data and Calculations:
Pictech Pricing
High Low
Flashfone Pricing High 11, 11 2, 18
Low 18, 2 10, 10
b) A dominant strategy exists if Pictech or Flashfone would implement a particular strategy that benefits it no matter what the other firm does.
Answer:
Direct material= $5,600
Explanation:
<u>First, we need to calculate the direct labor added to Work in Process:</u>
Direct labor= allocated overhead / predetermined overhead rate
Direct labor= 6,400 / 0.8
Direct labor= $8,000
<u>Now, by difference, the direct materials:</u>
Direct material= Ending balance - allocated overhead - direct labor
Direct material= 20,000 - 6,400 - 8,000
Direct material= $5,600
Considering the industrial context, the reasons some firms, industries, and cultures have different CSR thresholds than others include <u>differences in stages of </u><u>acceptance</u><u> </u><u>among</u><u> </u><u>firms</u><u>.</u>
Some other reasons some firms, industries, and cultures have different CSR thresholds than others include the following:
- Level of complexity
- CSR acceptance level of competition
- The difference in environments or countries
- Differences in cultures, etc.
CSR is the Corporate Social Responsibility in which the private firms seek to contribute to the society in which they operate through charity, philanthropic, and volunteering programs, amongst others.
Hence, in this case, it is concluded that there are various reasons why some firms, industries, and cultures have different CSR thresholds than others.
Learn more about CSR thresholds here: brainly.com/question/15318875
