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Fofino [41]
3 years ago
14

2019: Ending inventory was overstated by $30,000 while depreciation expense was overstated by $24,000. 2020: Ending inventory wa

s understated by $5,000 while depreciation expense was understated by $4,000. By how much should retained earnings be adjusted on January 1, 2021?
Business
1 answer:
KIM [24]3 years ago
3 0

Answer:

$25,000

Explanation:

The computation of the adjusted balance of retained earning is shown below:

Since the depreciation expense is overstated on 2019 which decreased the earnings so it would be added

Since the  depreciation expense is understated on 2020 which increased the earnings so it would be deducted

And, the ending inventory for 2020 is understated which decreased the earning so it would be added

Therefore, the adjusted balance is

= $24,000 - $4,000 + $5,000

= $25,000

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Complete the paragraph describing how to initiate an informational interview by filling in the missing words or phrases correctl
AleksandrR [38]

1. trade associations ( they help you find your target market which helps you network with  the right people )

2. Job requirements because this is about finding more research in a career field you're interested in with a person from that field. Although I'm not so sure it can't be your employment history, but with the direction the sentence was taking I'm pretty sure it's job requirements.

8 0
3 years ago
Read 2 more answers
McKean Corporation authorized 500,000 shares of common stock in its articles of incorporation. On May 1, 2019, 100,000 shares we
Solnce55 [7]

Answer:

100,000 shares and 80,000 shares

Explanation:

Calculation to determine how many shares were issued and outstanding, respectively

The shares that were issued will be 100,000 shares that were sold to the company's founders while the shares outstanding will be 80,000 shares Calculated as :

Shares outstanding=Shares issued -Shares repurchased

Shares outstanding=100,000 shares-80,000 shares

Shares outstanding =80,000 shares

Therefore the Number of shares that were issued and outstanding, respectively are:100,000 shares and 80,000 shares

6 0
3 years ago
Feather Friends, Inc., distributes a high-quality wooden birdhouse that sells for $120 per unit. Variable expenses are $60.00 pe
kotykmax [81]

Answer:

1. 0.5

2. $360,000

3. $25,500

Explanation:

The BEP which is the break even point is the point where the company's sales or revenue generated is equal to the cost incurred. As such, the BEP is the number of units that must be sold for the company to make neither a profit nor a loss.

Both sales and variable cost are dependent on the number of units sold.

The sales less the variable cost gives the contribution margin. The contribution margin less the fixed cost gives the net operating income.

CM Ratio

= 1500000/3000000

= 0.5

Break even point in $ = Fixed cost/ CM ratio

= $180,000/0.5

= $360,000

If the sales increase, the variable cost will also increase as both are dependent on the level of activity.

If sales increases by $51,000, number of units sold

= $51,000/$120

= 425

Increase in variable expense

= 425 * $60

= $25,500

Increase in net operating income

= $51,000 - $25,500

= $25,500

8 0
3 years ago
Jiffy Cake Mix Company developed a new brownie mix that is much improved over its current brownie mix. When a sales representati
son4ous [18]

Answer: Slotting allowance

Explanation: Manufacturers or producers may often have to contact retail stores, supermarkets and other retail channels when marketing their product, this often comes at a cost, the amount manufacturers are being charged by this retail stores in other to keep or stock the company's product in its store, inventory or warehiuse is called the sticking or Slotting allowance. In the context above, the fee demanded by the supermarket which sparked protest from jiffy's representative is called the stocking or Slotting allowance.

3 0
4 years ago
For business owners to achieve their goals, certain laws guide their business dealings and transactions.
Readme [11.4K]
Last time i checked that was true good luck 
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3 years ago
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