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
sergejj [24]
3 years ago
5

E6-23 (similar to) Aunt Betty Bakery reported net sales revenue of $ 59 comma 000 and cost of goods sold of $ 17 comma 000. Comp

ute Aunt Betty's correct gross profit if the company made either of the following independent accounting errors. a. Ending merchandise inventory is overstated by $ 4 comma 000. b. Ending merchandise inventory is understated by $ 4 comma 000.
Business
1 answer:
oee [108]3 years ago
3 0

Answer:

a. Ending merchandise inventory is overstated by $4,000.

net sales revenue of $59,000

cost of goods sold of $17,000 + $4,000 = $21,000

gross profit = $38,000

Since ending inventory was overstated, it means that COGS were understated.

b. Ending merchandise inventory is understated by $4,000.

net sales revenue of $59,000

cost of goods sold of $17,000 - $4,000 = $13,000

gross profit = $46,000

Since ending inventory was understated, it means that COGS were overstated.

You might be interested in
If GDP is $15 trillion, how many years will it take for GDP to increase to $30 trillion if annual growth is 2 percent
Varvara68 [4.7K]
Y = original value • growth ^(time/period of growth)

30000000000000 = 15000000000000 • (1+0.02)^(x/1)

Divide both sides by 15 trillion

2 = (1.02)^(x)

take logarithm of both sides

log2 = log1.02^x

Bring x down using log law

log2 = xlog1.02

Divide both sides by log1.02

x = 35

35 years

8 0
2 years ago
Sam buys 100 shares of Acme stock at $100 per share on January 1, Year 1. At the end of the first year (December 31, Year 1), sh
Nastasia [14]

Answer:

The answer is "21%".

Explanation:

The calculation for this question is define in attached file please find it.

3 0
3 years ago
Ellis Company issues 6.5%, five-year bonds dated January 1, 2019, with a $250,000 par value. The bonds pay interest on June 30 a
fredd [130]

Answer:

Hence the answer is given as follows,

Explanation:

7 0
2 years ago
As the price level falls a. people will want to hold more money, so the interest rate rises. b. people will want to hold more mo
icang [17]

Answer:

The answer is C.

Explanation:

As the general price level decreases or falls, people will want to hold less money, so the interest rate falls.

As price level falls, value of money decreases because a unit of money will more of goods or services.

During this period people will want to hold less money because of the decrease in value and the excess money will be deposited in banks.

With this, the banks have more money to lend out and this will make the bank to reduce its Interest rate.

8 0
3 years ago
True or False: A sole proprietor is personally responsible for all of the businesses debts, and may be legally required to pay o
arlik [135]
I have to guess true
8 0
3 years ago
Other questions:
  • If inflation is lower than what was expected,
    5·1 answer
  • A. suppose there is a surge in consumer confidence that creates an increase in aggregate demand in the economy. the federal rese
    9·1 answer
  • Xavier Co. wants to purchase a machine for $37,000 with a four year life and a $1,000 salvage value. Xavier requires an 8% retur
    12·2 answers
  • When Beta Company bought Gamma Company, Beta sold off about 30% of Gamma’s assets because they did not need them. Beta kept only
    13·1 answer
  • At the prepurchase stage of the consumer purchase decision process:
    14·1 answer
  • Manufacturing overhead was estimated to be $591,600 for the year along with 20,400 direct labor hours. Actual manufacturing over
    13·1 answer
  • Turk Manufacturing uses the net present value method to make the decision, and it requires a 15% annual return on its investment
    7·1 answer
  • How do you find phones?
    10·2 answers
  • How do you think the benefits will help the firm before they<br> engage in I.M?
    7·1 answer
  • The primary benefit of in-house banking as used by a major corporation is: Group of answer choices Improved visibility and contr
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!