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Sav [38]
3 years ago
11

During 2025, Saul Company discovered that the ending inventories reported on its financial statements were incorrect by the foll

owing amounts: 2023 $60,000 understated 2024 $75,000 understated Prior to any adjustments for these errors and ignoring income taxes, 2024 Net Income would be:
Business
1 answer:
11111nata11111 [884]3 years ago
7 0

Answer:

$15,000 overstated

Explanation:

       Item                                             Amount

Inventories over stated in 2024      $75,000

Less: Under stated in 2023              ($60,000)

Inventories over stated in 2025     $15,000

Overstated inventory means, cost of goods will be understated in income statement. so net income will show as overstated. it means retained earnings also overstated by $15,000

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3 years ago
Julio receives utility from consuming food​ (F) and clothing​ (C) as given by the utility function . In​ addition, the price of
AleksandrR [38]

​Julio's marginal rate of substitution equals is: 0.38, which is the price of food divided by the price of clothing.

<h3>Marginal rate of substitution</h3>

Using this formula

Marginal rate of substitution=Price of food/Price of clothing

Let plug in the formula

Marginal rate of substitution=$3 per unit/$8 per unit

Marginal rate of substitution=0.375

Marginal rate of substitution=0.38 (Approximately)

Therefore ​Julio's marginal rate of substitution equals is: 0.38, which is the price of food divided by the price of clothing.

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1 year ago
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Read 2 more answers
The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: Beginni
melamori03 [73]

Answer:

City of Buffalo Falls

a. Journal Entries:

Beginning balances:

Jan.1, 2020 :

Description                 Debit                Credit

Cash                        $93,000

Taxes Receivable  $189,500

Accounts Payable                              $52,250

Fund Balance                                   $230,250

To record opening balances of the General Fund.

Transactions during the year:

Description                 Debit                Credit

Taxes Receivable      $1,230,000

Estimated Revenue                         $1,230,000

To record the estimated revenue for the year.

General Government  $1,227,400

Accounts Payable                            $1,227,400

To record the estimated appropriations for the year.

Property taxes receivable $915,000

Other revenue receivable $315,000

Estimated revenue                              $1,230,000

Cash Account                  $1,182,500

Property taxes receivable                     $885,000

Other revenue receivable                    $297,500

To record the cash receipts.

Contracts                                  $95,250

Accounts Payable                                      $95,250

To record contracts for services.

Debit General Government  $963,500

Credit Accounts Payable                        $963,500

To record the other expenditures.

Debit Accounts Payable      $1,092,500

Credit Cash Account                              $1,092,500

To record payment on account.

b. Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund:

Estimated Revenue   $1,230,000

less Expenditure:

Contracts                          95,250

Other expenditures       963,500

Change in fund             $171,250

Fund balance b/f           230,250

Fund balance c/f          $401,500

c. Balance Sheet for the General Fund:

Cash                              $183,000

Taxes Receivable           237,000

Total assets                 $420,000

Accounts Payable            $18,750

Fund balance                  401,500

Total liabilities + Fund $420,250

Explanation:

a) Cash Account:

Beginning balance            $93,000

Property taxes                   885,000

Other revenue                  297,500

less Accounts payable   1,092,500

Ending balance               $183,000

b) Taxes Receivable

Beginning balance           $189,500

Estimated Revenue        1,230,000

less Receipts:

Property taxes                  885,000

Other revenue                 297,500

Ending balance             $237,000

c) Accounts Payable

Beginning balance        $52,500

Other expenditure        963,500

Contracts                        95,250

Less payments           1,092,500

Ending balance              $18,750

4 0
3 years ago
3. Analyze. Explain how scarcity is related
frosja888 [35]

Scarcity is the condition wherein the mean to and end (that is resources required to achieve set goals) are limited in relation to the goals that need to be achieved.

Because of the above, one has to carefully make their choice while allocating the resources accordingly.

<h3>What is opportunity Cost?</h3>

When a choice is made between two competing alternatives, it means that one alternative has to be foregone. The alternative foregone is called the Opportunity Cost.

<h3>What is a rationing device?</h3>

A rationing device is a system that determines who receives what of limited commodities and resources.

Price is one of the most regularly employed rationing techniques in a capitalistic (market-based) economic system.

Those who are willing and able to pay the price for a certain commodity (or resource) can obtain it.

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8 0
1 year ago
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