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
Kazeer [188]
4 years ago
11

During the taking of its physical inventory on December 31, Almond Supplies Company incorrectly counted its inventory as $545,00

0 instead of the correct amount of $554,000. Indicate the effects of the misstatement on Almond Supplies Company’s balance sheet and income statement for the year ended December 31.
Business
1 answer:
IceJOKER [234]4 years ago
5 0

Answer and Explanation:

The effect of undervaluation of Inventory is shown below:-

Inventory Understated = Inventory counted + Correct value of inventory

= $545,000 - $554,000

= $9,000

Now, the effect of undervaluation of Inventory is

Cost of goods overstated by $9,000

Net income understated by $9,000

Retained earning understated by $9,000

Assets (Current assets - Inventory) understated by $9,000

You might be interested in
Simple Random Sampling: The EAI data has information on the annual
BARSIC [14]

Answer:

Hello

Explanation:

make me as brain liest

6 0
3 years ago
What type of business is basically a special type of licensing agreement?
Radda [10]

The type of business that is a special type of license agreement is a partnership, as there is a legal written agreement between two parties, that grants the right to use trademarks and patents.

A partnership is a business that is shared by two or more entities, where the parties share legal and financial responsibility through a legal agreement.

Partnerships are more effective for businesses operating in the same sector, for the partnership to be more aligned with the business and increase the companies' positioning in the market.

Therefore, in a partnership, the parties involved will specify through a license agreement the distribution of property, profits and losses, responsibilities and their commercial relationship.

The correct alternative is letter A.

Find out more about partnership here:

brainly.com/question/25012970

4 0
3 years ago
Read 2 more answers
Which of these types of reservations do hotels prefer?
Vitek1552 [10]

The answer is <u>C) Advance deposits</u>. I believe.

5 0
4 years ago
Read 2 more answers
Your friend is looking to find scholarly articles about online education. Which of the following groups of sources would you rec
kipiarov [429]

Answer:

B. journals and books (and e-journals or e-books on the web)

Explanation:

magazines are usually opinions

7 0
3 years ago
Is it possible for a company to be too liquid
rjkz [21]

Answer:

yes it is possible ......

6 0
3 years ago
Read 2 more answers
Other questions:
  • Disposable Income Consumption
    14·1 answer
  • Shoe Shine is a local retail shoe store located on the north side of Centerville. Annual demand for a popular sandal is 500 pair
    14·1 answer
  • Federal debt now stands at $23 trillion USD. You must pay 5% simple interest on the debt at the end of the year ... and the US C
    12·1 answer
  • Under the Investment Advisers Act of 1940, which of the following statements are TRUE regarding the investment adviser's relatio
    6·1 answer
  • A company has an 8% bond that has a face value of $1,000 and matures in 30 years. Assume that coupon payments are made semi-annu
    6·1 answer
  • The following cost data for the month of May were taken from the records of the Terrence Manufacturing Company: (CIA adapted) De
    14·1 answer
  • each of the following inventors developed machinery that would lead to the increased productivity of farmers between 1790 and 18
    10·1 answer
  • Considering high achievers, which situation is likely to have the greatest effect on achievement behavior?
    9·1 answer
  • The Theater Arts Guild of Dallas (TAG-D) employs five people in its Publication Department. These people lay out pages for pamph
    5·1 answer
  • The budget for a project designated $2000 for work performed and till this point in time, has spent $5000. If the budget had inc
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!