The answer of the question is True.
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Answer:
$85,000 and $65,000
Explanation:
Let us the short term note be X for 10%
And, the long term note for 8% is ($150,000 - X)
Now the equation is
0.10X + 0.08 × ($150,000 - X) = $13,700
0.10X + 12,000 - 0.08X = $13,700
0.02X = $13,700 - $12,000
0.02X = $1,700
So, X = $85,000
And, at 8% it would be
= $150,000 - $85,000
= $65,000
Hence, for 10% it is $85,000 and for 8% it is $65,000
Answer:
Correct amount of the inventory = $174,118
Inventory incorrectly recorded = $205,171
The inventory was overstated by = 205,171 - 174,118
=$31,053
As a result of the overstated ending inventory, the net income would be overstated by $31,053 as well.
As a result of the overstated net income, the retained earnings would be overstated by $31,053 as well.
Ending inventory is a part of Assets, thus due to overstated ending inventory, assets would also be overstated by $31,053.
The cash flow (payment or receipt) made for a given period or set of periods. The present value, PV, of a series of cash flows is the present value, at time 0, of the sum of the present values of all cash flows, CF. We start with the formula for PV of a future value ( FV) single lump sum at time n and interest rate.
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