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Serggg [28]
3 years ago
5

The following two errors were made in the physical inventory counts: 1. 2018 ending inventory was understated by $8,000. 2. 2019

ending inventory was overstated by $4,000. Compute the correct cost of goods sold for both 2018 and 2019.
Business
1 answer:
elena-14-01-66 [18.8K]3 years ago
7 0

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

The following two errors were made in the physical inventory counts: 1. 2018 ending inventory was understated by $8,000. 2. 2019 ending inventory was overstated by $4,000.

We were not provided with the relevant information to recalculate the cost of goods sold, but, I can provide the formula to solve the problem.

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

1- COGS= beginning finished inventory + cost of goods manufactured - (ending finished inventory + 8,000)

2- COGS= beginning finished inventory + cost of goods manufactured - (ending finished inventory - 4,000)

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Brief exercise 1-9 at the beginning of the year, morales company had total assets of $816,000 and total liabilities of $526,000.
kramer

<u>Calculation of amount of stockholders' equity at the end of the year:</u>


At the beginning of the year, Morales Company had total assets of $816,000 and total assets increased $178,000 during the year, hence Total Assets at the end of the year shall be 816000+178000 = $994,000


At the beginning of the year, Morales Company had total liabilities of $526,000 and total liabilities decreased $82,000 during the year. Hence Total Liabilities at the end of the year shall be 526000-82000 = $444,000


Now we can calculate amount of stockholders' equity at the end of the year as follows:

Equity = Assets – Liabilities

= 994,000-444,000

= $550,000


Hence, the amount of stockholders' equity at the end of the year shall be <u>$550,000</u>


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3 years ago
Suppose iron ore is an input in producing steel. how will a decrease in the price of iron ore affect the market for​ steel
Lunna [17]
Direct relation. If iron is used to make steel, and iron is cheaper now, steel will also be cheaper. Decrease in price can mean they have a bunch of it, a surplus.
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Which of the following is a general two-year college-level degree?
inysia [295]

Answer:

an associate's degree

Explanation:

An associate's degree is an undergraduate, two-year degree program. The associate degree transposes into the first two years of a bachelor's degree. It intends to equip students with the necessary technical skills and academic knowledge required in the workplace. An associate degree prepares a student for further study in their chosen field.

A bachelor's degree takes four years, while a master's degree requires getting a bachelor's degree first.

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Lisa is wondering if her company is earning the income they expected to earn at the beginning of this year. She looks at to see
andre [41]

Lisa is wondering if her company is earning the income they expected to earn at the beginning of this year. She looks at to see how the money looks, while remembering that this budget does not show cash outlays. This type of budget is called Expense Budget

<h3>What is Expense Budget?</h3>
  • The Expense Budget displays the revenue and capital expenditures of several ministries and departments and provides estimates for each under "Plan" and "Non-Plan."
  • It provides a thorough study of various expenditure kinds as well as a general explanation for why estimates vary. The Expense Budget also includes the Central Government's requests for grants.
  • Capital assets are crucial expenses for firms since they include cash outlays for production machinery and other equipment that generates revenue.
  • Due to the fact that production equipment is more expensive than standard office supplies or monthly expenses, financing is sometimes required to purchase capital assets.
  • The purchase of capital assets is typically included in expense budgets, and their effects on working capital and future cash flows are quantified. Businesses wouldn't be able to accomplish their operational goals without well managed capital investments.

To know more about Expense Budget with the given link

brainly.com/question/14318672

#SPJ4

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