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
Lapatulllka [165]
3 years ago
6

Pettit Company reports net income of $90,000 in 2019. However, ending inven- tory was understated $7,000. What is the correct ne

t income for 2019? What effect, if any, will this error have on total assets as reported in the balance sheet at December 31, 2019?
Business
1 answer:
zimovet [89]3 years ago
8 0

Answer:

<em>a)Corrected net income= $97,000</em>

<em>b) Total assets figure is understated.</em>

Explanation:

<em>To arrive at the net income, cost of goods sold is usually deducted from the sales revenue. An cost of sold is determined by subtracting the value of inventory. So an understated inventory would mean an overstated </em><em>cost of goods sold </em><em>and </em><em>understated net income</em>

<em>Correct net income = 90,000 + 7,000</em>

<em>                                 = $97,000</em>

<em>Inventory is part of current assets s reported in the balance sheet . Therefore, if inventory is understated it implies that the current assets figure is understated and therefore the</em><em> total assets figure is understated.</em>

<em />

You might be interested in
if you're interested in working for a specific company what type of job site should you look at for opening
ollegr [7]
The answer is <span>c.<span>Company site
Hope this helps!</span></span>
4 0
3 years ago
Read 2 more answers
What important role does management play in organizations?
QveST [7]

Answer:

The role of the Management is to move an organization towards its purposes or goals by assigning activities that organization members perform. If Management ensures that all the activities are designed effectively, the production of each individual worker will contribute to the attainment of the organizational goals.

4 0
2 years ago
What types of performance measures you will use to measure the performance of your informatics solution project
Tema [17]

Workload or output measures, Efficiency measures, Effectiveness or outcome measures and Productivity measures will use to measure the performance of our informatics.

The study of the composition, dynamics, and interactions of biological and artificial computer systems is known as informatics. The representation, processing, and exchange of information in unnatural and artificial systems are the subjects of informatics.

The study of computing systems, particularly those used for data storage and retrieval, is known as informatics. According to ACM Europe and Informatics Europe, the terms "informatics" and "computer science," both of which center on the transformation of information, are interchangeable.

Learn more about informatics here

brainly.com/question/14160957

#SPJ4

8 0
2 years ago
If Project Repat were to acquire another firm that makes or sells similar products in similar markets, it would be an example of
SVEN [57.7K]

Answer:

b. Horizontal merger.

Explanation:

Project Repat is merging with a company that produces similar products to its own markets them in similar markets as well, this is an example of a horizontal merger that results in increased synergies between the similar firms and a greater market share opportunity.

Vertical mergers are usually not in the same industry. They would either be with the suppliers of Project Repat or customers who retail Project Repat's products.

Conglomerate is an example of diversification and usually the merging firms have different operations.

There are no information of clashes of any sort within the two  merging companies so it is uncertain whether this is a hostile takeover.

Hope that helps.

3 0
3 years ago
You plan to retire in 30 years and you are investing $250 per month in the BMO Large-Cap Growth mutual fund. The fund has an ave
mr Goodwill [35]

Accumulated Balance is given by :

A=P\dfrac{(1+i)^n-1}{i}\times (1+i)

Here,

n = time period = 30×12 = 360.

i=\dfrac{13.45}{100}\times \dfrac{1}{12}=0.0112

P = principal price = $250.

Putting all given values in above equation, we get :

A=250\times \dfrac{(1+0.0112)^{360}-1}{0.0112}\times (1+0.0112)\\\\A=\$1221659.48

Hence, this is the required solution.

6 0
3 years ago
Other questions:
  • In the market for federal funds, if the federal funds rate is between the discount rate and the interest rate paid on excess res
    12·1 answer
  • Automatic stabilizers create _____________ during recessions from things like increased government spending on welfare and unemp
    10·1 answer
  • Increases in the price of the good measured on the horizontal axis will make the horizontal intercept ________ and make the budg
    6·1 answer
  • Municipal bonds are issued by what?
    6·1 answer
  • Jessica is investing in a capital equipment for her printing press. She wants to know how long it will take for her investment t
    8·1 answer
  • Thirty-five percent of the world's commercial energy is produced from _______.
    9·1 answer
  • Last year, Candle Corp had $200,000 of assets, $300,000 of sales, $20,000 of net income, and a debt-to-total-assets ratio of 40%
    12·1 answer
  • Auction sites like ebay have increased opportunities for __________ marketing.
    14·1 answer
  • Please help me !!! It’s very important
    10·2 answers
  • 2) What is the correct way to mark False Starts in Full Verbatim?
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!