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
allsm [11]
3 years ago
12

During the taking of its physical inventory on December 31, 2014, Barry's Bike Shop incorrectly counted its inventory as $225,51

3 instead of the correct amount of $170,230. The effect on the balance sheet and income statement would be ________.
Business
1 answer:
Kryger [21]3 years ago
6 0

Answer:

The inventory would be increased by $55,283 and the profit has been decreased by the same amount.

Explanation:

The reason is that the closing inventory has been increased by the difference of the correct and incorrect amount which is:

Closing inventory difference = $225,513 - $170,230 = $55,283

This will increase the closing inventory in the balance sheet and the increase in the closing inventory will decrease the cost of goods sold. The lower the cost of goods sold the greater is the profit.

You might be interested in
A sunk cost: Requires a current outlay of cash. Is the lost benefit of choosing an alternative course of action. Is irrelevant i
igor_vitrenko [27]

Answer:

Is irrelevant in decision making

Explanation:

Since the suck cost is the cost that no longer is recovered so it should not be a factor to consider when making a decision. For example, you have bought a cinema ticket for this evening, but it is heavily rainy so you may get sick if you go to the cinema. The fact that you have paid for this ticket should not consider whether to go or stay home since you can not get this amount of money no matter what happens.

5 0
3 years ago
Suppose you are committed to owning a $203,000 Ferrari. If you believe your mutual fund can achieve an annual rate of return of
liraira [26]

Answer:

the present value is $88,087.08

Explanation:

The computation of the present value is shown below:

As we know that

Future value = Present value × (1 + rate of interest)^number of years

$203,000 = Present value × (1 + 0.11)^8

So, the present value is $88,087.08

hence, the present value is $88,087.08

7 0
3 years ago
The core processes in a value chain must add value for the external​ customers, while support processes
shusha [124]

Answer:

B. are also part of the value chain

Explanation:

Value chain comprises two activities i.e primary activities and support activities.  

The primary activities include those activities which add the value to the customer through inbound logistics, outbound logistics, operations, and marketing sales and services

Whereas the support activities are those activities who support the primary activities. It involves procurement, firm infrastructure, etc

7 0
4 years ago
What is a hold?
Jlenok [28]

Answer:

The hold is that the $100 won't go in.

Explanation:

4 0
3 years ago
Read 2 more answers
One characteristic of a run-of-paper (ROP) advertising rate to a newspaper:____.
beks73 [17]

Answer:

a. is that the advertiser has no control over where the ad appears in the newspaper.

Explanation:

Run-of-paper (ROP) is another term for advertisement in the newspaper. The main feature of this type of advertisement is that it costs very low and the ad can be placed anywhere on the paper.

The ad is placed by the editors and publishers where they believe it would be best suited in the paper. This means that the advertisers have no control over where the ads are posted in the paper. The only option the advertisers have is to decide on the size of the ad.

8 0
3 years ago
Other questions:
  • Which of the following elements of a process most directly impacts or affects process capabilities? Multiple Choice Activities I
    15·1 answer
  • What is the logic behind co-locating purchasing personnel with internal customers?
    5·1 answer
  • Production-constrained decision. (You may select more than one answer. Single click the box with the question mark to produce a
    10·2 answers
  • On November 1, 2021, New Morning Bakery signed a $191,000, 6%, six-month note payable with the amount borrowed plus accrued inte
    10·1 answer
  • Which of the following effects best explains the downward slope of the aggregate demand curve? A. A multiplier effect B. An expe
    5·1 answer
  • QUESTION 4 / 10
    9·1 answer
  • Holiday Laboratories purchased a high-speed industrial centrifuge at a cost of $460,000. Shipping costs totaled $11,000. Foundat
    14·1 answer
  • you work at an electronYou work at a local electronics store, Electronics Warehouse. While you are working you spot a customer w
    7·1 answer
  • Answer this question plz n thank you. (posted the 1st n 2nd question. gonna post 2 other ones.)
    13·1 answer
  • Producing or associated with the generation of pus is:_________
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!