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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.

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Answer:

Gross Impressions

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In this case, gross impressions

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Fill in the blank: _____ is how a project manager makes use of productivity tools and creates processes. The project manager may
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Planning and organizing is how a project manager makes use of productivity tools and creates processes. The project manager may need to use certain tools and processes to do tasks like create a schedule and share information.

<h3>What is Planning and organizing?</h3>

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1 year ago
A company discovered in 2013 that it had overstated the inventory balance for Dec 31, 2011 by $10,000. The company had (incorrec
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Answer:

Corrected Net Income for 2011 = $290,000

Corrected Net Income for 2012 = $410,000

Explanation:

Data provided in the question:

The overstated the inventory balance for Dec 31, 2011 = $10,000

The reported Net Income for 2011 =  $300,000

The reported Net Income for 2012 =  $400,000

Now,

Since the inventory is overstated in the year 2011, it will be subtracted from the reported incorrect Net Income for 2011

Thus,

Corrected Net Income for 2011 = $300,000 - $10,000

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And, for the year 2012 the overstated inventory will be added to the reported Net Income for 2012

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Corrected Net Income for 2012 = $400,000 + $10,000

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3 years ago
Harvey is considering implementing team-building management in his company. He wants to start with teams that work on the produc
Sergeu [11.5K]

Answer:

Answer is all of the above.

Explanation:

Reasons:

1) Communicating his expectations more would eventually make his team understand clearly the goal setting

2) Work on developing his emotional intelligence as william would be able to get things done even when there is crisis through his intelligence

3) Adjust his leadership styles and behaviours so as to prevent unhappiness and dissension among the employees as if he is not rigid all the time and keeps on changing his thought process as per the needs, he can for sure get things done and make others employees happy.

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