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
Wade Corp. has 150,000 shares of common stock outstanding. In 2020, the company reports income from continuing operations before
Arisa [49]

Answer:

just get rid of this answer

Explanation:

8 0
3 years ago
Phân tích tác động của toàn cầu hóa đến công tác quản trị nhân lực trong các doanh nghiệp hiện nay
masha68 [24]

______________________________¶¶¶¶¶¶

_____________________________¶¶¶¶¶¶¶¶¶

____________________________¶¶¶¶¶¶¶¶¶¶

____________________________¶¶¶¶¶¶¶¶¶¶¶

____________________________¶¶¶¶¶¶¶¶¶¶

_____________________¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶

____________________¶¶¶¶¶¶¶¶¶¶¶¶¶¶

___________________¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶__________¶¶¶¶

__________________¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶_______¶¶¶¶¶¶

_________________¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶______¶¶¶¶¶

________________¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶_____¶¶¶

________________¶¶¶¶_¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶___¶¶¶

_______________¶¶¶¶__¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶_¶¶¶

_______________¶¶¶___¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶

______________¶¶¶____¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶

______________¶¶_____¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶

____________¶¶¶¶_____¶¶¶¶¶¶¶¶¶¶¶¶¶

___________¶¶¶¶_____¶¶¶¶¶¶¶¶¶¶¶¶¶¶

___________¶¶_¶___¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶

___________¶_____¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶

_________________¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶

__________________¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶

_____________¶¶¶¶¶_¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶

__________¶¶¶_______¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶

_________¶__________¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶¶

_________¶_________¶¶¶¶¶¶¶¶____¶¶¶¶¶¶¶¶

__________¶________¶¶¶¶¶¶¶______¶¶¶¶¶¶¶¶

___________¶______¶¶¶¶¶¶¶_________¶¶¶¶¶¶

____________¶____¶¶¶¶¶¶¶__________¶¶¶¶¶¶

_____________¶__¶¶¶¶¶¶¶__________¶¶¶¶¶¶

_______________¶¶¶¶¶¶¶___________¶¶¶¶¶

______________¶¶¶¶¶¶¶_¶¶¶_______¶¶¶¶¶¶

______________¶¶¶¶¶¶_____¶______¶¶¶¶¶

_____________¶¶¶¶¶¶______¶______¶¶¶¶¶

_____________¶¶¶¶¶_______¶_____¶¶¶¶¶¶

____________¶¶¶¶¶_______¶¶_____¶¶¶¶¶¶

___________¶¶¶¶¶¶______¶¶______¶¶¶¶¶¶

___________¶¶¶¶¶¶______¶_______¶¶¶¶¶¶¶¶

____________¶¶¶¶______¶____________¶¶¶¶¶¶

______¶¶¶¶¶¶_¶¶¶_¶¶¶¶¶

¶¶¶¶¶¶_______¶¶¶

6 0
2 years ago
What is the best free editing app for gamers?
gogolik [260]
Wondershare Filmora9
4 0
3 years ago
Two types of cars (Deluxe and Limited) were produced by a car manufacturer last year. Quantities sold, price per unit, and labor
ZanzabumX [31]

Answer:

Unit less Labor Productivity:

For Deluxe Cars=133.333

For limited Cars=135.714

Labor Productivity in units/hour:

For Deluxe Cars=0.2 units/hour

For limited Cars=0.2 units/hour

Labor Productivity in units/hours does not consider the price at which car is sold and the labor rate while the unit less labor productivity considers the both.

Explanation:

Unit less Labor Productivity Calculations:

For Deluxe Cars=\frac{4000*8000/car}{20000hour*12/hour}

For Deluxe Cars=133.333

For limited Cars=\frac{6000*9500/car}{30000hour*14/hour}

For limited Cars=135.714

Labor Productivity in units/hour

For Deluxe Cars=\frac{4000 units}{20000hour}

For Deluxe Cars=0.2 units/hour

For limited Cars=\frac{6000 units}{30000hours}

For limited Cars=0.2 units/hour

Labor Productivity in units/hours does not consider the price at which car is sold and the labor rate while the unit less labor productivity considers the both. But a manager especially department manager who has better understanding of units/hour will not use the unit less labor productivity. Unit less labor productivity is used by high level managers.

5 0
3 years ago
Why we remove interest amount from 1 year amount?
Lynna [10]

The interest amount earned is removed from the accumulated amount of savings because the interest is simple interest.

<h3>What is Interest?</h3>

interest is the percentage amount earned over the savings made and deposited in the account, the interest is a basic market interest rate that is applied to the savings to calculate the amount of interest income for a given period of time.

The savings are deposited and they are applied for the interest rate the interest income is also included in the original savings, then for the next year the interest rate will again be only applied to the original savings amount and not the compounded amount that is the original amount of savings plus the interest earned in the first year.

That is why the interest earned in the first year is deducted from the total savings in the account to calculate the interest income for the second year.  

Learn more about Interest at brainly.com/question/17072533

#SPJ1

7 0
2 years ago
Other questions:
  • Consider the following information.
    6·1 answer
  • The financial statements of the Pharoah Company report net sales of $372000 and accounts receivable of $56400 and $27600 at the
    15·2 answers
  • if Germany exports $100,000 of sauerkraut to Jamaica and purchases $100,000 of Blue Mountain Coffee from Jamaica Germany has a
    9·1 answer
  • List 5 store documents pls ASAP​
    15·1 answer
  • What is the act of working in exchange for an income.?
    7·1 answer
  • Assuming that ATCHULO Company Ltd is committed to the current design, how would you improve it?
    7·1 answer
  • Wagner Enterprises and Stone Services both disposed of an old asset. When completing the journal entry, Wagner Enterprises inclu
    11·1 answer
  • On December 31, 2020, Plattsville Plastics recently decided to dispose of an extrusion machine. The original cost was $461,000 a
    13·1 answer
  • When a company has its sales forecasts prepared by management consultants, economists, or college professors, it is using a(n):_
    11·1 answer
  • A company has a predetermined overhead rate of $14 per machine hour. job 846 uses 27.5 machine hours. overhead allocated to job
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!