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pentagon [3]
3 years ago
5

Bramble Inc. reported total assets of $2405000 and net income of $331000 for the current year. Bramble determined that inventory

was overstated by $23500 at the beginning of the year (this was not corrected). What is the corrected amount for total assets and net income for the year?
Business
1 answer:
kolbaska11 [484]3 years ago
3 0

Answer:

Net income is $307,500 and Assets is $2,381,500

Explanation:

The inventory results in decreasing the net income while the overstated inventory will result in increase in the net income with the amount of overstated.

So, in this scenario, inventory increased the profits and if it is corrected then the assets will also decrease by the amount.

Therefore, correct balance is:

Net Income = Amount - Overstated amount

= $331,000 - $23,500

= $307,500

Assets = Amount - Overstated amount

= $2,405,000 - $23,500

= $2,381,500

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What is the name for the process of paying attention to important properties while ignoring nonessential details?
sweet [91]

Answer:

Abstraction

Explanation:

Abstraction can be defined as the doing way of some details that are not too necessary so that the main subject or features have maximum attention.

absstraction is very important in the aspect of object oriented programming

It should be noted that the process of paying attention to important properties while ignoring nonessential details is Abstraction.

5 0
3 years ago
Midyear on July 31st, the Digby Corporation's balance sheet reported: Total Liabilities of $77.152 million Cash of $6.030 millio
jonny [76]

Answer:

$45.027 million

Explanation:

The accounting equation shows the relationship between the various elements of the balance sheet. These are the assets, liabilities and equity. It is given as

Assets = Liabilities + Equity

The owner's equity is made up of the common stock and retained earnings (which is the net income less dividend paid over the period).

Equity = $125.989 million - $77.152 million

= $48.837  million

Retained earnings = Equity - Common stock

= $48.837  million - $3.810 million

= $45.027 million

Digby Corporation's retained earnings is $45.027 million

5 0
2 years ago
Kim wants to work for a corporation and earn a high salary. Jim wants to work for a not-for-profit organization and save the env
aleksandrvk [35]

Answer:

C. Benefits

Explanation: Directly impacts what each person WANTS and is getting (Not just money) as shown by Jim. if in the question they were to only deal with the money that each gets from their job then the answer would be expenses. Wanting to save the environment is not an expense it is a <u>benefit </u>of working at the non-profit.

8 0
2 years ago
Read 2 more answers
The next two questions pertain to the problem below: You researched Jersey Kids Corp on Yahoo Finance and you found the followin
Leona [35]

Answer:

The current stock price of Jersey Kids Corp in 2021 is expected to be $39.02.

Explanation:

The current stock price of Jersey Kids Corp in 2021 can be calculated using the formula for the dividend discount model as follows:

P2021 = D2022 / (r - g) ............................ (1)

Where,

P2021 = current stock price in 2021 = ?

D2020 = Annual dividends per share paid in 2020 = $3.00

D2021 = Annual dividends per share paid in 2021 = D2020 * (1 + g) = $3 * (1 + 0.02) = $3.06

D2022 = Annual dividends per share paid in 2022 = D2021 * (1 + g) = $3.06 * (1 + 0.02) = $3.1212

r = required return = 10%. or 0.10

g = growth rate = 2% = 0.02

Substituting the values into equation (2), we have:

P2021 = $3.1212 / (0.10 - 0.02)

P2021 = $3.1212 / 0.08

P2021 = $39.02

Therefore, the current stock price of Jersey Kids Corp in 2021 is expected to be $39.02.

7 0
2 years ago
Which of the following statements is true about franchising?
emmasim [6.3K]

Answer:

b. Each franchise outlet is probably a carbon copy of every other outlet.

Explanation:

A franchise business is an arrangement where a popular business owner (franchisor) allows a third party ( franchisee)to start and run an independent outlet similar to the franchisor business. The franchisor licenses the franchisee to use their

  1. Brand name and colors,
  2. Marketing materials,
  3. Operating systems and  design layouts
  4. Operating processes and procedures

A franchisee sells similar products at the same price as the franchisor. The franchise outlets have similar looks because of branding, colors, and layout.

8 0
3 years ago
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