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pentagon [3]
4 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]4 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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When Sunshine Inc., a cosmetics manufacturer, introduced an additional line of perfumes, the response from its existing customer
n200080 [17]

Answer:

B. Product development

Explanation:

A product development strategy is used when an existing company, with an existing customer base, tries to grow by introducing new products and/or services that target its customer base. This strategy entails more risk than market penetration but similar risks that market development.

The company can extend its product range by:

Research and Development investment, commonly used by tech companies like Apple who extend their product range constantly.

Buying the rights to produce products and services originally developed by other companies.

-Investing in the R&D of additional products, like when Microsoft developed Xbox One X.

-Getting the rights to produce someone else's product, like when Dinsey bought Marvell CU.

-Acquiring a popular product and rebranding it as its own product, like when google bought Picassa and launched Google Photos.

-Cooperating with other companies to develop products and services (shared ownership), which is very common in tech industries.

3 0
4 years ago
Buffalo Inc reported sales revenue for 2017 and $906,000 their products are sold within nine months warranty .Members of Buffalo
erma4kov [3.2K]

Answer: Debit to warranty payable the actual amount paid out as a result of warranty claims

Explanation: Warranty payable is a provision for estimated warranty claims to be paid. It is a liability account that has a credit balance.

In recording a warranty payable, a debit is made to warranty expenses account and a credit to warranty payable account.

When the actual warranty claim is paid, the warranty payable account is debited while cash or bank account is credited to record the actual amount paid.

5 0
4 years ago
In order to save $57,000 in five years, John will start saving money next month. He already has $10,000 in his account. The acco
Jlenok [28]

Answer:

He has to deposit $750.46 every month into the account

Explanation:

Future value id the accumulated amount of principal and compounded interest at the end of a specific investment period.

Assuming interest is compounding every month, use following formula to calculate the amount of payment each month.

FV = PV x ( 1 + r )^n + A x ( ( 1 + r )^n - 1 ) / r

$57,000 = $10,000 x (1+0.1%)^5x12 + A x ( ( 1+0.1% )^5x12 -1 ) / 0.1%

A = { $57,000 - [ $10,000 x ( 1 + 0.001 )^60 ] } / [ ( ( 1 + 0.001 )^60 )-1 / 0.001 ]

A = ( $57,000 - $10,618.05 ) / 61.80471

A = $46,381.95 / 61.80471

A = $750.46

3 0
4 years ago
Under variable costing, costs that are treated as period costs include: A. only fixed manufacturing costs. B. both variable and
kiruha [24]

Answer:

C. all fixed costs.

Explanation:

Under variable costing, all fixed cost are period cost. This make them non-capitalizable

Are treated as expenses and impact entirely on the net income

In other method some fixed cost are capitalzied through inventory but, in variable costing is not the case.

The only capitalized cost are the variable cost using this method.

5 0
3 years ago
The Foreign Corrupt Practices Act (FCPA) makes it illegal for US citizens to bribe high ranking foreign officials to get new bus
Gemiola [76]
G idk but keep yo head up i need these point aye give me 5 stars doe for takin my time n sharing my thoughts with u
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