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
Dennis_Churaev [7]
3 years ago
6

An inventory error not only affects the current year's cost of goods sold, gross profit, net income, current assets and equity,

but also the next period's statements because net purchases in one period is also the net purchases in the next period. cost of goods sold of one period is the cost of goods sold in the next period. ending inventory of one period is the beginning inventory of the next period. beginning inventory of one period is the ending inventory of the next period. Rate your confidence to submit your answer.
Business
1 answer:
pychu [463]3 years ago
7 0

The correct answer is "ending inventory of one period is the beginning inventory of the next period."

An inventory error not only affects the current year's cost of goods sold, gross profit, net income, current assets, and equity, but also the next period's statements because ending inventory of one period is the beginning inventory of the next period.

That is why the manager has to be strict regarding the inventory of a company. Inventory has a cost that can be translated into money. So accountants have to be perfect regarding the inventory. So yes, ann error in keeping the inventory affects the company in that the ending inventory of one period is the beginning inventory of the next period. An internal audit can reveal the mistakes in accurately keeping the inventory. So it is better to put extra attention in the process so nothing wrong would be revealed after the audit.

You might be interested in
Suppose a $3 per-unit tax is placed on this good. the per-unit burden of the tax on sellers is
Leto [7]

Suppose a $3 per-unit tax is placed on this good. the per-unit burden of the tax on sellers is $1 .

Explanation:

The demand curve and the production curve are cross-secting before the tax level reaches $4.

The supply curve moves to the left when the tax of $3 was levied, so that the new price payable by consumers is $6 where the new supply curve and the demand curve intersect, while the seller collects $3 where the original supply curve and the demand curve intersects.

hence, the per unit burden of the tax imposed on buyers is $6 - $4 = $2

while the burden on sellers is $4 - $3 = $1

6 0
3 years ago
4.what is the multinational pact that calls for a worldwide reduction in greenhouse gases?
a_sh-v [17]
The Global Climate Change Inititive
7 0
3 years ago
Read 2 more answers
Many times a business sends out a multitude of materials to people across the country. If for every document they want to showca
leva [86]

Explanation:

In the Precipitation Map of Washington, the dark orange section indicates low rainfall in the region. Using the Shaded Relief Map of Washington, you can tell that this area is flat, possibly a plain. These areas normally don't get a lot of moisture. The Washington Precipitation Map has regions that are dark purple and dark orange. This means that they both get a lot of rain every year. If you look at these areas on the Washington Shaded Relief Map, you can see that these areas with a lot of rainfall are mountainous.

On the Washington Precipitation Diagram, purple/blue means more rain, and orange/red means less rain. Washington's Shaded Relief Map shows the mountains (br)

5 0
3 years ago
The don't bite me pest control company has 11,400 gallons of insecticide supplies on hand that cost $342,000; a bill from the ve
Pie
$342,000

 Regardless if the amount of supplies has not been paid or not, it is still accounted for in the balance sheet. You would have a debit of 342,000 for supplies, credit of supplies payable of 240,000 and a credit to cash for 102,000 assuming that the difference between both amounts was paid for with cash.


3 0
3 years ago
An agent gives a conditional receipt to a client for an insurance policy after collecting the initial premium. when will the pol
ExtremeBDS [4]
If the insurer takes the policy as applied for the coverage will take effect when the conditions of the receipt are met and from the date of the application or medical exam. The two types of conditional receipts are insurability and approval. The insurability receipt provides interim coverage as the applicant is insurable while the approval receipt will not begin until the insurer will approve the claim. However, conditional receipts will provide the coverage if the applicant is insurable as applied for and coverage will not be delivered until the applicant accepts the coverage if the insurer concerns a counter-offer because the applicant is substandard risk. 
4 0
3 years ago
Other questions:
  • Moonbeam Company manufactures toasters. For the first 8 months of 2017, the company reported the following operating results whi
    12·1 answer
  • Alpha Technology produces two products: a high end laptop under the label Excellent Laptops and an inexpensive desktop under the
    6·1 answer
  • The labor-force participation rate tells us the fraction of the population that has chosen to participate in the labor market.
    6·1 answer
  • Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and mate
    15·1 answer
  • Lucky Cow Dairy provided the following expense information for​ May:Assemblyminus−line ​workers' wages​$72,000Caps for milk bott
    15·1 answer
  • Don and Debbie are buying a new car seat for their toddler, and they know that any car seat they find in a store meets specific
    9·1 answer
  • Which fiscal policy would most likely result in the largest budget deficit
    13·1 answer
  • Assume that investment spending
    10·1 answer
  • What is a likely result of an increase in trade between nations?
    13·1 answer
  • Sylvia is a budget analyst for the state of Kentucky. her job is to look over the state government's spending and suggest and su
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!