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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.

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in a recent issue of aarp the magazine, a print ad for state farm insurance annuities advises readers that "the company has help
Vinil7 [7]

In the issue of this magazine the people that the ad is most likely targeting would be the baby boomers.

<h3>Who are the baby boomers?</h3>

This is the name that was used to refer to the people that were born at the period that the second word war ended and towards the 1960s. These were the people that were in the United States between the years of mid-1946 and mid-1964,

Hence we can conclude by saying that In the issue of this magazine the people that the ad is most likely targeting would be the baby boomers.

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7 0
1 year ago
Phoenix Guitars is interested in pursuing backward integration to take greater ownership of the extraction of raw materials and
jok3333 [9.3K]

Answer:

Option A

Explanation:

In simple words, Regardless of the expense of making guitars, the technique reduces the total cost of manufacturing a instrument. Phoenix would be in the production business of instruments, not pickups.

The target of this technique is therefore the entire guitar, not really the pickups. The smaller the process of manufacturing their instruments, the better manoeuvrability they have on the market. When they have reduced costs, they may change rates downwards in order to capture further market penetration.

5 0
3 years ago
The store hours can be different for each day of the week.<br> True<br> False
Anit [1.1K]
The answer is true because it need not coincide with the calendar of the week, but may begin on any day and at any hour of the day
6 0
3 years ago
In King v. Riedl,
vovangra [49]

Answer:

Court ruled over in favor of the plaintiffs.

Explanation:

The result was that the court ruled in the favor of the plaintiffs because the contractor was statutorily barred from bringing an action to enforce payment because he doesn't has the residential home builder license and the amount of the contract satisfied statutory requirements.

8 0
3 years ago
Blossom, Inc. acquired 20% of Nash Corporation's voting stock on January 1, 2021 for $870000. During 2021, Nash earned $361000 a
alexira [117]

Answer:

$72,200

Explanation:

For computing the amount included in the income statement as an investment we need to applied the equity method which is shown below:

= Earned amount × given percentage

= $361,000 × 20%

= $72,200

We simply multiply the earned amount by Nash with the acquiring percentage i.e 20% so that the amount could come and the same is to be included in the income statement

6 0
3 years ago
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