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
marta [7]
3 years ago
11

Assuming periodic inventory procedure, what effect would an understatement of ending inventory have on the different items on th

e financial statements?
Business
1 answer:
Serjik [45]3 years ago
5 0

Answer:

The understatement of the ending inventory balance would result in an overstatement of the cost of goods sold. This will in turn result in an understatement of the gross and net profits for the year in the p/l.

Explanation:

The relationship between the elements of inventory in a financial statement is as shown below,

Opening balance + purchases - cost of goods sold = closing balance

As such, the understatement of the ending inventory balance would result in an overstatement of the cost of goods sold. This will in turn result in an understatement of the gross and net profits for the year in the p/l.

You might be interested in
Lakeland Consulting purchased computer equipment for $10,000. Lakeland made a $2,000 down payment with the balance due within 90
natta225 [31]

Answer:

Increase in assets of $8,000 and an increase in liabilities $8,000

Explanation:

The effect of the transaction is shown below with the help of the accounting equation

Liabilities + Owner equity = Assets

$8,000       + 0                        = $8,000

($10,000 - $2,000)

Therefore from the above calculation,  we can see that there is an increase in assets also there will be an increase in liabilities but no effect on stockholder equity

3 0
3 years ago
Refer to the accompanying graph. If the market price for the product falls, then which of the curves would shift?A. MCB. ATCC. A
ella [17]

If the market price for a product falls, the curve that would shift would be the D. Curve D.

<h3>What curve shifts with market price ?</h3>

In the given graph, the curve that would shift as a result of a shift in the market price would be the demand curve or D. This is because this demand curve is a horizontal curve which makes it perfectly elastic.

A perfectly elastic curve will change demand when there is a change in market price as more people will be interested in the good or service and try to get more or it.

Find out more on shifts in curves at brainly.com/question/29730751

#SPJ1

6 0
1 year ago
Linking executive pay to stock price can have the unintended result of rewarding: Multiple Choice ethical behaviour. unethical b
svetoff [14.1K]

Linking executive pay to stock price can have the unintended result of rewarding unethical behavior. option b is correct.

<h3>What are unethical behaviors?</h3>

This is a term that is used to refer to the set of behaviors that are carried out in the corporate setting which go against the norms of the organization.

Doing such a linking has a way of rewarding the unethical behavior of the people in the work place.

Raed more on unethical behavior here:

brainly.com/question/24518056

#SPJ1

3 0
1 year ago
What name is given to a person’s ability to satisfy or deny satisfaction of another’s need, based on an interpersonal relationsh
elixir [45]

Answer:

leader–member exchange theory

Explanation:

According to my research on the different theories or studies on interpersonal relationships, I can say that based on the information provided within the question the name given to this is leader–member exchange or LMX theory. This theory states is a leadership method that focuses on developing a two-way relationship between the leaders and those who follow them.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

6 0
3 years ago
X<br><img src="https://tex.z-dn.net/?f=x%20%7B%7D%5E%7B2%7D%20%20-%207x%20-%2030%20%3D%20" id="TexFormula1" title="x {}^{2} - 7
Ghella [55]
Root: (-3,0)
Root; (10,0)
Minimum; (7/2, -169/4)
y-intercept; (0,-30)
7 0
3 years ago
Other questions:
  • The company’s CEO repeatedly says that "employees are our most important resource," but many managers treat employees disrespect
    12·1 answer
  • Radicals use the term political economy instead of _____ to describe their critique of capitalism and the inequitable distributi
    10·1 answer
  • A municipal bond carries a coupon rate of 5.45% and is trading at par. What would be the equivalent taxable yield of this bond t
    11·1 answer
  • Exercise 7-9 (part level submission) don wyatt is unable to reconcile the bank balance at january 31. don's reconciliation is as
    7·1 answer
  • What evidence do you see in this case of the three kinds of corporate philanthropy discussed in this chapter: contributions of c
    13·1 answer
  • Procter &amp; Gamble determined that its Thermacare Heat Wrap was underperforming and lacked a desired level of growth potential
    7·1 answer
  • An incomplete cost of goods manufactured schedule is presented below. Complete the cost of goods manufactured schedule for Vaugh
    9·1 answer
  • The mean of a set of data is 5.07 and its standard deviation is 3.39.
    9·1 answer
  • Beyond-the-Sea Corporation and Homeport Company make a deal for Homeport's products, via e-records. Under the UETA, an e-record
    10·1 answer
  • French mining engineer Henri Fayol defined management as a process involving which of the following?
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!