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3 years ago

ABC, Inc. is a calendar-year corporation. Its financial statements for the years 2021 and 2020 contained errors as follows:

Business

1 answer:

Vesna [10]3 years ago

3 0

Answer: A) $15,000 overstated

Explanation:

Ending Inventory is subtracted from Cost of Goods sold so an overstated Ending Inventory would mean a smaller Cost of Goods sold and hence an overstated Income.

An Understated Depreciation amount would have the same effect because Depreciation is an expense so understating it would mean less expenses subtracted from Income leading to an overstated income.

As both of them will overstate income, the total overstatement would be;

= 9,000 + 6,000

= $15,000

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On January 1, 2018, Album Co. issued $200,000 of ten-year bonds. Interest is payable semi-annually on June 30 and December 31. T

Mrac [35]

Answer:

12%

Explanation:

Album Co. paid $12,000 for interest, and that is the stated interest of the bonds.

Stated interest = $12,000 / $200,000 = 6% semiannually, therefore the annual stated interest is 6% x 2 = 12%

The stated rate is applied to the face value of the bonds, regardless of their selling or trading price.

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3 years ago

Courtney recently ordered a few books online. However, she received the wrong order. She was completely dissatisfied and returne

poizon [28]

What Courtney is experiencing in the question is a process called service recovery.

It refers to a paradox where a customer will think highly of a company when the company has fixed the problem that the customer is facing from its service, compared to how the customer would perceive the company when it gives a non-faulty service.

Customer retention is mainly determined by how a company resolves a problem that a customer faces due to a faulty service or product.

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3 years ago

Read 2 more answers

On December 31, 2017, Jerome Company has an accounts receivable balance of $316,000 before any year-end adjustments.

katovenus [111]

Answer:

The Allowance for Uncollectible Accounts at December 31, 2017 is $10,430

Explanation:

In order to calculate the Allowance for Uncollectible Accounts at December 31, 2017 we would have to make the following calculation:

Allowance for Uncollectible Accounts at December 31, 2017=Estimated Allowance 1-30 days+Estimated Allowance 31-60 days+Estimated Allowance 61-90 days+Estimated Allowance over 90 days

Estimated Allowance 1-30 days=Balance*% Uncollectible

Estimated Allowance 1-30 days=$152,000*1%=$1,520

Estimated Allowance 31-60 days=$87,000*2%=$1,740

Estimated Allowance 61-90 days=$50,000*3%=$1,500

Estimated Allowance over 90 days=$27,000*21%=$5,670

Allowance for Uncollectible Accounts at December 31, 2017=$1,520+$1,740+$1,500+$5,670

Allowance for Uncollectible Accounts at December 31, 2017=$10,430

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3 years ago

Jensen is 25 years old, and he will be starting his career as a business analyst. According to Levinson, Jensen is in the _____

Svet_ta [14]

Based on the research studies and situation described, according to Levinson, Jensen is in the Novice phase of adult development.

Daniel Levinson was a famous researcher whose interest centered on different stages of life from childhood to old age.

Daniel Levinson concluded that early adulthood lies between the ages of 17 to 45.

This early adulthood is then categorized into two, the novice phase between 17 to 33 and the culminating phase, which is between 33 to 45.

Thus, given that Jensen is 25, it is concluded that according to Levinson, Jensen is in the Novice phase of adult development.

Hence, in this case, it is concluded that the correct answer is "Novice."

Learn more here: brainly.com/question/1578703

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2 years ago

Mullin, InC., purchases supplies such as paper towels, soap, toilet paper, and seat covers directly from manufacturers and then

coldgirl [10]

Answer:

wholesaler

Explanation:

A wholesaler is part of the downstream supply chain. It operates by purchasing large amounts of certain goods and then reselling them to smaller retailers. Wholesalers act as intermediaries between small retailers that are unable to purchase large amounts from manufacturers, but still need to purchase them at a discount price. Generally, wholesalers do not sell directly to the general public, only to other smaller businesses.

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2 years ago