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Ratling [72]
3 years ago
13

Pow Corp. accidentally overstated its 2018 ending inventory by $750. Assume that ending 2019 inventory is accurately counted. Th

e error in 2018 will have what effect on Pow Corp.? a. 2018 net income is understated by $750. b. 2018 net income is overstated by $750. c. 2019 net income is understated by $750. d. Both b and c are correct.
Business
1 answer:
sergeinik [125]3 years ago
8 0

Answer:

b. 2018 net income is overstated by $750

Explanation:

As the ending inventory is overstated the COGS will be understated thus, the income was overstate as well. Because the expenses reduced from the sales revenues were lower than correct.

Also we can deduct the same logic considering the accounting equation

Assets = liab + equity

if asssets are 750 higher than it should, then Equiy is higher as well

+750  = +750

Equity is affected for the net income and dividends. Thus, we can also conclude the net income is overstated by 750

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NemiM [27]

Answer:

False Light

Explanation:

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5 0
3 years ago
An automobile manufacturer produces and sells the Energy-Saver Car in North America. It also produces and sells the Smart Little
Sergio039 [100]

Answer:

We will get $7680(thousands)

Explanation:

Answer

If we read the given data values in the passage, it is clear that the mean annual number of smart little cars in china is 7500 and the variance is equal to 6400

The variance is given for the number of cars, but not for the profit.

So, we need to convert the numerical value(number of cars) to money value(profit)

it is given that net revenue per car is $1.2 (thousands)

So, multiplying the net revenue by number of cars

we get, variance in profit = 6400*1.2 = $7680 (thousands)

3 0
3 years ago
Kelsey wants to buy some bananas. one grocery store sells them at 2 pounds for $0.89. another store sells them at 3 pounds for $
MAVERICK [17]
<span>Too find he lowest units price you divide the price per pound by the number of pounds. At the first store it is roughly 44 cents per unit. The second store is about 33 cents per unit. The lower unit price is 33 cents per pound at the second store.</span>
3 0
3 years ago
Price is the _____________ a consumer is willing to make to acquire a specific product or service.
vfiekz [6]

Answer:

Overall sacrifice

Explanation:

Price is associated with the amount of money that a consumer have to pay to purchase a articular product. Overall sacrifice is that amount of money which is sacrificed by the consumer to acquire a particular product or service. Price of the product is set by the seller in the market and it is totally depends upon the willingness of the consumer to buy the product at the prevailing prices or not.

3 0
3 years ago
Mill Company began operations on January 1, 20X1, and recognized income from construction-type contracts under different methods
Vinvika [58]

Answer:

Deferred tax asset balance on  December 31, 20X3 =   $115,500

Explanation:

The computation of the amount of deferred income taxes should Mill report is shown below:

<u>Year   Tax purpose   Book purpose   Difference   Deferred tax book </u>

20X1     $400,000          $0                $400,000        $84,000

20X2    $625,000     $375,000         $250,000        $52,500

20X3     $750,000     $850,000        ($100,000)        ($21,000)

Deferred tax asset balance on  December 31, 20X3 =   $115,500

5 0
3 years ago
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