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insens350 [35]
3 years ago
7

On its advertisement, a company claims that it has funds in its possession that are, in fact, not available for the payment of l

osses or claims. The company is guilty ofRebating.Misrepresentation.Concealment.Unfair claim practice
Business
1 answer:
trapecia [35]3 years ago
3 0

Answer:

Misrepresentation

Explanation:

Misrepresentation -

It refers to the incorrect practice of some wrong statement by the company , in order to obtain some profit , is referred to as misrepresentation .

The method is employed to fool the consumers , by wrong interpretation of some statement .

Hence , from the given information of the question,

The correct option is  Misrepresentation .

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Partial income statements for Sherwood Company summarized for a four-year period show the following: 1. Restate the partial inco
OlgaM077 [116]

Answer:

1. The corrected gross profit are as follows:

2015 = $704,000

2016 = $836,000

2017 = $859,000

2018 = $1,024,000

2-a  Gross profit percentage before and after correction are as follows:  

Particulars                2015     2016       2017      2018

Before correction      32%       33%        31%        32%

After correction         32%       32%        32%        32%

2-b. Yes. This is because the gross profit percentage for the years are approximately the same at 32% after the correction was made.

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows:

Partial income statements for Sherwood Company summarized for a four-year period show the following:

                          2015             2016                  2017                  2018

Net Sales     $2,200,000   $2,600,000    $2,700,000      $3,200,000

COGS           <u>   1,496,000  </u>   <u>    1,742,00</u>      <u>  1,863,000</u>       <u>   2,176,000</u>

Gross Profit  <u>   $704,000  </u>    <u> $858,000  </u>   <u>  $837,000   </u>    <u> $1,024,000 </u>

An audit revealed that in determining these amounts, the ending inventory for 2016 was overstated by $22.000. The inventory balance on December 31, 2017, was accurately stated. The company uses a periodic inventory system.

Required: 1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory error, 2-a. Compute the gross profit percentage for each year (a) before the correction and (b) after the correction 2-b. Does the pattern of gross profit percentages lend confidence to your corrected amounts?

The explanation of the answer is now given as follows:

1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory error

Note: See the attached excel file for the fixing the inventory error and the restated partial income statements to reflect the correct amounts, after fixing the inventory error.

The effect of the overstatement of closing inventory is reducing the 2016 cost of goods sold. To correct this in the attached excel file, the opening balance is reduced by $22,000 and this makes cost of goods sold of 2016 to increase and the cost of goods sold of 2017 to decrease by $22,000.

2-a. Compute the gross profit percentage for each year (a) before the correction and (b) after the correction

Note: See the attached excel file for the computed the gross profit percentage for each year (a) before the correction and (b) after the correction.

In the attached excel file, the following formula is used:

Gross Profit percentage = Gross profit / Net Sales) * 100

2-b. Does the pattern of gross profit percentages lend confidence to your corrected amounts?

Yes. This is because the gross profit percentage for the years are approximately the same at 32% after the correction was made.

Download xlsx
4 0
2 years ago
The pier import store has cash of $34,600 and accounts receivable of $54,200. the inventory cost $92,300 and can be sold today f
VikaD [51]

The book value of the company’s assets is the sum of the values of individual assets entered in the books of the company. The following would be its book value:

Cash                                                                                      $34,600

Accounts receivable                                                              $54,200

Inventory                                                                               $92,300

Fixed assets                                                                          $234,500

Accumulated depreciation of fixed assets                            ($107,900)

Total book value of the assets of the firm                             $307,700

7 0
3 years ago
A producer is someone who _____________. A. Makes a commodity available for sA producer is someone who _____________. A. Makes a
Mekhanik [1.2K]
A producer is someone who m<span>akes a commodity available for sale or exchange.</span>
5 0
2 years ago
______ is the feeling that your efforts make a difference and affect the organization.
steposvetlana [31]

The answer is accomplishment. It is because an individual is likely to feel accomplished if he or she was able to achieve the goal that he or she is trying to pursue and that these accomplishments that he or she achieved has paid the efforts that he or she pushed to and it has make a difference.

5 0
3 years ago
According to surveys, the second largest expense of a typical American<br> consumer is
lesantik [10]

Answer:

Social Security

Explanation:

3 0
3 years ago
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