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.
False.... The amount of money taken out of a check for taxes depends on how much you're getting paid.
Answer:
- 8,000: $30
- 13,000: $32.50
- 17,000: $42.50
Explanation:
<u>8,000</u>
This amount is below the quantity for which additional charges accrue. The base charge applies: $30.
<u>13,000</u>
This is 1000 gallons more than you get for $30, so costs an additional $2.50. The total water cost is ...
$30 +2.50 = $32.50
<u>17,000</u>
This is 5,000 gallons more than you get for $30, so costs an additional 5×$2.50 = $12.50. The total water cost is ...
$30 +12.50 = $42.50
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<em>Comment on the water charges</em>
$30 is the same as the cost of 12,000 gallons at $2.50 per thousand. So, the total bill can be figured at $2.50 per thousand, with a $30 minimum.
8 × $2.50 = $20, so the charge is the minimum, $30
13 × $2.50 = $32.50
17 × $2.50 = $42.50
Answer:
Life insurance.
Explanation:
A life insurance policy can be defined as a contract between a policyholder and an insurer, in which the insurer agrees to pay an amount of money to a specific beneficiary either upon the death of the insured person (decedent) or after a set period of time.
All of the following assets such as home, boat, vehicle require a title as proof of ownership, except a life insurance because no one person can present a proof to attest to the ownership of their life.
Simply stated, a life of an individual is abstract and as such can not be quantified or qualified by any document as a proof to be presented to another person or business entity. Thus, a life insurance cannot be used as a collateral to obtain credits or loans from a financial institution or investors.
