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user100 [1]
3 years ago
15

Guns R Us overstated its ending inventory in the current year by $5,000. The company incorrectly reported $100,000 of net income

. Explain the consequences of this error on the current period's income statement:_______.A. Cost of goods sold will be too high by $5,000.B. Cost of goods sold will be too low by $5,000.C. The correct net income amount should have been $105,000.
Business
1 answer:
lara [203]3 years ago
4 0

Answer:

B. Cost of goods sold will be too low by $5,000.

Explanation:

Given that

Ending inventory overstated in the current year by $5,000

And, the net income is incorrectly reported $100,000

So, due to this error

The cost of goods sold is understated by $5,000

And, the net income is overstated by $5,000

Since the cost of goods sold is understated by $5,000 so it would be too low due to which the net income overstated by $5,000

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Blue Spruce University sells 4,500 season basketball tickets at $140 each for its 12-game home schedule. Give the entry to recor
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Answer:

a. Total revenue received:

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Date                 Account Title                                           Debit              Credit

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XX-XX-XXXX   Unearned Revenue                             $52,500

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8 0
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9/10
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Answer:

d

Explanation:

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Answer:

Answer for the question:

Assume an organization's current service level on order fill is as follows:

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d) What is the role of activity-based costing in customer relationship management? In customer segmentation?

is given in the attachment.

Explanation:

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