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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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Xyz corporation has income before taxes of $2 million and received $100,000 in preferred dividends from a company in which it ow
DaniilM [7]

I guess the correct answer is $686, 800

XYZ corporation has income before taxes of $2 million and received $100,000 in preferred dividends from a company in which it owns 25% of the outstanding shares. If XYZ corporation is in the 34% tax bracket, it will pay taxes of $686, 800.

Since XYZ corporation owns 25% of the outstanding shares, it is exempt from paying taxes on 80% of dividends received from the stock. The corporation would need to pay taxes on only $20,000 of the dividends received (20% of the $100,000 in preferred dividends) plus the $2,000,000 of income the corporation earned. Since the corporation is in the 34% tax bracket, the tax would be $686,800. (34% of $2,020,000 = $686,800.)

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3 years ago
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Answer:

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4 0
3 years ago
In July 2007 The Wall Street Journal (WSJ) reported that a growing shortage of skilled labor in Eastern European countries such
andrey2020 [161]

Answer:

D) rise in Western European countries and fall in Eastern European countries until the wage rates become more equal.

Explanation:

Two important factors must be considered:

  1. wages in western European nations are still much higher than those in eastern European nations
  2. workers that come from member countries of the European Union may travel freely and work in any country that they can and that belongs to the European Union.

As long as the wages in western European countries continue to be higher and European workers can establish themselves in those counties, the supply of workers will continue to flow from poorer eastern European countries to richer western European countries.

rise in Western European countries and fall in Eastern European countries until the wage rates become more equal.

4 0
3 years ago
Each of the statements below are true about inflation EXCEPT
SCORPION-xisa [38]
Is there a picture i can look at?
5 0
4 years ago
Sonia, a manager at an advertising agency, prepares a report to record the work completed so far and the work remaining on her n
nekit [7.7K]

Answer: (C)  An interim report

Explanation:

 An interim report is one of the type of report system in an organization that helps in collecting the various types of financial based data by properly analyzing on the basis of the performance.  

 The main objective of the interim report is to give timely update with the proper entity of the performance in an organization. In this report, the company statement include all the financial based information which contains the whole year report of the company.

According to the given question, Sonia is the manager of a advertising agency and she has prepared an interim report by proper analyzing the work quality and some recommendations for the project.

 Therefore, Option (C) is correct answer.    

5 0
4 years ago
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