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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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If a consultant is not a consultee's administrative supervisor, the consultant: Question 7 options: can avoid liability for any
ASHA 777 [7]

Since the consultant is not a consultee's administrative supervisor , then he would not be held legally responsible for actions taken by the consultee based on the consultant's advice.

A consulting agreement is a legal document that describes the working relationship between a company and a consultant who provides services to that company. The consulting agreement defines the terms of the professional relationship in order to hold both parties accountable for the type of work and compensation expected.

A consultant is a third-party professional who provides expertise and advice to help a company's operations in some way. They examine current business practices, identify areas for improvement, and devise a strategy to improve that aspect of the business.

Learn more about agreement here:

brainly.com/question/15319879

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8 0
2 years ago
Waterway Industries reported the following information for 2016: October November December Budgeted sales $950000 $890000 $11000
MakcuM [25]

Answer:

At November 30, 2016, budgeted Accounts Receivable is $445,000

Explanation:

In October, Sales: $950,000

Customer amounts on account are collected: 50% x $950,000= $475,000

At 31 October, Accounts Receivable = 50% x $950,000= $475,000

In November, Sales: $890,000

Customer amounts on account are collected = $475,000 + 50% x $890,000 = $920,000

At November 30, 2016 budgeted Accounts Receivable = 50% x $890,000 = $445,000

8 0
3 years ago
Suppose you invest $1000 at an interest rate of 6%, compounded annually. Calculate the equivalent interest rate under continuous
Vikki [24]

Answer:

The equivalent interest rate under continuous compounding is 5.8%

Explanation:

Annual compounding

A = P(1+r)^n

P = $1,000

r = 6% = 0.06

n = 1 year

A = 1000(1+0.06)^1 = 1000(1.06) = $1060

Continuous compounding

A = Pe^rt

A = $1060

P = $1000

t = 1 year

1060 = 1000e^r

e^r = 1060/1000 = 1.06

e^r = 1.06

r = ln 1.06 = 0.058 = 5.8%

8 0
3 years ago
In the current external business environment, which of the following is true? a. The business environment is static. b. Corporat
liraira [26]

Answer:

e. Joint ventures are on the rise.

Explanation:

No external environment can be static as the the environment depends on so many factors, and it can never be controlled.

Corporate culture do not alone influence the success, of an organization, it again depends upon multiple factors.

Mergers are part of economy which goes on, the declining mergers might increase suddenly and then decline, it is again part of economy.

Companies only advertise when they are new or in loss or when they launch a new product with the highest exposure, else they do not focus, much once customers are aware of their products.

Joint ventures are on rise, that is because the companies find it easy to grow when they join hands.

3 0
3 years ago
If Susan sues Will and Frank's Furniture for $80,000 in damages resulting from her injuries in federal district court in Montpel
azamat

Answer:

E) No, because there is no diversity of citizenship federal jurisdiction.

Explanation:

All the parties involved in this case are citizens of Vermont, so Susan cannot sue Will and Frank's Furniture in a federal district court, she should sue them at a state court.

Diversity of jurisdiction applies to cases over $75,000 and that involve citizens of two or more different states. In this case the case is for more than $75,000 ($80,000) but the parties involved are all from the same state.

3 0
3 years ago
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