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.
Answer:
2. A given bond is subordinated to other classes of debt.
Explanation:A bond Indenture is a legally approved contract between a bond holder(the buyer of the bond) and a bond issuer(the original owner of the bond,who sold it to the bond holder).
Subordinated bond is also known as junior Securities or subordinated debt are bonds that are lower in rank compared to other bonds,a subordinated bond holder is only paid when other senior bond have been completely paid out.
Answer and Explanation:
The journal entries are shown below:
1 Equipment $53,420
To Cash $53,420
(Being the equipment is purchased for cash is recorded)
The computation is given below:
= Cash price of machine + sales tax + shipping cost + insurance during shipping + installation and testing cost
= $49,500 + $3,650 + $100 + $60 + $110
= $53,420
2. Depreciation expense $9,614
To Accumulated Depreciation - Equipment $9,614
(Being the depreciation expense is recorded)
The computation is shown below:
= ($53,420 - $5,350) ÷ ( 5 years)
= $9,614
It really depends on the highschool, we used to have four classes a day, now we have five, before you needed 24-28 to pass and my junior year i had 22 credits now we went to thee 5x5 and have to get a few more credits
