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Mekhanik [1.2K]

4 years ago

12

Ebbers Corporation overstated its ending inventory balance by $7,000 in the current year. What impact will this error have on co

st of goods sold and gross profit in the current year and following year?

1 answer:

d1i1m1o1n [39]4 years ago

8 0

Answer:

ZOOM

Explanation:

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The three broad categories of message strategies include ______________.

sashaice [31]

The three broad categories of message strategies include cognitive, affective and conative. Within these message strategies they are broken down into subcategories with their advertising strategies. Cognitive strategies are number based and solid informative advertisements to consumers. Affective strategies focused on developing brand name. Conative strategies are looking for consumer behavior/reactions such as giveaways, promotions and the like.

4 0

4 years ago

Walter wants to deposit $1,500 into a certificate of deposit at the end of each ofthe next 6 years. The deposits will earn 5 per

polet [3.4K]

Answer:

$10,202.87

Explanation:

The balance will be the sum of a 6-term geometric sequence with first term 1500 and common ratio 1.05. The sum of such a sequence is given by ...

sn = a1(r^n -1)/(r -1)

We have a1=1500, r=1.05, n=6, so the sum is ...

s6 = 1500(1.05^6 -1)/(1.05 -1) = 10,202.87

Walter's account balance after the 6th deposit will be $10,202.87.

6 0

3 years ago

Selected data for the current year ended December 31 are as follows:

Katarina [22]

Answer and Explanation:

The computation is shown below:

Cash paid for Merchandise

Cost of Goods Sold $620,000

Add: Ending inventory $42,500

Less: Beginning inventory $68,000

Purchases made during the year $594,500

Add: Opening balance of accounts payable $135,000

Less: Ending balance of accounts payable $90,000

Cash paid for Merchandise $639,500

Cash paid for Operating Expenses

Operating expenses $142,000

Add: Ending Prepaid expense $23,000

Less: Beginning prepaid expense $20,000

Add: Beginning balance of accrued expenses $22,000

Less: Ending balance of accrued expenses $29,500

Cash paid for operating expenses $137,500

3 0

3 years ago

Kelsey owns a cottage in which her aunt Matilda lives. Kelsey wants to insure that Matilda can live in the cottage for the remai

Inessa [10]

Answer:

Kelsey owns a cottage in which her aunt Matilda lives.

Kelsey wants to insure that Matilda can live in the cottage for the remainder of her life, but when Matilda dies, title to the property will return to Kelsey.

Kelsey can accomplish this objective by granting Matilda a Drag and Drop the appropriate terms into the spaces provided

A life tenant has the OBLIGATION to keep the property in good repair and to pay property taxes.

The two types of CURRENT ownership are tenancy in common and joint tenancy.

Concurrent ownership MENTIONATED can also be held in a tenancy by the entirety or as community property.

In most states, it is PRESUMED that a co-tenancy is a tenancy in common.

With a joint tenancy a deceased joint tenant's interest IS TRANSFERED to the surviving joint tenant or tenants.

The right of survivorship DISTINGUISHED a joint tenancy from a tenancy in common.

When a joint tenant transfers her or his rights to another without the consent of the other joint tenants, doing so TERMINATED the joint tenancy.

Explanation:

Kelsey and her aunt Matilda, they made an agreement so that Matilda can usufruct the house while she lives, and when she dies she becomes Kelsey.

3 0

3 years ago

The following information is available for Lock-Tite Company, which produces special-order security products and uses a job orde

FromTheMoon [43]

Answer:

Lock-Tite Company

1. Cost of direct materials used = $186,000

2. Cost of direct labor used = $265,000

3. Cost of goods manufactured = $ 625,400

4. Cost of goods sold = $652,800

4. Gross profit = $747,200

5. Underapplied overhead = $29,500

Explanation:

a) Data and Calculations:

Inventories April 30 May 31

Raw materials $43,000 $52,000

Work in process 10,200 21,300

Finished goods 63,000 35,600

Raw materials

Account Titles Debit Credit

Beginning balance $43,000

Cash 210,000

Factory overhead $15,000

Goods in Process 186,000

Ending balance $52,000

Goods in process

Account Titles Debit Credit

Beginning balance 10,200

Raw materials 186,000

Factory payroll 265,000

Factory overhead 185,500

Finished Goods Inventory 625,400

Ending balance 21,300

Factory Payroll

Account Titles Debit Credit

Cash $345,000

Factory Overhead $80,000

Goods in Process 265,000

Finished goods

Account Titles Debit Credit

Beginning balance 63,000

Goods in Process 625,400

Cost of goods sold 652,800

Ending balance 35,600

Factory Overhead

Account Titles Debit Credit

Raw materials $15,000

Factory payroll 80,000

Cash 120,000

Goods in Process $185,500

Balance 29,500

Income Statement (Partial)

Sales $1,400,000

Cost of goods sold 652,800

Gross profit $747,200

4 0

3 years ago