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Ilya [14]
2 years ago
8

An error in the physical count of goods on hand at the end of a period resulted in a $10,000 overstatement of the ending invento

ry. The effect of this error in the current period is (use the COGS equation for the Periodic System):__________
A. Cost of Goods Sold: Understated, and Net Income: Understated
B. Cost of Goods Sold: Overstated, and Net Income: Overstated
C. Cost of Goods Sold: Understated, and Net Income: Overstated
D. Cost of Goods Sold: Overstated, and Net Income: Understated
Business
1 answer:
Over [174]2 years ago
6 0

Answer:

C. Cost of Goods Sold: Understated, and Net Income: Overstated

Explanation:

The cost of goods can be defined as the amount that a business has to pay in other for them to get an inventory. the net income can be defined as the amount of money that is left from COGS and other expenditures that does not include taxes and payments of interest. Overstating the inventory causes the total amount of earnings to be overstated for that accounting period. while the cost of good sold would be understated

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Microhard has issued a bond with the following characteristics:
Aleks [24]

Answer:

At Yield to maturity = 11%

Price = $1,000

Explanation:

As for the provided information we have:

Par value = $1,000

Interest each year = $1,000 \times 11% = $110

Effective interest rate semiannually = 11%/2 = 5.5% = 0.055

Since it is paid semiannually, interest for each single payment = $110 \times 0.5 = $55 for each payment.

Time = 8 years, again for this since payments are semi annual, effective duration = 16

Price of the bond = C \times \frac{(1 - \frac{1}{(1+i^n)}) }{i} + \frac{M}{(1 + i)^n}

Here, C = Coupon payment = $55

i = 0.055

n = Time period = 16

M = Maturity value = Par value = $1,000

Therefore, if yield to maturity = 11% then,

P = 55 \times \frac{1 - \frac{1}{(1 + 0.055)^1^6} }{0.55} + \frac{1,000}{(1 + 0.55)^1^6}

= $1,000

7 0
3 years ago
Need Help ASAP
butalik [34]

Answer:

I. Never stand still

2. Do more than is Required of you

3. Think as a team Member, Not an Employee

4 Speak up and share your ideas

5 Fake it till you make it

6. Consider every opportunity

7. Always be prepared

8. Be Self-Pronotional

Explanation:

Hope this helps! Tell me if I'm wrong. If thai Helps Give me brainly.

5 0
2 years ago
The most effective audit procedure for determining the collectibility of an account receivable is the
Schach [20]

The utmost effective audit procedure for determining the collectability of an account receivable is the, review of the subsequent cash collections. Reviewing the subsequent cash collections speeds up the audit procedure to determine the collectability of an account receivable.

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4 0
3 years ago
Maggie called her insurance agent after estimating the damages. She had already spent $2,000 on pumping out the water and repair
Sonja [21]

The correct answers are B, E and D

6 0
3 years ago
Read 2 more answers
Economic efficiency is
Gnoma [55]

Answer: Option (A) is correct.

Explanation:

In a competitive market, when the demand curve i.e. the marginal benefit curve is exactly equal to the supply curve i.e. marginal cost curve and at this point the sum of consumer and producer surplus is maximized then an equilibrium is set in an economy and economic efficiency is obtained.

Inefficiency occurs at a point where there is a disequilibrium in an economy which means that competitive equilibrium is not achieved by the economy.

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2 years ago
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