Answer:
Turnover index = 17 % (Approx)
Explanation:
Given:
Total number of house = 345
Number of house sold = 58
Find:
Turnover index
Computation:
Turnover index = [Number of house sold/Total number of house]100
Turnover index = [58/345]100
Turnover index = [0.168115]100
Turnover index = 16.8115
Turnover index = 17 % (Approx)
Answer:
Total Asset $2,381,500
Net income $298,500
Explanation:
Overstated Inventory Leads to the overstatement of Total Assets value and Net Income. Ending Inventory Value is added in the total asset balance, overstatement in ending inventory causes overstatement in total assets.
The Ending Inventory is also used in the calculation of Cost of Goods sold. Overstated Inventory will cause understatement in Cost of Goods sold and overstatement in Net Income.
To rectify its effect we will deduct the overstated value of Inventory from Total Asset balance and Net Income value.
Total Asset = $2,407,000 - $25,500 = $2,381,500
Net Income = $324,000 - $25,500 = $298,500
Answer:
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