Answer:
The inventory would be increased by $55,283 and the profit has been decreased by the same amount.
Explanation:
The reason is that the closing inventory has been increased by the difference of the correct and incorrect amount which is:
Closing inventory difference = $225,513 - $170,230 = $55,283
This will increase the closing inventory in the balance sheet and the increase in the closing inventory will decrease the cost of goods sold. The lower the cost of goods sold the greater is the profit.
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The answer is B) Specialization characterizes the division of labor
A Post-Industrial economy is characterized by various factors, such as the change from manufacturing to the service sector. You can see examples of Post-Industrial economies in Western Europe, Japan, and the US.
A key characteristic of Post-Industrial economy is the specialization of labor and the requirement for highly skilled workers, who replace the manual and non-qualified workers in factories.
Predator, because thats pretty much all we do.
Answer:
Two adjustments must be made to year 1's financial statements:
- The income statement must be adjusted since net income increased because cost of goods sold decreased.
- The balance sheet must be adjusted since retained earnings will increase because net income increased.
Explanation:
The retrospective approach hides any changes with the accounting methods, and shows the financial statements as if the new accounting method was used all along and there was no error or change.
