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Blizzard [7]
3 years ago
6

Due to an error in computing depreciation expense, Prewitt Corporation overstated accumulated depreciation by $22 million as of

December 31, 2021. Prewitt has a tax rate of 25%. Prewitt's retained earnings as of December 31, 2021, would be: (Round million answer to 2 decimal places.) Multiple Choice Understated by $5.50 million. Overstated by $16.50 million. Overstated by $5.50 million. Understated by $16.50 million.
Business
1 answer:
Assoli18 [71]3 years ago
8 0

Answer:

the retained earnings are Understated by $16.50 million

Explanation:

Given that

There is an overstated in the accumulated depreciation by $22 million

And, the tax rate is 25%

So the retained earnings is ,

= $22 million - (25% of $22 million)

= $22 million - $5.5 million

= $16.50 million

this amount should be understated

Hence, the retained earnings are Understated by $16.50 million

Therefore the last option is correct

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7 0
4 years ago
If managers are not owners of their​ company, then they are​ ________.
madam [21]
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4 0
3 years ago
Actual fixed overhead is $33,300 (12,000 machine hours) and fixed overhead was estimated at $34,000 when the predetermined rate
Anuta_ua [19.1K]

Answer:

C. $34,500

Explanation:

Given the above information, applied fixed overhead is computed as;

= Standard hours allowed for actual production × Predetermined rate

Standard hours allowed for actual production = 11,500

Predetermined rate = $3 per hour

Then,

Applied fixed overhead

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= $34,500

3 0
3 years ago
the value of the marginal product of any input is equal to the marginal product of that input multiplied by the:_____.
charle [14.2K]

The value of the marginal product of any input is equal to the marginal product of that input multiplied by the: <u>market price</u>  of the output.

<h3>How to find the marginal product?</h3>

The marginal product can be defined as the change that occur due to the  addition of an output to  a unit of  input .

The value of marginal product can be calculated by making use of this formula

Value of Marginal Product = Marginal physical product × Average revenue price of the product.

Therefore the statement that complete the statement is market price  of the output.

Learn more about marginal product here:brainly.com/question/14867207

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6 0
1 year ago
Companies prefer that their working capital is a positive amount rather than a negative amount. True or false
Roman55 [17]

Answer:

True

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The working capital is the difference between the current assets that is used in daily operations e g cash to current liabilities that are to be met in daily operations e g suppliers credit.

It's better kept at ratio 2:1 for the Company to continuously meets his obligations in order to ensure perpetuity.

5 0
3 years ago
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