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charle [14.2K]
3 years ago
6

In taking a physical inventory at the end of year 2013, Grant Company forgot to count certain units. Indicate how this error aff

ects the following:
(a) 2013 cost of goods sold.
Overstates 2013 cost of goods sold.
Understates 2013 cost of goods sold.
None of the above.
(b) 2013 gross profit.
Understates 2013 gross profit.
Overstates 2013 gross profit.
None of the above.
(c) 2013 net income.
Understates 2013 net income.
Overstates 2013 net income.
None of the above.
(d) 2014 net income.
Understates 2014 net income.
Overstates 2014 net income.
None of the above.
(e) The combined two-year income.
The understated 2014 net income and the overstated 2013 net income combine to yield a correct total income for the two-year period.
The understated 2013 net income and the overstated 2014 net income combine to yield a correct total income for the two-year period.
(f) Income for years after 2014.
The 2013 error will affect years after 2014.
The 2013 error will not affect years after 2014.
Business
1 answer:
Nastasia [14]3 years ago
3 0

Answer:

I can't understand the question

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Grizzly Company had Retained Earnings at December 31, 2018 of $210,000. During 2019, the company had revenues of $410,000 and ba
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Answer:

Retained earnings on the December 31, 2019: $253,000

Explanation:

Ending balance in retained earnings is calculated by using following formula:

Ending balance in retained earnings = Beginning balance in retained earnings + Net income - Cash dividends - Stock dividends

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Ending balance in retained earnings = $210,000 + $55,000 - $12,000 = $253,000

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