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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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The current and quick ratios both increase.

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Brandon mows six yards once a week for 22 weeks. He averages making about $30 a yard but spends about $5 a yard on Gasoline and
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Answer:

His yard business makes him $7,800 every year after accounting for expenses

Explanation:

<em>Step 1: Determine number of yards he mows he in a year</em>

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Total number of yards he mows in a year=number of yards he mows in a week×number of weeks in a year

where;

total number of yards he mows in a year=unknown

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number of weeks in a year=52 weeks

replacing;

total number of yards he mows in a year=6×52=312 yards

<em>Step 2: Determine the amount he makes in a year</em>

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replacing;

Total earnings in a year=30×312=$9,360

<em>Step 3: Determine total expenditure</em>

The total expenditure can be expressed as;

Total expenditure=expense per yard×number of yards in a year

where;

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expense per yard=$5

number of yards in a year=312 yards

replacing;

Total expenditure=5×312=$1,560

<em>Step 4: Determine the net income after considering expenses</em>

The net income can be determined using the expression;

Net income=Total earnings in a year-total expenditure in a year

where;

net income=unknown

total earnings in a year=$9,360

total expenditure in a year=$1,560

replacing;

Net income=(9,360-1,560)=$7,800

His yard business makes him $7,800 every year after accounting for expenses

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Information overload is a term coined in 1970 by Alvin Toffler, an American writer and scientist whose work focuses on the changes that occur in society as a result of certain technological advances. Information overload occurs when you are faced with more information than you are capable of processing and, as a consequence, you either postpone some of the decisions you have to make or you make wrong decisions.

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