Answer: Understated by $7 million
Explanation:
Cost of goods old is calculated by deducting the closing balance of inventory from the Opening balance and the Purchases for the period in the manner:
Cost of Goods sold = Opening inventory + Purchases - Closing stock.
Going by the formula, if the opening inventory is understated by $7 million, the cost of goods sold will be understated by the same amount because opening inventory adds to Cost of goods sold.
Answer:
Service culture
Explanation:
Service culture can simply be defined to be an organizational culture in which employees collectively think or work towards providing quality service whhich is the main aim of the business.
Cheers
The statement "The Sarbanes-Oxley Act in 2002 was created to protect consumers against false advertising by monopolies." is false.
Sarbanes-Oxley Act placed the obligation of responsibility for a company's financial reporting squarely on the shoulders of its top executives in order to safeguard investors from corporate accounting fraud.
It required chief executive officers (CEOs) and chief financial officers (CFOs) to personally attest to the correctness of the information in financial reports and to affirm that controls and procedures were in place to evaluate and verify that accuracy.
In reality, CEOs and CFOs had to personally certify that financial reports complied with Securities and Exchange Commission(SEC) rules by signing them. Failure to comply with this might result in fines of up to $15 million and 20-year prison terms.
Hence, the given statement is false.
Learn more about the Securities and Exchange Commission:
brainly.com/question/3798508
#SPJ1
Answer:
Debit to bad debt expense for $3,648
Explanation:
This is because the company needs to show the total amount in the Allowance for doubtful accounts as credit balance. It means that if for instance the balance today is $1,057 you'll need a new entry to adjust the balance with the bad debt.
It means that the entry must be a debit in bad debt expense for $3,648 while the corresponding credit goes to allowance for doubtful accounts.
Answer:
(C) Selling the investment for more than you paid for it.
Explanation:
The investor can create profits by buying shares at a lowered price and trading them at a greater exchange price. Bonus Problem: If a business is functioning particularly well, it might give available shares to its stockholders. Investors should have a clear knowledge of their maneuvering before buying stock so they understand the best technique to estimate any possible stock purchase.
