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Novay_Z [31]
3 years ago
6

Sheridan, Inc. is a calendar-year corporation whose financial statements for 2020 and 2021 included errors as follows: Year Endi

ng Inventory Depreciation Expense 2020 $254000 overstated $200000 overstated 2021 121000 understated 79500 understated Assume that purchases were recorded correctly and that no correcting entries were made at December 31, 2020, or at December 31, 2021. Ignoring income taxes, by how much should Sheridan's retained earnings be retroactively adjusted at January 1, 2022
Business
1 answer:
KengaRu [80]3 years ago
8 0

Answer:

the retained earnings retroactively adjusted is $241,500

Explanation:

The computation of the retained earning retroactively adjusted is as follows:

Net income overstated -$54,000 ($254,000 - $200,000)

Net income understated  $41,500 ($121,000 - $79,500)

Inventory $254,000

Increase in retained earnings $241,500

Hence, the retained earnings retroactively adjusted is $241,500

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geniusboy [140]

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Explanation:

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7 0
3 years ago
_______ measures how many consumers in a market are familiar with the brand and what it stands for and have an opinion about it.
Anastasy [175]

Answer:

Brand Awareness

Explanation:

Brand Awareness measures how many consumers in a market are familiar with the brand and what it stands for and have an opinion about it. Brand awareness is further consisted of 2 elements:

1: Brand Recognition: is the ability of consumers to confirm previous exposures to brand when they are presented the brand as a cue. For example, if you go to a store, will you be able to recognize the brand to which you have been already exposed?

2: Brand Recall: It is the consumers ability to retrieve the brand from their memory if they are given product category or usage occasion as a cue. For example, when you think of carbonated drink, then what brand comes into your mind?

3 0
3 years ago
In September 2000 the Pullman Group arranged a bond issue for the estate of the late Marvin Gaye. The collateral on the bonds (a
nata0808 [166]

Answer:

The bond will sell for the amount of $869.17

Explanation:

According to the given data coupon amount = 50/2 = 25

Therefore, in order to calculate the selling price of the bond we would have to make the following calculation:

selling price of the bond = 25 * PVIFA(3%,52) + 1,000 * PVIF(3%,52)

selling price of the bond= 25 * 26.1662 + 1,000 * 0.2150

 selling price of the bond= $869.17

The bond will sell for the amount of $869.17

6 0
3 years ago
Which is the penultimate step in the planning process?
Studentka2010 [4]
Hello, The first step of financial planning process is to define specific goals. Since this is the first step I figured it is the most important.
Hope this helps..
8 0
3 years ago
The amount of money remaining after deductions are taken out best describes which term?
telo118 [61]
The answer to this question is the term net income. A net income is the remaining money after deductions or expenses have been taken from the gross income. Net income is also known as net profit. Net income also states and calculates the total revenue that exceeds after all operational expenses and taxes been deducted.
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3 years ago
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