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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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You deposit $200 into the stock market. Every year your stock market account increases by 12 %. You leave the money in the accou
saveliy_v [14]

Answer:

Therefore after 5 year the balance in the stock market is $ 352.47.

Explanation:

Exponential growth formula :

y=a(1+r)^t

y= Final amount

a= initial amount

r= rate of growth

t= time

Given that,

The deposit amount = $200

Rate of interest (r)=12%=0.12

Time (t)=5 years

\therefore y=200(1+0.12)^5

      =$352.47

Therefore after 5 year the balance in the stock market is $ 352.47.

3 0
3 years ago
Morgana Company identifies three activities in its manufacturing process: machine setups, machining, and inspections. Estimated
Ghella [55]

Answer and Explanation:

The computation of the overhead rate for each activity is as follows;

Overhead rate is

= Respective overhead cost ÷ Respective activity

For Machine setups

= ($202,800 ÷ 2,600 setups)

= $78 per setup

For Machining

= ($364,500 ÷ 24,300 machine hours)

= $15 per machine hour

For Inspection

= ($88,000 ÷ 1,600 inspections)

= $55 per inspection

In this way it is calculated

5 0
3 years ago
How many cases of bankruptcy cases are provided for in the bankruptcy code
tia_tia [17]
There are six types of bankruptcy cases that are provided for in the bankruptcy code, They are:

Chapter 7, Chapter 9, Chapter 11, Chapter 12, Chapter 13, Chapter 15

In short, Your Answer would be Option B

Hope this helps!
4 0
3 years ago
How would you expect each of the following to affect the economy-wide demand for U.S. money (currency)? a. Competition among bro
Anna007 [38]

Answer:

Market interest rate is also known as nominal interest rate. The nominal interest rate is sum of real interest rate and inflation rate. Fed try to control the monetary condition and real interest rates by manipulating money supply. These interest rates also affect the demand of money in market.

Part (a)

When commission of brokers decreases then buying and selling of stocks becomes easier and cheaper and people would transact in more and more stocks which will decrease the demand of money as liquidity of stock has increased.

Part (b)  

When grocery store starts accepting credit cards then people would need to carry less cash and demand of money will decrease.

Part (c)

As financial investors are now worried about riskiness of stocks so they will decrease their investment in stocks and prefer holding more money so demand of money will increase.

5 0
3 years ago
Kidzo Inc., a toy car company, has several groups in its manufacturing unit dedicated to do different tasks. For example, it has
MissTica

Process departmentalization

Explanation:

Departmentalization

  • An organization has separate departments based upon the different task each performs for the organization.
  • Functional departmentalization - a manufacturing company may have a production department, sales and marketing department, an accounting department, and a human resources department.
  • Product departmentalization -  a company may have a wide range of products
  • Customer departmentalization - a company may have different customer bases
  • Geographical departmentalization - a company can hire employees to serve different customers from different geographical locations
  • Process departmentalization - a company may have employees grouped into teams for a specific process
5 0
3 years ago
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