Answer:
$5,000 ; $2,550
Explanation:
The computation is shown below:
For net income in year 1
= Reported net income + overstated inventory amount
= $3,000 + $2,000
= $5,000
For net income in year 2
= Reported net income - understated inventory amount
= $3,000 - $450
= $2,550
Therefore, the net income in Year 1 and in Year 2 is $5,000 and $2,550 respectively.
Answer: Option A
Explanation: In simple words, goodwill refers to the additional value that an organisation have from its identifiable assets due to its operations over a period of time.
In other words, it can be defined as an intangible asset which an organisation creates over a period of time while establishing the brand image. These assets are not depreciated but are tested for impairment every year. For example brands like apple, Reebok and McDonald have high goodwill in the market which attracts customers towards them
Thus, from the above we can conclude that the correct option is A.
QUESTION -
Was Justice Antonin Scalia a conservative or liberal?
ANSWER -
Antonin Scalia, (born March 11, 1936, Trenton, New Jersey, U.S.—died February 13, 2016, Shafter, Texas), associate justice of the Supreme Court of the United States from 1986 to 2016, well known for his strong legal conservatism. He was the first Supreme Court justice of Italian ancestry.
<u>*******Antonin Scalia was a CONSERVATIVE*******</u>
