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timama [110]
3 years ago
10

After issuing its financial statements, a company discovered that its beginning inventory was overstated by $150,000. Its tax ra

te is 25%. As a result of this error, net income was:
Business
1 answer:
Mnenie [13.5K]3 years ago
5 0

Answer:

Understated by $112,500

Explanation:

Calculation to determine the Net income

Using this formula

Net income=Overstated beginning inventory×(1-Tax rate)

Let plug in the formula

Net income=$150,000 x (1-25%)

Net income=$150,000×.75

Net income= $112,500 Understated

Therefore As a result of this error, net income was:Understated by $112,500

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kifflom [539]

Answer: This means: "d. Your economic profit has gone down and your accounting profit has stayed the same."

Explanation: The difference between the accounting and economic benefit is associated with the type of cost that each includes:

The accounting benefit is nothing more than the difference between income and cost.  In this case it is still $50000.

The economic benefit includes not only explicit costs. The economic benefit is the difference between income and total costs (explicit and implicit). Therefore, this benefit is less than the accounting benefit. Because in this case the cost of working at home is considered.

5 0
3 years ago
Which of the following will be accomplished by assessing the factors of production?
Tamiku [17]

I believe the answer is: c. guaranteeing the fulfilment of needs and wants


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If we ensure that we only receive an order according to our production capability, we will guarantee that all costumers needs and wants are fulfilled.

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4 years ago
How much does it cost to drive up to boston from philadelphia?
matrenka [14]
Considering the gas and food about $250
7 0
3 years ago
in may 2021, sandra's office was burglarized, and she determined that approximately $21,000 of equipment was taken. in september
victus00 [196]

The replacement period ends on December 31,2023 based on the information given about the insurance.

<h3>How to explain the information?</h3>

It should be noted that the replacement period is the period beginning and ending the reimbursement of an equipment.

It should be noted that the replacement will begin on the date when the equipment was stolen. In this case, it will then end two years after the close of the first tax year where the part of gain is realized.

Therefore, the replacement period ends on December 31,2023

Learn more about insurance on:

brainly.com/question/25855858

#SPJ1

Options

A) September 30, 2023

B) December 31, 2023

C) December 31, 2022

D) December 31, 2021

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Amelia has made a conscious effort to become an active listener. She shuts down her computer, turns off her cell phone, and asks
7nadin3 [17]

Answer:

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To do this, you have to first <u>identify sources of potential distractions to you, in your immediate surroundings and remove them</u>. This improves the ability to listen actively.

6 0
4 years ago
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