The correct answer is "ending inventory of one period is the beginning inventory of the next period."
An inventory error not only affects the current year's cost of goods sold, gross profit, net income, current assets, and equity, but also the next period's statements because ending inventory of one period is the beginning inventory of the next period.
That is why the manager has to be strict regarding the inventory of a company. Inventory has a cost that can be translated into money. So accountants have to be perfect regarding the inventory. So yes, ann error in keeping the inventory affects the company in that the ending inventory of one period is the beginning inventory of the next period. An internal audit can reveal the mistakes in accurately keeping the inventory. So it is better to put extra attention in the process so nothing wrong would be revealed after the audit.
The objects that fulfill the needs and wants of consumers are products.
Answer:
$47,500
Explanation:
Since the payment is made monthly in advance for the period of 5 years, therefore the present value of annuity formula shall be used for the purpose of calculating the Present value of lease, which is given as follow:
Present value of annuity=R+R[(1-(1+i)^-n)/i]
In the given question
R=Rent per month paid in advance=$1,000
i=interest compounded monthly=10%/12=0.83%
n=number of payments involved=(12*5)-1=59
Present value of annuity=1,000+1,000[(1-(1+0.83%)^-59)/0.83%]
=$47,500
The Atlantic ocean was crosses during The Middle Passage. :3
Answer:
$7,200,000
Explanation:
Calculation to determine At what amount should Planar record the acquisition of Sistrock's net assets
Using this formula
Acquisition of Sistrock's net assets =(Shares of common stock issued ×Common stock fair value per share
Let plug in the formula
Acquisition of Sistrock's net assets=100,000*$72
Acquisition of Sistrock's net assets=$7,200,000
Therefore the amount that Planar should record the acquisition of Sistrock's net assets is $7,200,000
