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
Answer:
<u>(A) Internal controls</u>
Explanation:
- From all the internal controls are mechanisms, rules, and procedures that are implemented by a company to ensure the integrity of the financial and accounting data from fraud hence are not included in the ethical standards.
- While ethical decision making is a business that tries to identify and resolve the various ethical problems in the business context.
Currency exchange rates based on many different factors. These factors are interest rates, inflation, public debt, deficits, terms of trade and political stability or the economic performance. Due to the many factors that affects currency exchange rate, it is almost impossible to predict where it is heading.
Answer:
the equivalent units of production is 250 units
Explanation:
The computation of the equivalent units of production is units under FIFO method is shown below:
= Opening inventory balance in units + additional units - ending inventory balance units
= 25 units + 275 units - 50 units
= 250 units
hence, the equivalent units of production is 250 units
We simply applied the above formula so that the correct value could come
And, the same is to be considered