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olga_2 [115]
3 years ago
6

2020 $254000 overstated $200000 overstated 2021 121000 understated 79500 understated Assume that purchases were recorded correct

ly 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:
Dafna1 [17]3 years ago
8 0

Answer:

$241,500 (Understated)

Explanation:

Calculation for how much should Sheridan's retained earnings be retroactively adjusted at January 1, 2022

Retained earnings = $121,000 (Understated) + $200,000 (Understated) - $79,500 (Overstated)

Retained earnings = $241,500 (Understated)

Therefore by how much should Sheridan's retained earnings be retroactively adjusted at January 1, 2022 will be $241,500 (Understated)

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5 0
3 years ago
A supervisory body, a source of public good, and a body responsible for reallocating income are examples of _____.
olchik [2.2K]

Answer:

roles of government

Explanation:

The government uses part of the taxes it collects to provide public goods such as goods as education, healthcare, and infrastructure. In mixed economies such as the US, the government's main role in the economy is to ensure fair competition among suppliers and protect consumers' and workers' rights.

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5 0
3 years ago
Objectives of financial reporting to external investors and creditors include preparing information about all of the following e
sveta [45]

Answer:

Information used to determine which products to produce

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3 0
3 years ago
Which of the following insurance types will cover the possessions inside your home?
OleMash [197]
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4 0
3 years ago
Beck Inc. and Bryant Inc. have the following operating data:__________.
DiKsa [7]

Answer:

a. Beck Inc. = 5.00  and Bryant Inc. = 2.50

b. Beck Inc. =  $100,000 and 100%  : Bryant Inc. =  $150,000 and 50 %

c. True.

Explanation:

Degree of Operating Leverage shows,  the times Earnings Before Interest and Tax (EBIT) would change as a result of a change in Sales contribution.

Degree of Operating Leverage = Contribution ÷ EBIT

Thus,

Beck Inc = $500,000 ÷ $100,000

              = 5.00

Bryant Inc. = $750,000 ÷ $300,000

                 = 2.50

<em>If Sales increased by 20% the effects on Incomes would be :</em>

Beck Inc = 20% × 5.00

              = 100%

              = $100,000 × 100%

              = $100,000

Bryant Inc.=  20% × 2.50

              =  50 %

              =  $300,000 × 50 %

              =  $150,000

7 0
3 years ago
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