Answer:
The best answer is "D"
Explanation:
Jessica will not prevail in her product liability suit under a theory of misrepresentation.
The key to recovery on the basis of misrepresentation is the plaintiff's ability to prove that he relied upon the representations that were made and for Jessica she is a little more the 200 pound mark.
Answer:
2017 Net Income = $53000
2018 Net Income = $87000
Explanation:
The overstatement of ending/closing inventory causes the Cost of Goods Sold (COGS) to be understated and the Gross and Net profit to be overstated by the same amount.
If the 2017 ending inventory was iverstated by $7000, the correct profit figure for 2017 will be $7000 less than is reported.
2017 correct Net Income = 60000 - 7000 = $53000
An overstatment of ending inventory in one year also means and overstatement of opening inventory of the next year. Thus, the 2018 opening inventory is overstated by $8000 and an overstatement of opening inventory means an overstatement of COGS and an understatement of Gross and Net Income by the same amount.
Thus, the correct Net Income for 2018 = 80000 + 7000 = $87000
Answer:
Option (a) is correct.
Explanation:
Given that,
Net income = $112,700
Retained earnings = $108,000
Dividends = $40,000
After all closing entries are made,
The balance in the Retained earnings account is as follows:
= Retained earnings + Net income - Dividends
= $108,000 + $112,700 - $40,000
= $180,700
Hence, the balance in the retained earnings account is $180,700.
Answer:
which one of two machines should be purchased when the machines are mutually exclusive, have differing lives, and will be replaced at the end of their lives.
Explanation:
The Equivalent annual cost would be used for different reasons such as capital budgeting but the important purpose is that it is usedfor analyzing two or more expected projects having different time period , in which the costs are the most relevant variable.
So according to the given situation, the above represent the answer and the same would be considered
Answer:
The correct answer is b. income effect.
Explanation:
The income effect describes how the change in the price of a good can change the quantity that consumers will demand of that good and related goods, based on how the price change affects their real income.
