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algol13
3 years ago
7

Al Dente Pasta Company overstated its inventory by $10 million at the end of 2021. The discovery of this error during 2022, befo

re adjusting or closing entries, would require:_______.
Business
1 answer:
MAXImum [283]3 years ago
7 0

Answer:

Retained earnings would be debited and inventory would be credited for $10 million each.

Explanation:

In the given scenario Al Dente Pasta Company overstated its inventory by $10 million.

This is an overstatement of assets of the company.

This also gives an understatement of the retained earnings of the company.

Adjusting entry in 2022 will now require Retained earnings would be debited and inventory would be credited for $10 million each.

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Which of the following budgetary entries would the town of Geneva make upon adoption of its Special Revenue Fund Budget for the
babunello [35]

Answer:

b) Estimated Revenues Appropriations Budgetary Fund Balance $6,400,000 $6,080,000 320,000

Explanation:

Estimated Revenues                         $6,400,000  Dr

           Appropriations                                                     $6,080,000 Cr

           Budgetary Fund Balance                                        $320,000 Cr

This entry is made on the adoption of  Special Revenue Fund Budget for the year.

The special revenue fund is used for the special purposes such public maintenance etc.

The entry made on closing

Close out the budget at year end

               Appropriations                   $ 6080,0000 Dr

               Budgetary Fund Balance               $ 320,000  Dr

                               Estimated Revenues                                  $ 6400,000 Cr

4 0
3 years ago
what is the supply chain function that receives inputs from the demand plan to procure materials, equipment, and services?
Salsk061 [2.6K]

Procurement  is the supply chain function that receives inputs from the demand plan to procure materials, equipment, and services.

The process of organizing the many tasks necessary to create and distribute goods and services to a company's clients is known as supply chain management. The transfer of raw materials from the supplier to the producer to the final delivery to the customer is all included in the supply chain. Designing, farming, manufacturing, packaging, and transportation are a few examples of supply chain operations. A supply chain is the entire process of getting a finished good or service to the client. It may be necessary to obtain raw materials, convey them to the production facility, and then deliver the finished products to a customer.

Learn more about supply chain from

brainly.com/question/25160870

#SPJ4

4 0
1 year ago
Economic principles are generalizations relating to __________ tendencies in economic behavior or to the economy itself_______
DedPeter [7]

Answer: Average

Explanation:

<em>Economic principles are generalizations relating to </em><em><u>average</u></em><em> tendencies in economic behavior or to the economy itself.</em>

<em />

It is impossible to explain the individual choices people or companies make and yet it still needs to be done so that the economy can be studied and planned. For this reason economic principles use generalizations to study and explain the economy based on the behavior of the majority of people.

Essentially they are based on perceived rational tendencies of what is expected of people and firms. This is why some economic principles are supported by one group of economists and not by others. If the principles applied to all, it would not be the case.

4 0
3 years ago
Imagine you inherited $50,000, and you want to invest it to meet two financial goals: (a) to save for your wedding you plan to h
AleksAgata [21]

Answer:

<u>Solution and Explanation:</u>

<u>Evaluation for investment decisions </u>

  • Investing for Wedding
  • Investing for Retirement
  • CD – 24 months .
  • Energy sector mutual fund
  • General electric bond – 18 months
  • Johnson & Johnson stock
  • Money market shares
  • General electric bond – 2.5 years
  • Saving account
  • Dow ETF
  • Short term junk Bonds
  • Treasury Note – 60 months

CD – 24 months= Maturity period has met the criteria for short term goal and money used for their wedding

General electric bond – 18 months=Bonds are generally Long term or short term depends upon the maturity period for this bond has only 18 months maturity period

Money market shares = This instrument is readily converted into cash at any point in time

Saving account = No obligation of any maturity period saving account is personal account

Short term junk Bonds = Short term junk bonds are for a short period of time

Energy sector mutual fund = This sector mutual fund has long term maturity period and thereafter returns in the long term

Johnson & Johnson stock = It is considered as a dividend growth stock and investor invest for high growth on the market value of the share price

General electric bond – 2.5 years = This instrument has a long term maturity period

Dow ETF ETF is retained for capital gains in the near future period but their gestation period is high

Treasury Note – 60 months = Investment for 60 months which is not suited for short term goal of investor

 

6 0
3 years ago
A document that authorizes a supplier to deliver a product or service is known as.
Alecsey [184]

Answer:

purchase order

Explanation:

a document that authorizes a supplier to deliver a product or service is known as a purchase order is the purchased cost of goods from outside suppliers cost of goods sold is used when requirements are well understood and there is common agreement between supply chain partners about what certain terms mean

6 0
2 years ago
Read 2 more answers
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