Answer:
I don't know the answer to that question sorry
Answer:
b. 2018 net income is overstated by $750
Explanation:
As the ending inventory is overstated the COGS will be understated thus, the income was overstate as well. Because the expenses reduced from the sales revenues were lower than correct.
Also we can deduct the same logic considering the accounting equation
Assets = liab + equity
if asssets are 750 higher than it should, then Equiy is higher as well
+750 = +750
Equity is affected for the net income and dividends. Thus, we can also conclude the net income is overstated by 750
Answer:
A. Forensic accountants
Explanation:
Forensic accountants possess auditing and investigative skills. Their work entails examining financial records and statements in search of evidence for any financial misleading. Forensic accountants are trained and qualified accountants or auditors. They acquire investigative skills through specialized training.
Answer:
$5,000= ending inventory
Explanation:
Giving the following information:
Gross margin is normally 40% of sales.
Sales= $25,000
beginning inventory= $2,500
purchases= $17,500
First, we need to determine the cost of goods sold:
COGS= 25,000*0.6= 15,000
Now, using the following formula, we can calculate the ending inventory:
COGS= beginning inventory + cost of goods purchased - ending inventory
15,000= 2,500 + 17,500 - ending inventory
5,000= ending inventory
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