TRUE OR FALSE

During its first and second years of operations, Rogers Company, a corporation using a periodic inventory system, made undiscove

elena-s [515]

Answer:

Net Income understated by $20,000

Explanation:

In the first year, closing inventory was overstated by $80,000. The implications of the above would be,

Net Income for the first year would be overstated by $80,000

In the Second year,

Opening Stock would be overstated by $80,000

Due to this, cost of production stands overstated by $80,000.

Now, given in the question that closing stock for second year is overstated by $60,000 i.e profits are overstated by $60,000.

This means, the net effect on profits would be, $80,000 less $60,000 i.e $20,000 understated profits for the second year.

4 0

3 years ago

The criteria that parties to a contract must be in agreement is also known as

irga5000 [103]

Answer:

C: Mutual Assent.

Explanation:

Mutual assent is a legal term which represents an agreement by both parties to a contract. When two parties to a contract both have an understanding of the parameters, terms and conditions surrounding a contract, it ultimately implies that they are in agreement; this is generally referred to as mutual assent.

Hence, the criteria that parties to a contract must be in agreement is also known as mutual assent.

In a nutshell, mutual assent connotes agreement, acceptance and consent to a contract by both parties.

7 0

3 years ago

A bakery buys sugar in 15-pound bags. The bakery uses 5000 bags of sugar each year. Carrying costs are $20 per bag per year. Ord

Marianna [84]

Answer:

the total cost of ordering and holding sugar is $1,000 per year

Explanation:

Step 1 Calculate the Economic Order Quantity(EOQ).

EOQ = √(2×Total Demand×Ordering cost)/ Holding Cost per Unit

= √(2×250×20×5)/20

= 50

Step 2 Calculate the total cost of ordering and holding sugar

Total cost = Ordering Cost + Holding Cost

= (250×20)/50 × $5 + 50/2 × $20

= $500+$500

= $1,000

Therefore, the total cost of ordering and holding sugar is $1,000 per year

3 0

3 years ago

On behalf of your civic organization, you are inviting a motivational speaker to your semiannual meeting. In your request you gu

masha68 [24]

Answer:

indirect benefits

Explanation:

Based on the information provided within the question it seems that both an enthusiastic audience and a positive impact on the community emphasize indirect benefits to the motivational speaker. This refers to benefits that may not be visualized but are still achieved or gained. Enthusiastic audience may or may not be visualized depending on the situation and the speaker's ability to distinguish enthusiasm from other emotions but both that and the positive impact are being guaranteed by the civic organization to achieved by the motivational speaker.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

7 0

3 years ago

The following is an excerpt from Walmart's 2015 Form 10-K A summary of the provision for income taxes is as follows ($ millions)

REY [17]

Answer:

a. The mount of income tax expense does Walmart report in its income statement for 2015 was $8,074

b. The amount of Walmart's income tax expense that was determined from the company's tax returns is $8,615

c. Deferred taxes decreased Walmart's income tax provision for the year

Explanation:

a. In order to calculate what amount of income tax expenses does Walmart report in its income statement for 2015, we would have to use the following formula:

Income tax expenses= Current year income taxes + Deferred tax expense

Income tax expenses=$8,615-$541

Income tax expenses=$8,074

b. The amount of Walmart's income tax expense that was determined from the company's tax returns is $8,615. This are the Total current tax provision.

c. Deferred taxes decreased Walmart's income tax provision for the year becuase the Deferred taxes are benefit.

6 0

3 years ago