On December 31 of the current year, Aztec Company understated ending Merchandise Inventory by $10,000. How does this error affec
Cost of goods sold will be overstated by $10,000
Net income will be understated by $10,000
The movements in inventory account can be shown as
Opening balance + purchases – cost of goods sold = ending balance
As such, understating the ending balance would result in an overstatement of cost of goods sold. This will in turn result in an understatement of gross and net income.
You are watching: Which of these statements explains the term price?
Orton Corporation, which has a calendar year accounting period, purchased a new machine for $40,000 on April 1, 2006. At that ti
Depreciation is the systematic allocation of the cost of an asset to the income statement over the estimated useful life of that asset.
It is determined as the depreciable value of the asset over the estimated useful life of the asset where the depreciable value is the difference between the cost and salvage value of the asset
Depreciation = (Cost – Salvage value)/Estimated useful life
When the amount received from the disposal of an asset is higher than the carrying value of the asset, the company makes a gain on disposal.
Carrying amount of assets at disposal
= $40,000 – 5($4,000)
Gain on disposal = $22,000 – $20,000
6 months ago
Jeff Richards works for an American MNC. For more than 10 years, Jeff was posted in the company”s subsidiary in Ghana. Upon retu
The correct jonathanlewisforcongress.com is A
Tolerance for ambiguity is the term which is stated as the degree to which a person is comfortable with the multiple demands, unpredictability, uncertainty and conflicting directions.
It is manifest in the ability of the person for operating the efficiency in a environment which is uncertain.
So, Jeff states the acquired skills by tolerance for ambiguity
1 year ago
In 2017, Boeing announced that it was laying off 1,800 employees in addition to the 7,000 workers it had cut the year before. Th
A. Structurally Unemployed
Structural unemployment is unemployment resulting from changes in the pattern of demand for goods and services or changes in technology like in this case. These changes may in turn alter the structure of the total demand for labour rendering some particular skill less in demand or may become obsolete. The demand for other skill however may expand. Unemployment in this case is the result of the composition of the labour force which does not respond quickly to new structures of job opportunities. In this case, there”s a decline for workers demand in aircraft industry, as a result, the laid of workers skills are not matched with the probable current jobs available.
5 months ago
Buys a pair of soccor socks for 8.58 and seveal pairs of socer socks 4.29 per pair if she spends 25.74 before taxes how many pai
She bought 5 pairs of socks
Price of one pair = $8.58
Price at several pairs bought = $4.29
Total spending = $25.74
Number of pairs of socks = N
According to given condition
8.58 + (4.29 x N) = 25.74
4.29 x N = 25.74 -8.58
4.29 x N = 17.16
N = 17.16 / 4.29
N = 4
8.58 + (4.29 x 4) = 25.74
8.58 + 17.16 = 25.74
25.74 = 25.74
Pairs of socks bought = 4 + 1 = 5 pairs
11 months ago
Not registered? Fast signup