The income statement for Pruitt Company summarized for a four-year period shows the following:
An audit revealed that in determining these amounts, the ending inventory for 2017 was overstated by $ 18,000 . The company uses a periodic inventory system.
Required:
(a) Recast the income statements to reflect the correct amounts, taking into consideration the inventory error.
Answers
To recast the income statements to reflect the correct amounts, considering the inventory error of an overstated ending inventory by $18,000, we need to adjust the cost of goods sold (COGS) and the net income for the affected year, which is 2017 in this case.
The adjustment is made by reducing the ending inventory by the amount of the overstatement ($18,000) and increasing the cost of goods sold by the same amount.
The recast income statement for 2017 would look as follows:
Income Statement
Year: 2017
Revenue: [original revenue amount]
Cost of Goods Sold: [original COGS + $18,000]
Gross Profit: [original gross profit - $18,000]
Operating Expenses: [original operating expenses]
Net Income: [original net income - $18,000]
The remaining income statements for the other years would remain the same since the inventory error only affected the 2017 financials.
It's important to note that the adjustment for the inventory error should only be made in the year it occurred (2017) and not carried forward or backward to other years.
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Related Questions
What is the main function of the federal deposit insurance corporation?.
Answers
Answer:
the mission of the federal deposit insurance corporation is to maintain and public confidence in the nation's financial system
100 POINTS PLEASE HELP!!! Designers consider both elements and principles of design when creating advertisement layouts. Research one element of design and one principle of design. Write a 5- to 10-sentence paragraph explaining how each might be used during the creation of an ad.
Answers
Answer:
Designers could use size in order to bring the most important aspects such as the message or product to the eye of those viewing the ad. Designers could also use color in order to showcase the most important products vs those apart of a collection. Designers could use harmony to bring the ad together and make it all seem as if it is one piece. Variety could also show that the designers have many different things to offer to the public.
Explanation:
Sorry, I tried my best, idk if this is what you are looking for?
Element of Design: One element of design that is used is value, which helps create shading texture when needed. This can help a substance seem "popped-out", and can be used to catch people's attentions. Design is important also in creating what can be seen by the naked eye, and what is placed on there can draw different people into seeing the product in their own eyes. Appearance can be appealing or even unappealing, in getting people to be interested & even talk about the design. Designers design something that is either aesthetically pleasing, or would catch a person's attention, and hopefully spread the word around. Examples of value can be shading, different shades of the same color, etc.
Principle of Design: One principle of design is harmony, which can make it feel wholesome or pleasing the a person. This is a very good way to draw people (especially a sect commonly known as perfectionists) to buy the product. The opposite can also be said, as the distortion can also draw people to buy the product. As long as the design appeals to potential buyers, it is worthwhile to use.
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Visit the Web site for a different well-known company, and find the section that lists the company's values. What are the company's values? How do they relate to the products the company sells? Did anything surprise you about the company's values? Why or why not? TIP: If the company's Web site doesn't describe its values, choose a different company. (1-5 sentences
Answers
Visit the Web site for a different well-known company, and find the section that lists the company's values.
I looked through the Microsoft.com company website.
Innovation, diversity and inclusion, CSR, AI, reliable computing, respect, integrity, and accountability are among the core principles highlighted.
Microsoft provides a wide range of goods and services, and all of its values are consistent with the work the business does.
This is not surprising to me because the corporation makes this point in its advertising and other materials.
What are their core values about?Among the mentioned core values are;
Technology can and should be a force for good, and we believe that significant innovation can and will make the world a better place in both large and little ways.
Diversity and inclusiveness are important to our success. To enlighten, challenge, and push our thinking, we draw on the strengths, experiences, and many points of view of our customers and staff.
AI - Our belief is that AI can enhance your talents, free you up to engage in more creative and strategic activities, and assist you or your organization in achieving more when it is created with humans at the heart.
They acknowledge full accountability for all choices, deeds, and outcomes. Therefore, Microsoft provides a wide range of goods and services, and all of its values are consistent with the work the business does.
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Why does an enterprise need to listen to its customers
Answers
Describe the three different ways the argument section of a cover letter can be formatted.
Answers
Answer:
i think they are personal, formal and informal
Explanation:
im not sure but i think thats it
The three different ways for formatting the argument section of a cover letter are paragraphs, bullet points, and T-form.
The formal paragraph format uses the block paragraphs ideal for a business letter, wherein the argument of the cover letter is presented in the second and third paragraphs in complete sentences.
The bullet points format lists the argument of the cover letter as bulleted points instead of in paragraph form. Using bullet points focuses on the applicant's qualifications, making them attractive to the reader.
Lastly, the argument section of the cover letter can be presented in a T-form. This format enables the applicant to compare the requirements of the vacancy notice with their qualifications.
Thus, the argument section of a cover letter can be formatted uniquely, depending on the occasion and the reader.
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what are some economic concerns that may need to be addressed in the future?
Answers
Can someone hurry and help me please!! If you answer be at least 99% sure. Thank you!
What is a likely result of an increase in trade between nations?
A. It will provide consumers with more choice at lower prices.
B. It will increase the cost of goods due to increased competition.
C. It will lower the standard of living in the weaker trade nation.
D. It will restrict the market for domestic products.
Answers
Answer:
The answer is A. It will provide consumers with more choice at lower prices.
Explanation:
Option (a), which will give customers more choices at a reduced cost, is the best choice.
What is a likely outcome of an increase in international trade?Trade allows for the expansion of markets and access to products and services that might not otherwise be available locally. The competitiveness in the market has increased as a result of global trade. The cost of the final product for the consumer is reduced as a result of increased pricing competition.
Because it promotes market specialization, fosters innovation, and decreases the cost of commodities globally, trade is crucial for maintaining a competitive global economy. A further benefit of trade is having access to goods and services that may be more affordable and of higher quality than those that are provided domestically.
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Create a bulleted list of four possible interests a person could have.
Answers
four possible interests a person could have. 1.Always be true to yourself; 2.Honesty is the best policy; 3.Learning from mistakes; 4. It's okay to be incorrect.
What personal traits and skills are required?
The top 10 personal attributes that employers look for are, according to the National Association of Colleges and Employers:
.Leadership.
.a capacity for teamwork.
.abilities in written communication.
.aptitude for fixing issues.
.outstanding work ethic.
.quantitative and analytical abilities.
.technical expertise.
.abilities in verbal communication.
What are interests and hobbies?A hobby is an enjoyable activity that you consistently engage in, usually during your free time.
An interest is something you desire to do or are already doing occasionally.
Consider how your interests can benefit your application.
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Consumers benefit from a free ride when they receive goods or services __________. A. at a reduced rate B. without paying for them C. instead of a government loan D. in exchange for community service
Answers
Answer:
B
Explanation:
E D G E N U I T Y 2021
Quarter one sales for a tire manufacturer were $120,000,000. If the quarter one seasonal index was 1.20, what is an estimate of annual sales for this firm?
A. 100,000,000
B. 144,000,000
C. 400,000,000
D 576,000,000
E. None of the above
Answers
The estimate of annual sales for the firm is $400,000,000. Option c is correct.
To estimate the annual sales for this firm, we will use the quarter one sales and the seasonal index. Here's the step-by-step explanation:
Step 1: Divide the quarter one sales by the seasonal index to get the deseasonalized quarter one sales.
Deseasonalized Q1 sales = Q1 sales / Seasonal index
Deseasonalized Q1 sales = $120,000,000 / 1.20
Deseasonalized Q1 sales = $100,000,000
Step 2: Multiply the deseasonalized quarter one sales by 4 to estimate the annual sales.
Estimated annual sales = Deseasonalized Q1 sales × 4
Estimated annual sales = $100,000,000 × 4
Estimated annual sales = $400,000,000
The estimated annual sales for this firm is $400,000,000. The correct answer is C. $400,000,000.
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What is a creditor legally required to do if you dispute a debt?
O A. The creditor must cancel the dispute.
B. The creditor must investigate the dispute.
O c. The creditor can ignore the dispute.
O D. The creditor may choose to ignore the dispute.
Answers
A creditor is legally required to investigate the dispute if the debtor dispute a debt.
What is a debt dispute?This refers to an disagreement between the creditor and the committee as to the existence of a debt owed by the committee.
Hence, he creditor is legally required to investigate the dispute if the debtor dispute a debt.
Therefore, the Option B is correct.
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How many years would it take for money to increase to 3 times the initial amount at an interest rate of 18% per year?
Answers
Answer:
7 years (to the nearest year)
Explanation:
Given that;
A = amount
P= principal
t = time
r = rate
A =3P(given in the question)
Formula for compound interest;
A = P(1 + r)^t
Substituting values;
3P = P(1 + 18/100)^t
3P/P= (1.18)^t
3 = (1.18)^t
log 3 = t log 1.18
t = log 3/log 1.18
t = 0.4771/0.0719
t = 6.6 years
t = 7 years (to the nearest year)
Two spherical objects have equal masses and experience a gravitational force of 25 N towards one another. Their centers are 36 cm/100=0. 36m apart. Determine each of their masses.
Answers
Two spherical objects with identical weights are attracted to one another by a gravitational force of 25 N. 36 cm/100 = 0.36 metres separates their centres. Their combined masses weight is 69.44 kg.
According to Newton, the force of gravity operating between the earth and any other thing is inversely proportional to the square of the distance between the centres of the earth and the object, directly proportional to the mass of the object, and directly proportional to the mass of the earth.
More gravitational forces will be used to attract heavier things since the gravitational force is directly proportional to the mass of both interacting objects. Hence, the gravitational pull between two objects grows as their respective masses do as well.
F = m x a
Masses m = F / a
Masses m = 25/ 0.36
Masses m = 69.44 kg
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true or false: technical forecasting of exchange rates has shown to be more consistent and reliable than the other primary forecasting methods. true false
Answers
It is completely appropriate to mention that the technical forecasting of exchange rates has shown to be more consistent and reliable than the other primary forecasting methods. Therefore, the statement given above is true.
What is the significance of exchange rates?The exchange rates can be referred to or considered as rates at which the currencies of two different countries can be easily traded off with each other with the differences that they have in their individual values.
A change in exchange rates is forecasted using different methods, however, technical method has proven its accuracy as it fundamentals of the exchange rates into consideration.
Therefore, the statement given above regarding the significance of the technical forecasting of exchange rates holds true.
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Name three factors that determine a good’s or service’s elasticity.
Answers
Answer:
Many factors determine the demand elasticity for a product, including price levels, the type of product or service, income levels, and the availability of any potential substitutes. High-priced products often are highly elastic because, if prices fall, consumers are likely to buy at a lower price.
Explanation:
Answer:
(1) availability of substitutes(2) if the good is a luxury or a necessity, (3) the proportion of income spent on the good, and(4) how much time has elapsed since the time the price changed.Why does supplier competition make it harder for an entrepreneur to be successful
Answers
Answer:
because the supplier is already supplying sellers with what the entrepreneur is supposed to be selling and if more people are going to the other suppliers than no one will buy it from the entrepreneur because they can get it from suppliers
Explanation:
sorry if its wrong!
Its gives other entrepreneur advantage over the entrepreneur in question.
Suppliers encompasses people who supplies raw materials, finished goods to the users which can be an organisation or an entrepreneur.
Now, when there is competition, people tends to approach suppliers whose goods are cheaper. This gives some entrepreneur advantage over others because they sells at price at lower than their competitors.A typical example is when a supplier prefers to supply goods to an entrepreneur in an axis based on previous relationship. Other entrepreneur may suffers because they might get the product at higher price from another supplierIn conclusion, if price ceiling are employed, it will make uniform the price at the all suppliers will sell their goods to entrepreneur, hence, no entrepreneur will at higher advantage than others
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the "additional provisions" section of the contract to buy and sell real estate may include:
Answers
The "additional provisions" section of a contract to buy and sell real estate can vary depending on the specific terms negotiated between the parties involved.
However, it typically includes specific details or conditions that go beyond the agreements outlined in the contract. Examples of provisions that may be included are contingencies, such as the buyer's ability to secure financing or the seller's obligation to make repairs before closing. It may also include specific timelines for inspections, appraisals, or the closing process.
Other provisions could pertain to the allocation of closing costs, property disclosures, or any additional agreements made between the parties. The purpose of these provisions is to address specific circumstances or requirements unique to the transaction and provide clarity and protection for both parties involved.
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the "additional provisions" section of the contract to buy and sell real estate may include which provisions?
Imagine that you performed a nail enhancement on a client and made a mistake—you cut living skin and injured them, you applied tips that were too wide or narrow, you soaked their hands too long in acetone, etc. How would you handle a situation like this that involved a disgruntled, injured, or very upset client? What would you do to try and appease the client, fix your mistake, and avoid losing future business from this client?
Answers
Answer: Personally I would offer a refund on the nails that they are currently getting, and or giving them a free nail appointment next time they come and make sure that all things are clean safe and ready to use for him/her next time him/she comes
Explanation:
Universal Sports Supply began the year with an accounts receivable balance of $200,000 and a year-end balance of $220,000. Credit sales of $750,000 generate a gross profit of $250,000. Calculate the receivables turnover ratio for the year.
Answers
The receivables turnover ratio for the year can be calculated using the given information.
The receivables turnover ratio measures how quickly a company collects its accounts receivable during a specific period. It is calculated by dividing net credit sales by the average accounts receivable balance.
First, we need to calculate the average accounts receivable balance. We can do this by adding the beginning and ending accounts receivable balances and dividing the sum by 2.
Average accounts receivable = (Beginning accounts receivable + Ending accounts receivable) / 2
Average accounts receivable = ($200,000 + $220,000) / 2
Average accounts receivable = $420,000 / 2
Average accounts receivable = $210,000
Next, we can calculate the receivables turnover ratio using the formula:
Receivables turnover ratio = Net credit sales / Average accounts receivable
Given:
Credit sales = $750,000
Receivables turnover ratio = $750,000 / $210,000
Receivables turnover ratio ≈ 3.57
Therefore, the receivables turnover ratio for the year is approximately 3.57.
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Allison would like to find all records that are in stock. In her database, she has a field named "in stock." When the item is in stock, a "yes" appears. What should Allison do?
Conduct a query and set the criteria as =yes.
Conduct a query and set the criteria to >2.
Locate each record and check each one.
Sort the records in ascending order by item number.
Answers
Answer: she should conduct a query and set the criteria to >2
Explanation:
Don’t know this but I tried I am only in 9th grade
during an audit of a publicly-held company, the auditors should obtain written confirmation regarding debenture transactions from the:
Answers
During an audit of a publicly-held company, the auditors should obtain written confirmation regarding debenture transactions from the entity's debenture holders.
The auditors must obtain sufficient and appropriate audit evidence to ensure that the financial statements are free from material misstatement, and written confirmation from the debenture holders is one way to do so. The confirmation should include details such as the amount of the debenture, interest rate, maturity date, and any collateral or security interest that was pledged. The confirmation process should be conducted in a timely manner to ensure that the information is relevant and reliable. Obtaining written confirmation is essential because it provides documentary evidence of the validity and accuracy of the debenture transactions. Furthermore, it enables the auditors to identify any potential misstatements or irregularities that may need to be addressed in the audit report.
Hello! During an audit of a publicly-held company, the auditors should obtain written confirmation regarding debenture transactions from the company's trustee or the financial institution responsible for managing the debentures. The confirmation should include details such as the debenture's issue date, interest rate, maturity date, and outstanding balance.
Obtaining this written confirmation helps ensure the accuracy and completeness of the company's financial statements. It also verifies the existence of the debentures and the corresponding liabilities, as well as the appropriate classification and presentation of the transactions in the financial statements. This process is an essential step in the auditor's assessment of the company's overall financial health and compliance with relevant accounting standards and regulatory requirements. By gathering this information, auditors can provide an informed and reliable opinion on the company's financial statements, fostering trust among investors and other stakeholders.
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How is a credit union different from a bank?
O Acredit union offers services to companies instead of individuals.
A credit union only offers credit, it does not store money.
Acredit union is usually larger than a bank.
O A credit union is owned by its customers.
Answers
Answer:
a credit union is owned by its costumers (D)
Explanation:
i took the assignment!!
When making decisions, managers often must decide between doing what is beneficial for the firm in the short term, and what is beneficial for both the firm and society in the long term. To address this conflict, a firm must
Answers
When making decisions, managers are often faced with a conflict between what is beneficial for the firm in the short-term and what is beneficial for both the firm and society in the long-term.
This conflict arises because the actions that benefit the firm in the short-term may not necessarily align with the interests of society as a whole, which can lead to negative consequences for both the company and society in the long-term.
To address this conflict, a firm must adopt a long-term orientation and consider the broader social and environmental impacts of its decisions. This means looking beyond immediate financial gains and recognizing that actions taken today can have far-reaching implications for the company's reputation, customer loyalty, employee morale, and overall sustainability.
Firms that prioritize social responsibility and sustainable business practices are more likely to build strong relationships with stakeholders, including customers, employees, investors, and regulators. They are also better equipped to weather economic downturns and other disruptions, as they have diversified their risk and invested in building resilient supply chains and communities.
Ultimately, the key to addressing the conflict between short-term gains and long-term benefits is a commitment to corporate social responsibility (CSR) and sustainable business practices. By prioritizing the needs of society and the environment alongside those of shareholders, firms can create value for all stakeholders over the long-term, ensuring their continued success and impact.
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For six months, Joel paid the minimum amount due on his credit card bill on time and didn't see his balance rise as a result. Then, he saw the amount owed suddenly jump. What is one possible reason this happened?
A. He was charged a minimum-payment penalty.
B. His interest rate increased.
C. He was charged an overdraft fee.
D. Late fees were added to his bill.
Answers
The sudden rise in the credit card bill of Joel would be due to the increase in rates of interest.
Option B is correct.
What is interest rate?
Interest rate is the percentage being charged on the total amount of borrowed funds being taken by the borrower.
Joel 's credit card bill seemingly risen which he wouldn't noticed in spite of being paid the amounts on time. This happens due to rise in rates of interest being levied on the total amount of credit card.
Therefore, the reason being mentioned in Option B is correct.
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warby parker, a recent entrant into the highly competitive eyeglasses market, has rapidly gained market share by employing customer-centric marketing and a business model that allows customers to try on their frames at home before deciding. warby parker has gained a competitive advantage from
Answers
According to the information, Warby Parker has gained a competitive advantage due to its ability to survive disruptive innovations, which correspond to technological innovations in products and business model.
Warby Parker's business model is focused on customer-centric marketing, relationship marketing, and benefiting customers from trying out their frames at home before deciding to buy.
Therefore, it can be said that the company has developed a way to solve the problem of the consumer's purchase decision through innovation in granting the possibility of taking the frames home to make a better choice.
This innovation ensures greater reliability between consumers and companies, generates greater convenience for consumers, greater value and loyalty, which increases their competitive advantage.
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Write a professional email using the following scenario:
The manager is going to a conference in another city. She would like her assistant to book the flight and hotel.
Answers
A professional email based on the given scenario would sound like the following:
To: Assistant
From: Manager
Subject: Flight and Hotel Booking for Chicago
Date: January 28, 2022
Hi,
Please book my flight and hotel reservations for the upcoming conference in Chicago from February 7, 8:00 am to February 11, 2022 (5:00 pm).
Do not forget the company's favorite airline and hotel for the bookings.
Regards,
Tony
Thus, while the email sounds professional, it may be more conversational than formal since it is a workplace request.
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All taxpayers can make tax payments using a direct debit from their bank account.
True
False
Answers
Answer:
false
Explanation:
IF YOU KNOW BUSINESS!!! PLS I NEED HELP!!!!
Open-market purchases by the Fed
a. make the price level and value of money fall.
b. make the price level rise, and make the value of money fall.
c. make the price level and make the value of money rise.
d. make the price level fall, and make the value of money rise
Answers
Answer:
a is the acceleration of the declaration
A physical count of supplies on hand at the end of May for Masters, Inc. Indicated $1,250 of supplies on hand. The general ledger balance before any adjustment is $2,100. What is the adjusting entry for office supplie s that should be recorded on May 31?
Answers
Answer:
Debit Supplies Expenses $850 and Credit supplies $850
Explanation:
Kimdly check attached picture for explanation
Pompeii, Inc., has sales of $53,000, costs of $24,200, depreciation expense of $2,550, and interest expense of $2,300. If the tax rate is 24 percent, what is the operating cash flow, or OCF
Answers
Answer:
$23,052
Explanation:
The computation of operating cash flow is shown below:-
Before that we have to determine the net income which is
Income statement
Sales $53,000
Cost ($24,200)
Depreciation ($2,550)
EBIT $26,250
Interest expense ($2,300)
Earnings before tax $23,950
Tax (5,748)
(24% × $23,950)
Net income $18,202
Now,
Operating cash flow = EBIT + Depreciation - Tax
= $26,250 + 2,550 - $5,748
= $23,052