Kuzu company discovers in 2015 that its ending inventory at december 31, 2014, was $7,000 understated. what effect will this error have on

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Answer 1
The understatement of the ending inventory in 2014 will result to the overstatement of the cost of goods sold by $7,000 in 2014 as well as the understatement of the of the gross profit and net income. 

Aside from affecting the income statement, this understatement of the ending inventory will also affect the balance sheet. This error will understate the total assets and overstate the stockholder's equity.
Answer 2
Due to having an understated inventory at the end of 2014, there will be an overstated amount of the costs of good sold by $7,000. When the company said they had $7,000 less of inventory than they actually did, they then show they sold $7,000 more in inventory than they actually did. This error will change the amount of revenue the firm had and affect the share of stocks that the stockholder’s should be receiving.

Related Questions

Shannon says that she works out in the evenings instead of the afternoons because roger is always late coming home from work. roger says he doesn't bother to rush home from work because shannon is always working out. this process of organizing the series of events in different ways is called

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 The process of organizing the series of events in different ways is called punctuation. 
The nature of a relationship between two or more persons is determined by the punctuation of sequences of events . In this case  it is determined of how will Shannon and Roger organize their activities.

Answer:

Punctuation will be the correct answer

Explanation:

The process of organizing the series of events in different ways is called punctuation

You have planned purchases of $2,500. you have received orders that total $1,200, and you have ordered merchandise that totals $700. calculate the open-to-buy amount.

Answers

How to calculate Open-to-buy:
Open-to-buy = planned purchases - (orders received + merchandise ordered)

Planned purchases = $2,500
Received orders = $1,200
Ordered merchandise = $700

Open-to-buy = $2,500 - ($1,200 + $700)
Open-to-buy = $2,500 - $1,900
Open-to-buy = $600

$600 is the open-to-buy amount. the portion of a budget allocation that is always available for new purchases during a budgetary period. A budgeted amount designated for the issuance of purchase orders is known as an open-to-buy. Broehm, H. D

What is open to buying at cost?

A retailer develops an open-to-buy plan for a given timeframe as a budget for future inventory orders. By highlighting the discrepancy between the amount of inventory that is required and that which is currently available, it aids a retailer in stocking the proper quantity of the proper goods at the proper time.

Given

Planned Purchase = $2,500

Order Received = $1,200

Merchandise Order = $700

Required to Calculate the open-to-buy amount =?

the open-to-buy amount = Planned Purchase - Order Received - Merchandise Order

the open-to-buy amount = $2,500 - $1,200 - $700

the open-to-buy amount = $2,500 - $1,900

the open-to-buy amount = $600

It is determined at cost and allocated to various product categories according to how much each category contributes to overall sales. $600 is the open-to-buy amount.

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Dewayne is comparing two checking accounts.One has a monthly fee of $7 and a per check fee of $0.3 and the other has a monthly fee of $4 and a per check fee of $0.4 what is the minimum number of checks Dewayne needs to write for the first bank to be a better option?

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Dewayne will need to make 30 checks to make the amount equal. Hope this helps. Do you need to show work if so I can provide.
;)

he would have to write 31 checks

Organizations with common interests, such as regulatory requirements, performance requirements, or data access, might share resources in a __________.

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Organizations with common interests, such as regulatory requirements, performance requirements, or data access, might share resources in a community cloud.

A community cloud is where several organizations with common concerns share ideas and information with one another. This can range from security information, customer information and data. Using a community cloud allows them to strengthen relationships with each other and customers. 

Calculate the sales tax and total sale amount for a product that cost $52.98 and the sales tax is 9.2%

Answers

your answer will be $57.85 and heres why ;)
9.2% of $52.98 is  $4.78
$52.98+$4.78=$57.85
hope i helped

Carl started earning a paycheck and wants to invest some of what he earned. In this situation, why is it important for Carl to be financially literate?

Answers

The reason that it is important for Carl to be financially literate is so that he can learn how to invest his own money and manage it properly so that it continues to grow. 

Troubleshooting differs from diagnosis in that _____.
A. troubleshooting doesn't have to do with actually fixing the problem
B. troubleshooting focuses on how to fix the problem
C. troubleshooting recognizes only one possible cause
D. troubleshooting is an educated guess about what is causing a specific problem

Answers

I believe it is the B. troubleshooting focuses on how to fix the problem

Answer: B diagnosing is used to fix problem with hardware, while troubleshooting is used to fix problems in program code

Explanation: got it right

Miguel is doing a research paper on new york city's stone wall riots of 1969. he visits the scene of the riots, interviews people who were there, reads the police reports of the event, and watches video footage. miguel is conducting a(n) ______.
a. overview
b. case study
c. experiment
d. data analysis

Answers

Miguel is conducting a "case study".


The term case study alludes to both a strategy for examination and a particular research plan for looking at an issue, both of which are utilized as a part of most conditions to sum up crosswise over populations. It is a record of an action, occasion or issue that contains a genuine or speculative circumstance and incorporates the complexities you would experience in the working environment. Case studies are utilized to enable you to perceive how the complexities of genuine impact choices.
Final answer:

Miguel is conducting a case study on the New York City's Stone Wall Riots of 1969. He is conducting in-depth research by visiting the scene of the riots, interviewing people who were there, reading police reports, and watching video footage.

Explanation:

Miguel is conducting a case study on the New York City's Stone Wall Riots of 1969. A case study is an in-depth analysis of a single event or situation. Miguel's research involves visiting the scene of the riots, conducting interviews with people who were there, reading police reports, and watching video footage.

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wich of the following is not an optional deduction
A. 401(k)
B. Medicare
C. life insurance
D. Health insurance

Answers

Hey there!

Pretty sure its A

Hope this helps!

Always remember, you are a Work Of Art!
- Nicole :) <3
Final answer:

Medicare is not an optional deduction compared to the other options listed.

Explanation:

Out of the options provided, Medicare is not an optional deduction. Medicare is a government program that provides health care benefits to individuals aged 65 and older or those with certain disabilities. Unlike the other options listed (401(k), life insurance, and health insurance), Medicare is not a voluntary deduction that individuals can choose to contribute to.

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A used-car dealer has a vehicle on the lot with a sticker price of $6999. if the dealer markup on used vehicles is 12%, how much did the dealer pay for the car? Follow Report by Mikesntom3253 05.07.2017

Answers

1.12 = 6999
[tex] \frac{1.2}{1} / \frac{6999}{x} (Cross multiple) 1.12x= 6999 x= 6249.107 (apex: 6249.11) [/tex]

Dealer paid an approximate amount of $6249.10 of the used car.

112% of x= 6999

x = 6999*100/112

x= $6249.10

What is an used car?

A vehicle that has had one or more retail owners in the past is referred to as a used automobile, pre-owned car, or second hand car. Franchise and independent vehicle dealers, rental car agencies, buy here pay here dealerships, leasing offices, auctions, and private party sales are just a few of the places where used cars can be purchased.  Some auto dealers provide "no-haggle prices," "certified" pre-owned vehicles, and extended service agreements or warranties.

Three different types of pricing information are commonly produced by used car pricing reports.

The price anticipated to be paid when purchasing from a certified new- or used-car dealer is known as the dealer or retail price.

The price a customer should anticipate receiving from a dealer if trading in an automobile is known as the dealer trade-in price or wholesale price. At a dealer wholesale auction, a dealer will often pay this amount for a car as well.

The price anticipated to be paid while purchasing from a private party. When selling to a private person, the buyer expects to receive a higher price than if they traded it in to a dealer. A private party purchaser wants to get a deal on the dealer's suggested retail price.

Geographical location might have an impact on used automobile pricing. Convertibles, for instance, are more popular in warmer regions than they are in cooler ones. In a similar vein, pickup vehicles might be more popular in rural than urban areas. Pricing is greatly influenced by the vehicle's general condition. The condition of a car is determined by its exterior, mechanical state, mileage, and past maintenance. The evaluation of a car's condition is highly subjective.

There are many ideas about how the market decides the prices of used cars offered for sale by private parties, particularly in comparison to new cars. According to one notion, new car dealers can generate higher demand by making a greater attempt to sell a car.


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the population in a coastal town decreased last year as a result, local store owners noticed a (n) _____ in the quantity demanded of goods and services.

A. Increase
B. Decrease

Answers

I think the answer is A
Hello,

Here is your answer:

The proper answer to this question is option A "increase".

Here is how:

Since the population has decreased it means store owner will lose money therefore will increase of his goods.

Your answer is A.

If you need anymore help feel free to ask me!

Hope this helps!

Q 8.28: the net income for tina's company for the current year was $255,000, while the total assets reported were $3,200,000. at the beginning of that year, the inventory was understated by $69,000, and at the end of the year it was understated by $30,000. the correct amount for total assets and net income for the year is

Answers

Cost of goods sold = beginning inventory + purchases - ending inventory
Cost of goods sold = -69,000 + purchases - (-30,000) 
Cost of goods sold = -39,000

Subtract cost of goods sold that is understated 39,000 by 255,000.
Net income =  $216,000

Since the beginning inventory is understated by $30,000 the total assets are. 
Total assets = $3,230,000

Answer:

Cost of goods sold = -69,000 + purchases - (-30,000) 

Cost of goods sold = -39,000

39,000 by 255,000.=  $216,000

$30,000  

Total assets = $3,230,000

Explanation:

When a qualified plan starts making payments to its recipient, which portion of the distributions is taxable?

Answers

When a qualified plan starts making payments to its recipient the gains are taxable. Gains are the profit/return that are made from an investment. A gain can be something you make from a sale or or inheritance. Gains are typically taxed in a higher tax bracket as well. 

_________ include management's commitment to the ethics program and the methods or system for ethics evaluation.

Answers

Process controls include management's commitment to the ethics program and the methods or system for ethics evaluation. 

Management does this to have accurate information and control in situations that relate to a process, person or group of people. By doing this they can make decisions. 
There are 4 steps in this process:
1) Decide on standards to measure performance
2) Measure performance
3) Compare performance against their standards
4) Take necessary actions

which character is described in these lines? "the man-rular famous, the long worthy atheling, sighed for his liegemen

Answers

This description is taken from the epic poem “Beowulf”, and describes Hrothgar, King of Denmark. This poem is considered the eldest English epic poem, dated somewhere between 975 and 1025 and the author is to this day unknown. 

ANSWER: The following lines were taken from the poem 'Beowulf' which is an old English epic story consisting 3182 alternative lines and is considered as the most important works of the Old English literature. The particular lines of the story "the man-rular famous, the long worthy atheling, sighed for his liegemen" describes the King Hrothgar who is a legendary Danish King living in the 6th century. He is mentioned as the builder of the great hall Heorot, and ruler of Denmark when the Geatish hero Beowulf arrives to defeat the monster Grendel.

After an exciting football game in which the home team loses by one point, a crowd of fans throws bottles and begins to tear up the field. this behavior is best understood in terms of:

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The behavior is best understood in the term of deindividuation. This is defined as a concept in social psychology in which a person experience a thought of having to loss a self-awareness when he or she is involved to a group in which is considered to be a matter of contention.

Cost-volume-profit analysis is a precise tool for determining the profit consequences of future cost changes, price changes, and volume of activity changes.
a. True
b. False

Answers

The statement that cost-volume-profit (CVP) analysis is a precise tool for determining the profit consequences of future cost changes, price changes, and volume of activity changes is false. 
CVP analysis is an accounting technique used in management to analyze the effect of sales volume and product costs on operating profit of a business. 

Rebello's preferred stock pays a dividend of $1.00 per quarter, and it sells for $55.00 per share. what is its effective annual

Answers

To solve for the effective annual rate of return:

Effective annual rate of return = (1+(quarterly dividend/preferred stock price))/periods per year)-1
Quarterly dividend = $1.00
Preferred stock price = $55.00
Periods per year = 4
EFF annual rate of return = (1+(1.00/55))/4-1
EFF annual rate of return = 7.47%

A nominal amount of money, such as one dollar, is sufficient consideration to form a valid contract. this is true even if the other party's consideration is much more valuable.

Answers

The answer is "true".


We can define a nominal amount of money as a little sum which is considerably less than something is extremely worth or we can say that the a nominal amount of money is utilized about something that is formally depicted especially when it isn't generally valid.

Answer:

very true

Explanation:

brainiest?

An average of ____________ people in the united states fall victim to hate crimes each year. question 8 options: 150,000 250,000 195,000 100,000

Answers

195,000

An average of 195,000 people in the United States fall victim to hate crimes each year. This is according to FBI report in 2010. Fewer than 5% of this number report the crime.

A hate crime is a crime committed due to hate of personal biases. Majority of hate crimes are due to a person's race. Aside from this, people fall victim to hate crime because of his/her religion, sexual orientation, ethnicity, or disability.  

Compared to interest rates on long-term u.s. government bonds, interest rates on __________ fluctuate more and are lower on average. question 3 options: medium-quality corporate bonds low-quality corporate bonds high-quality corporate bonds three-month treasury bills save

Answers

Three-month Treasury bills

The yield received for investing in a government-issued treasury security with a 3 month maturity is known as the 3 Month Treasury Bill Rate.

What is treasure bill ?

The shorter end of the yield curve includes the 3 month treasury yield, which is significant when examining the US economy as a whole. From 2009 to 2015, the 3 month Treasury yield remained close to zero as the Federal Reserve kept its benchmark rates at zero in the wake of the Great Recession.

The 3-Month Treasury Bill is a short-term security issued by the US government with a fixed maturity of 3 months. By interpolating points along a Treasury curve made up of actively traded securities with term (for example, one month) maturities, the Federal Reserve determines yields for "constant maturities."

An emergency treasury bill aids in the government's efforts to raise money in order to pay its ongoing liabilities, which exceed its annual revenue generation. Its goal is to control the total amount of money in circulation at any given time while simultaneously minimising the overall fiscal deficit in an economy.

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Dax purchased only one asset during the current year. it placed in service equipment (7-year property) on september 10 with a basis of $40,000. calculate the maximum depreciation expense (ignoring any §179 or bonus depreciation

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solution could be 398.21

An example of an externality is a situation where a bank opens a new office, and that new office causes deposits in the bank's other offices to increase.

Answers

I don't know what your'e asking , but this is correct!

Craig wants to get his old car repaired, but he doesn't want to spend much money. he probably will not want to go to the most expensive repair service, which is from a(n)

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The fact that Craig wants to get his old car repaired, but he doesn't want to spend much money means that he probably will not want to go to the most expensive repair service, which is from a car dealer.
The car dealer sells new or used cars at the retail level, based on a dealership contract with an automaker.

Final answer:

Craig should consider that higher repair costs at established dealerships with trustworthy reputations could lead to better long-term vehicle reliability and less risk. Cheaper services might result in ongoing issues and additional repair costs. Balancing risk appetite against potential future hassles is crucial.

Explanation:

Considering Craig's reluctance to spend a lot of money, he should be aware that the most expensive repair service often comes with a dealership that has a trustworthy reputation to uphold. This reputation is maintained by addressing not just the obvious problems with a vehicle, but by also focusing on long-term reliability, which creates positive word of mouth. However, should Craig choose a service with a cost that's too low, he might end up with a car that has unresolved issues, potentially leading to many unanticipated trips to the repair shop. Therefore, Craig needs to balance his appetite for risk against the desire to prevent future repair hassles. More established dealerships, with higher repair costs, might save him money in the long run by ensuring the car is fixed correctly the first time.

When will the Social Security fund dry up at its current level?

A.)2022
B.)2027
C.)2042
D.)2097
E.)2117

Answers

C) social security will run out by 2042.

At its current level, the Social Security fund is estimated to run dry in: C. 2042.

What is a Social Security fund?

A Social Security fund can be defined as the special government account which are typically imposed and controlled by a central institutional unit, so as to provide social benefits for large sections of a community or the society as a whole.

In the United States of America, some examples of Social Security fund include:

Pension fundsHousing fundsUnemployment insuranceMedical insurance

According to the Social Security Board of Trustees, the Social Security fund at its current level is estimated to run dry in 2042.

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What is the rationale for the internal control principle, segregation of duties? select one:
a. history has shown that employees are generally dishonest and thus cannot be entrusted with performing related duties.
b. the work of one employee should, without duplication of effort, provide a reliable basis for evaluating the work of another employee.
c. control is most effective when only one person is responsible for a given task.
d. segregation of duties causes companies to hire more employees and thus it supports the economy?

Answers

The rationale for internal control principle, segregation of duties is that the work of one employee should, without duplication of effort, provide a reliable basis for evaluating the work of another employee. Segregation of Duties is a basic building block of sustainable risk management and internal controls for business. It is based on shared responsibilities of a key process that disperses the critical functions of that process to more than one person or department.

Give an example of a negative externality and an example of a positive externality

Answers

One negative one would be pollution and a positive one would be , social benefit is a positive one.

Final answer:

A negative externality example is air pollution from manufacturing, while a positive externality is a neighbor's actions enhancing a person's birdwatching experience. Additional examples of positive externalities include the broader societal benefits from vaccinations and neighborhood home improvements.

Explanation:

An example of a negative externality is air pollution caused by manufacturing activities. This pollution imposes health and clean-up costs on the entire society. The manufacturers may not bear these costs, leading to the production of more goods than would be if they were accountable for these external costs.

A scenario illustrating a positive externality would be a neighbor putting up birdhouses and planting trees, which attract birds for someone who enjoys birdwatching. This action increases the enjoyment and quality of life for the birdwatcher without any extra cost on their part.

Other examples of positive externalities include vaccinations and home improvements. Vaccinations protect the individual and provide herd immunity to others, reducing the spread of disease. When homes in a neighborhood are modernized, it increases the value of the upgraded homes and boosts other property values in the neighborhood.

Health​ care, as a​ good, is best described​ by:
a. health care should be supplied by the government because it generates positive externalities.
b. health care should not be supplied by the government because the private market preserves incentives to improve health care with innovation and medical technology.
c. health care should not be supplied by the government because consumers pay a price well above the true cost of providing the service.
d. health care should be supplied by the government because it is nonexcludable.
e. both a and
b.

Answers

Its asking for good outcomes so the best answer choice would be e. both a and 

f an employer does not offer a retirement plan, what might be another way to save for retirement?

Answers

Make sure have money save up in a bank

If an employer doesn't offer a retirement plan, a worker can save for retirement by opening an IRA, investing in stocks, bonds, and annuities with private firms, and starting early to maximize savings potential.

If an employer does not offer a retirement plan, there are still many other ways to save for retirement. It is crucial to plan for retirement early in your employment career to take the necessary steps to meet your retirement goals.

One alternative to employer-sponsored plans is to open an Individual Retirement Account (IRA), including Traditional IRAs and Roth IRAs, where taxes are deferred, or contributions are made with after-tax dollars, respectively. Additionally, you can invest in stocks, bonds, and annuities outside of employment, possibly using private firms that offer tax advantages.

Furthermore, despite contributing to Social Security through the Federal Insurance Contributions Act (FICA) tax, experts recommend saving more to ensure a comfortable retirement, as Social Security payments alone may not be sufficient.

Keith was looking to rumble. He saw Ocho up ahead and decided that his rival on the streets needed to feel a little pain and that Keith was the one to administer it. Keith grabbed Ocho and began to pummel him mercilessly. Ocho died from his injuries. Keith is guilty of ______.

A)voluntary manslaughter
B)murder based on his intent to kill
C)involuntary manslaughter
D)murder with intent to inflict grievous bodily harm

Answers

I'm not an expert on this kind of stuff, but I believe it is C.

Answer:

The correct answer is D. Keith was looking to rumble. He saw Ocho up ahead and decided that his rival on the streets needed to feel a little pain and that Keith was the one to administer it. Keith grabbed Ocho and began to pummel him mercilessly. Ocho died from his injuries. Keith is guilty of murder with intent to inflict grievous bodily harm.

This is because, although Keith does not have the direct intention of killing Ocho (that is, he does not intend to commit the crime of homicide), his criminal actions do have a definite and clear intention to harm the other person. Therefore, the responsibility for the damage is attributable to him, as well as the awareness that his actions could seriously injure Ocho. In short, he is responsible for the murder for having intended to cause harm to the other person.

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Lucy has a strawberry lace that is 36cm long. She needs pieces 18mm long to decorate a cake. How long is the 36cm one in mm So These are science questions i need help im offering 60 points 1. What is the relationship between the Universe Galaxies, The solar systems and stars? (Make sure to describe each by size and what is in them)2. How do galaxys Form? (Make sure to say what force causes them to form)3. How does a stars temperature and mass affect the appearance of the star?(Make sure to discuss what the star looks like- color and brightness based on both temperature and mass) 1) What does "Me gusta la clase de ciencia naturales" mean in English?(1 points)I take science class.I like social studies class.I take social studies.I like science class.2)What is the name of the biggest university system in Honduras? 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