Fennick Company reports net income of $92,000 in 2017. However, ending inventory was understated by $7,000.
What is the correct net income for 2017? What effect, if any, will this error have on total assets as reported in the balance sheet at December 31, 2017
___ in the balance sheet will be ___ by the amount that ending inventory is ___, $ ___

Answers

Answer 1

As ending inventory was understated by $7,000, the correct net income for 2017 is $99,000. The affect this error have on total assets is: Total assets in the balance sheet will be understated by the amount that ending inventory is understated, which is $7,000.

To calculate the correct net income for 2017, we need to adjust the reported net income for the understated ending inventory. The formula to adjust net income for understated ending inventory is as follows: Correct net income = Reported net income + (Ending inventory understated - Taxes).

In this case, the reported net income is $92,000 and the ending inventory was understated by $7,000. We don't know the tax rate, so we'll have to assume it's 0% for simplicity. Correct net income = $92,000 + ($7,000 - 0%) = $99,000. Therefore, the correct net income for 2017 is $99,000.

The error of understating the ending inventory will reduce total assets by the amount that ending inventory is understated, $7,000. So the correct total assets at December 31, 2017 will be: Correct total assets = Reported total assets - Ending inventory understated = Reported total assets - $7,000. So the balance sheet will be understated by $7,000.


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Related Questions

Chips of Joy, a leading chocolate chip cookie manufacturer, has decided to use the same marketing strategy and marketing mix worldwide for all of its brands. The only change that will be made is language translation on the various packaging. Chips of Joy is using a(n) ________ marketing strategy.

Answers

If the only change that will be made is language translation on the various packaging. Chips of Joy is using a(n) standardized global marketing strategy.

What is marketing strategy?

Marketing strategy can be defined as the strategy applied when creating awareness about a product so as to generate more sales.

Standardized global marketing strategy enables  companies to market or promote their product or brand internationally or across the globe.

Therefore Chips of Joy is using a(n) standardized global marketing strategy.

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Select a product, either a good or service, that you consider to be in the decline phase of the Product Life Cycle. Discuss some of the options the company has for dealing with this product. What do you think is the best option, and why do you think so?

Answers

Answer:

Explanation:

just want points

Employers will consider an application valid even if it has not been signed.
T or F

Answers

That is true employers will consider an application valid without a signature

Why do economists use circular flow models?
A. To track how different investments gain and lose value over time
B. To identify the causes of major economic changes in a country
C. To predict how a country's economy will respond to a proposed
change
D. To show how money moves through different parts of an
economy

Answers

Answer:

d is the right answer if the question

Economists use circular flow models to show how money moves through different parts of an economy. Hence option D is correct.

These models provide a simplified representation of the economy by illustrating the flow of money, goods, and services between households, businesses, and the government. By mapping out the interactions and exchanges, economists can analyze the circular flow of income and expenditure, helping them understand how economic activities are interconnected.

This model allows economists to study the effects of changes in variables such as consumption, investment, government spending, and exports on the overall functioning of the economy. It helps in examining the multiplier effects, identifying leakages and injections, and analyzing the interdependencies within the economic system.

Therefore option D is correct.

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Whitney deposits for two years. She compares two different banks. State Bank will pay her 4.1% interest, compounded monthly. Kings Savings will pay her 4.01% interest, compounded
continuously.

Answers

Answer:

State Bank,$16.21

Explanation:

Result part (a): $767.74

Result part (b): $751.53

we note that the results of part (a) is higher and thus State Bank earns more interest.

we are also interested in the difference of the interest:

$767.74 - $751.53 = $16.21

Thus State Bank will result in $16.21 more interest.

a. The future value of $420 eight years from now at 10 percent. (Round your FV factor to 3 decimal places and final answer to 2 decimal places.)

a. The future value of $420 eight years from now at 10 percent. (Round your FV factor to 3 decimal places

Answers

The following equation can be used to determine future value with compound interest: future value = present value x (1 + interest rate)n. Use this formula to determine future value using simple interest: Future value equals current value multiplied by [1 + (interest rate over time)].

According to the formula for future value, FV = PV*(1+i)n, future value is equal to the present value multiplied by the sum of the annual percentage rate of interest multiplied by the number of time periods

Finance professionals use the Future Value (FV) calculation to determine the value of a cash flow at a time after it was initially received.

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(1.04) This is an itemized summary of probable income and expenses for a given period.

oBank Account
oInterest bearing account
o Budget
o Lottery

Answers

The answer is C - budget

Which social network has more than 700 million registered members and because of that popularity, it has postings for more than 10 million jobs and data on more than 9 million companies

Answers

The social network of LinkedIn has more than 700 million registered members and has postings for more than 10 million jobs

The social network of LinkedIn is a platform that help people keep in touch other, facilitates sharing of ideas and building of career.

The social platform is the most formal platform use to promote one's official business or career.

The social platform allows peoples to showcase their skills, talents, experiences etc.

In conclusion, the social network of LinkedIn has more than 700 million registered members and has postings for more than 10 million jobs.

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"Nepal has a great potentiality of operating local level Industries." Justify this statement with suitable example.​

Answers

Answer:

tyo comments delete kinn garyau??

According to the Nepal Rastra Bank's Economic Activity Study Report, the average industrial capacity utilization in the fiscal year 2019 was 57.1 percent, which was lower than the average capacity utilization in the previous two years.

Which is the biggest industry in Nepal?

Tourism is the largest industry in Nepal, as well as the largest source of foreign income and revenue. Nepal is well-known among mountaineers for having several of the world's tallest mountains.

In Nepal, industries are very important because agriculture alone cannot meet human needs in the modern era. Due to a lack of skilled resources, Nepalese agriculture has not improved. Cottage industries that can be started locally and use locally available raw materials create jobs and supply consumer goods.

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GirlyJ welcome and for other people

Answers

Answer:

hi mate how ya doing it been a good day

HELP PLEASE I HAVE TO FINISH THIS

Where should you look to find your current expenses when building your budget?

- bank and credit statements
- your wallet
- ask your parents
- your bank representative

Answers

Bank and credit statements

Answer:

Your answer is: A)  bank and credit statements

Explanation:

Tyler is a recent college graduate that has a large private student loan debt. He is
single with no children. He wishes to get some cheap life insurance that will pay off
the debts in case he passes away. Which life insurance policy will fit his needs
best?
A. Term policy
B. Neither
C. Debt policy
D. Permanent policy

Answers

Answer: Term Policy

Explanation:

Term policy life insurance policy will fit his needs best. Thus, the correct option is A.

What is insurance?

Insurance is a contract between an individual or organization (the policyholder) and an insurance company (the insurer) that provides financial protection against certain types of risks or losses.

The policyholder pays premiums to the insurer, and in exchange, the insurer agrees to pay out benefits or compensation in the event of covered losses or damages.

Insurance works on the principle of risk pooling, which means that the premiums paid by all policyholders are pooled together to cover the losses of the few who experience them.

This allows individuals and organizations to transfer the financial risks of certain events to the insurer, which helps to mitigate the impact of those events on their finances.

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In terms of SUPPLY, what factors have contributed to the fall in oil prices?

Answers

Current supply and output. Until recent years, Organization of Petroleum Exporting Countries (OPEC) often set supply through a quota system.

When you receive a loan, the money the lender gives you is called the

Answers

Answer:

The Principle

Explanation:

There are two main parts of a loan: The principal -- the money that you borrow. The interest -- this is like paying rent on the money you borrow.

The principal is what it is called

If the income elasticity of money demand is less than 1, then
a. income can never increase faster than money supply
b. an increase in income will be reflected in a proportionately smaller increase in money demand
c. the velocity of money must decrease as the level of income increases
d. an increase in income will be reflected in a proportionately larger increase in money demand
e. changes in the interest rate will never affect money demand

Answers

The correct answer is b. an increase in income will be reflected in a proportionately smaller increase in money demand.

The income elasticity of money demand measures the responsiveness of the demand for money to changes in income. When the income elasticity of money demand is less than 1, it indicates that money demand is income inelastic. This means that the demand for money does not increase proportionately as income increases. In other words, when income rises, the increase in money demand is smaller relative to the increase in income. Individuals and households do not feel the need to hold a higher proportion of their income in the form of money. They may allocate a smaller portion of their increased income to money balances, choosing to spend or invest the additional income instead. This concept is consistent with the idea that as income rises, people tend to allocate a larger share of their income to other assets or consumption goods rather than holding more money. Therefore, the increase in money demand is proportionately smaller compared to the increase in income.

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HELP ME PLEASE!!!!!!!!!!


Rosa is a full-time homemaker not currently searching for other work. Andy is a full-time student who is not looking for a job. Who is included in the labor force by the Bureau of Labor Statistics?
a.only Rosa
b.only Andy
c.both Rosa and Andy
d.neither Rosa nor Andy

Bonds are
a.both a store of value and a medium of exchange.
b.a store of value, but not a medium of exchange.
c.a medium of exchange, but not a store of value.
d.neither a store of value nor a medium of exchange.


Consider the expressions T - G and Y - C - G. Which of the following statements is correct?


a.Each one of these is equal to national saving.


b.The first of these is public saving; the second one is national saving.


c.The first of these is private saving; the second one is public saving.


d.The first of these is public saving; the second one is private saving.




According to 2017 Belgium Labor data information: Adult Population in 2017= 4500, Number of employed in 2017= 2800, and Number of Unemployed in 2017= 700. The labor-force participation rate of Belgium in 2017 was
a.62.22%.
b.54.28%.
c.15.55%.
d.77.78%.


According to Japan Labor data information: Adult Population in 2016= 3500, Number of employed in 2016= 1800, and Number of Unemployed in 2016= 600. The unemployment rate of Japan in 2016 was
a.11.42%.
b.25.00%.
c.54.28%.
d.17.39%.


You buy laptop from Apple pay cost of laptop with currency. Which function of money does this best illustrate?
a.medium of exchange
b.unit of account
c.store of value
d.liquidity


Sam is a broker. He has had several job offers, but he has turned them down because he thinks he can find a firm that better matches his tastes and skills. Adam has looked for work as an accountant for some time. While the demand for accountants doesn’t appear to be falling, there seems to be more people applying than jobs available.
a.Sam and Adam are both frictionally unemployed.
b.Sam and Adam are both structurally unemployed.
c.Sam is frictionally unemployed, and Adam is structurally unemployed.
d.Sam is structurally unemployed, and Adam is frictionally unemployed.


Compared to stocks, bonds offer the holder
a.lower risk and lower potential return.
b.lower risk and higher potential return.
c.higher risk and lower potential return.
d.higher risk and higher potential return.

Answers

1. The person included in the labor force by the Bureau of Labor Statistics is d. neither Rosa nor Andy.

The two persons are not regarded as unemployed because they are not seeking or ready for jobs.

2. Bonds are A. both a store of value and ...

Especially treasury bonds, they retain their values as stores of value and can be exchanged for cash and other assets.  Thus, bonds are both a store of value and a medium of exchange between persons.

3. The correct statement about the expressions T - G and Y - C - G is  b. The first of these is public saving; the second one is national saving.

Public saving is the difference between Taxation income (T) and Government Spending (G), while national saving is the difference between national income (Y) and Private Consumption (C), and Government Spending.

4. The labor-force participation rate of Belgium in 2017 based on its 2017 Labor data was a. 62.22% (2,800/4,500 x 100).

5. The unemployment rate of Japan in 2016 based on its 2016 Labor data was d. 17.14% (600/3,500 x 100).

6. The function of money that this transaction with Apple BEST illustrates is a. medium of exchange.

7. The best description of Sam and Adam is c. Sam is frictionally unemployed, and Adam is structurally unemployed.

Sam's unemployment is voluntary unlike Adam's.

8. When stocks are compared to bonds, bonds generally offer the bondholder a. lower risk and lower potential return.

Thus, the difference between bonds and stocks lies in the risk and return profiles of both investments. Stocks bear higher risks and returns than bonds.

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Why is a brand important to a business?

Answers

good branding increases the value of a company, provides employees with direction and motivation, and makes acquiring new customers easier.

equity shareholders are called what ​

Answers

Answer:

owners

Explanation:

Shareholders' equity represents the amount invested by the owners of a company in the business by either retaining earnings over time or by investing money in it. The shareholders' equity is a form of a company's net assets. Equity shareholders are also known as Equity Stockholders.

The equity shareholders of a company are called its owners.

Where is the data displayed in a query stored?
O in the query
o on the Clipboard
in a temporary backup file
O in the underlying table

THE ANSWER IS D

Answers

Answer:

lol ummmmmmmm how abt d

If you get into a car accident, your___________ may increase because you will be considered riskier for insurance companies to cover
A. Car loan payment
B. Insurance premium
C. Taxes
D. Claims adjustment

Answers

Answer:

B. Insurance premium

Explanation:

If you get into a car accident, your Insurance premium may increase because you will be considered riskier for insurance companies to cover. Thus, option B is correct.

What are companies?

A corporation is a legal body formed by a number of people to conduct and manage a business entity, whether it be commercial or industrial. An organizational model that will work as an individual representative and not in a collective manner. 

As you already must be paying some amount of insurance premium, that premium will help you pay for the damage that has occurred this time. but still, when you next time may have a plan, they will increase the insurance premium.

After the accident, you have shifted from a lower-risk person to a higher-risk person. Therefore, option B is the correct option.

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When meeting a candidate to become your lawyer for the first time, it is important to _____. A. Ask for a guarantee that you are going to win your case b. Haggle with the attorney for lower fees c. Ask questions to help you determine their competence d. Notice how many people work at their office Please select the best answer from the choices provided A B C D.

Answers

Answer:

c. Ask questions to help you determine their competence

Explanation:

pls mark as brainliest

Answer:

its C

Explanation:

just took the review

.Serena's Burger Joint just introduced their delicious hamburgers to the Jacksonville area in January 2005. It is known that the market growth rate for hamburger restaurant revenues in Jacksonville is 9.325%. The raw market shares of Serena's Burger Joint along with some of their top rivals are listed below.
Serena's Burger Joint - 6.09%
Burger King - 14.24%
McDonald's - 59.00%
Kris's Drive-Thru - 8.99%
Lindsay's Get'em All-The-Way - 11.68%
According to the BCG's Growth-Share matrix, what would Serena's Burger Joint be classified as?

Answers

Serena's Burger Joint would be classified as a "question mark" in the BCG's Growth-Share matrix.

A "question mark" business has a low market share in a high-growth market. In this case, Serena's Burger Joint has a market share of 6.09%, which is significantly lower than its top rivals like McDonald's and Burger King. However, the market growth rate for hamburger restaurant revenues in Jacksonville is 9.325%, which means that there is potential for growth and expansion in the market.

As a "question mark," Serena's Burger Joint needs to decide whether to invest in expanding their business to gain a larger market share or to focus on maintaining their current position. They could consider strategies such as introducing new menu items, expanding their locations, or increasing their marketing efforts to attract more customers and increase their market share.

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-1 Name the Act that makes provision for employees to improve their work performance.​

Answers

A good boss if there is no hood boss there is no good employees

Over time, potential GDP ________, which is shown by the ________ curve shifting to the right.
A.
increases; aggregate demand
B.
decreases; long-run aggregate supply
C.
increases; long-run aggregate supply
D.
increases; short-run aggregate supply

Answers

Over time, potential GDP increases, which is shown by the  long-run aggregate supply curve shifting to the right.

Aggregate supply is the complete amount of result firms will deliver and sell — in other words, the genuine Gross domestic product.

The vertical slanting aggregate supply curve — also known as the short run aggregate supply curve — shows the positive connection between value level and genuine Gross domestic product in the short run.

The aggregate supply curve inclines up on the grounds that when the cost level for yields increments while the value level of data sources stays fixed, the opportunity for extra benefits empowers more creation.

Likely Gross domestic product, or full-business Gross domestic product, is the greatest amount that an economy can create given full work of its current degrees of work, actual capital, innovation, and institutions.

Aggregate interest is how much absolute spending on homegrown labor and products in an economy.

The descending slanting aggregate interest curve shows the connection between the cost level for yields and the amount of complete spending in the economy.

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Can you think of a bad decision from your own school or work experience, or from recent business or political news stories, that was made in an effort to correct or justify a past decision?

Answers

Answer:

Explanation:

Personal Experience:

One time I had to turn in an assignment for the company that I worked for which needed to be done and turned in by the end of the workday. I failed to do so due to family issues. This assignment was incredibly important and failure to turn it in would have cost the company a lot of money. So I stayed up all night and finished the assignment. I ended up breaking into the office in the middle of the night to turn it in before the boss found out. It was a bad decision since I could have gotten arrested or fired.

Which of the following would not be considered a consumer perception factor that good sport marketers work to control?a) scarcity of ticketsb) venue cleanlinessc) team success and winning percentaged) fan exposure to violence

Answers

Examples of sports marketing strategies include: ticket scarcity; venue cleanliness; and exposure to violence. Possible reasons why people would buy sports.

What does marketing mean in reality?

The process of generating, conveying, delivering, and trading offerings that are beneficial to customers, clients, partners, and society at large as a whole is known as marketing.

The basic goal of marketing is to attract consumers and pique their interest in a company's goods or services. This is accomplished by market research, analysis, and by taking into account the preferences of a business' ideal clients and luring them in with messaging that would be instructive and beneficial to the target audience.

Customer after-sales assistance is a crucial component of marketing management since it helps businesses retain clients, foster brand loyalty, and improve their reputation.

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the term average means _______.

a. there are an equal number of employees earning above the amount provided and an equal number earning below the amount provided
b. there are an equal number of employees earning above the amount provided but not an equal number of employees earning below the amount provided
c. there are an equal number of employees not earning above the amount provided but an equal number of employees earning below the amount provided
d. The number calculated by adding all numbers together, then dividing by the total amount of numbers

Answers

D.

...................

Think of a time you encountered an ethical dilemma. What was the situation? How did you react? Do you behave ethically? How do you know?
(i never had a ethical problem plz HELP!!!!!!!)

Answers

Answer: Ok so i work in a place where realtionships at the job are forbbiden, well not forbbiden strictly but you get it right. so, this boy and this girl were dating and once the boss found he did not let them work together he actually seperated them and the girl had to work with me and the boy had to work with other coulleges.    

Explanation: i hope you understand

Answer:

One time I was working in a group with my friends for a school project and they weren't acting appropriately or doing their part of the project. I didn't know if I should ask the teacher for a new group and upset my friends, or if I should just do the project myself so as to not risk upsetting my friends and still get a good grade. I reacted by having a serious conversation with my friends and explaining the situation. I behaved ethically because I communicated the issue, and we were able to solve it by them realizing what they were doing, focusing and completing their part of the project, and all of us getting it done as a team.

How did the McDonald brothers show persistence when they moved their restaurant?

Answers

The McDonald brothers showed persistence by overcoming setbacks and innovating to create a more efficient restaurant model, which eventually led to the establishment of McDonald's as a global brand.

The McDonald brothers, Richard and Maurice McDonald, demonstrated persistence when they moved their restaurant by:

1. Overcoming setbacks: The McDonald brothers faced various challenges throughout their journey. They initially operated a drive-in restaurant but encountered issues with carhop service, leading them to rethink their approach. They temporarily shut down their business to reorganize and develop a new concept that focused on speed and efficiency. Despite setbacks, they persevered and sought a better way to run their restaurant.

2. Innovating and adapting: The McDonald brothers were determined to create a more streamlined and efficient restaurant model. They introduced the concept of a self-service system with a limited menu, where customers could order at a window and receive their food quickly. This idea was groundbreaking at the time and required significant innovation and adaptation. They designed their kitchen layout to optimize efficiency, utilizing assembly line techniques to speed up food preparation. Their persistence in finding a better way to operate their restaurant led to the development of the fast-food concept that revolutionized the industry.

3. Moving forward despite initial failures: After successfully implementing their new restaurant model in San Bernardino, California, the McDonald brothers wanted to expand their concept further. They faced numerous rejections and setbacks while trying to franchise their system. However, they did not give up and continued to promote their innovative ideas. Their persistence eventually paid off when they met Ray Kroc, who became their franchise agent and helped establish the McDonald's brand worldwide.

4. Protecting their vision: When the McDonald brothers decided to franchise their restaurant, they encountered conflicts with Ray Kroc regarding control and the preservation of their original concept. Despite facing pressure to compromise their vision, they persisted in protecting the integrity of their brand and the quality of their food. They engaged in legal battles and negotiated fiercely to maintain the standards they had set. While ultimately they lost control of the company, their persistence in defending their original vision demonstrated their unwavering commitment to their ideals.

Overall, the McDonald brothers' persistence was evident in their ability to overcome setbacks, innovate and adapt, push through initial failures, and protect their original vision. These qualities played a crucial role in their success in transforming the restaurant industry and establishing McDonald's as a global powerhouse.

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deman is ____ when the price change results in a proportional change in quantity

demanded. This type of demand is __________________ to find.​

Answers

Answer:

Unit elastic, difficult

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