skysong, inc. reports net income of $91,500 in 2022. however, ending inventory was understated $7,500. what is the correct net income for 2022?

Answers

Answer 1

The correct net income for 2022 is $99,000.

Skysong, Inc. reported net income of $91,500 in 2022, but it was discovered that the ending inventory was understated by $7,500. This means that the company's net income was actually higher than reported. Ending inventory is an important factor in calculating net income because it affects the cost of goods sold (COGS). If ending inventory is understated, COGS will be overstated, which in turn leads to a lower net income. In this case, since the ending inventory was understated, the COGS was overstated, and the net income was lower than it should have been. By adjusting the ending inventory for the correct amount, the company's true net income can be calculated.

To calculate the correct net income for 2022, the $7,500 understatement in the ending inventory needs to be added back to the reported net income of $91,500. This adjustment results in a correct net income of $99,000. It is important for companies to accurately report their financial information to ensure transparency and build trust with stakeholders. Accurate financial reporting is necessary for making informed business decisions, obtaining financing, and complying with tax laws and regulations.

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Related Questions

the only policy tool that is effective against unemployment when the aggregate supply (as) curve is vertical is

Answers

The only way to reduce unemployment is by lowering interest rates through expansionary monetary policy to encourage borrowing and investment, which in turn stimulates economic growth and job creation.

When the aggregate supply (AS) curve is vertical, the only policy tool that is effective against unemployment is monetary policy. Monetary policy refers to the actions taken by a central bank, such as the Federal Reserve in the United States, to manage the money supply and interest rates to achieve certain economic goals, such as stabilizing prices and promoting economic growth.There are two main types of monetary policy: expansionary and contractionary. Expansionary monetary policy involves increasing the money supply and lowering interest rates to stimulate economic activity, while contractionary monetary policy involves reducing the money supply and raising interest rates to slow down inflationary pressures.

When the AS curve is vertical, it means that the economy is already producing at its maximum potential output, and any increase in aggregate demand (AD) will only lead to higher prices and not an increase in output.

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On january 1, 2024, a company began construction of a new warehouse. the building was finished and ready for use on september 30, 2025. expenditures on the project were as follows: january 1, 2024 $ 323,000 september 1, 2024 $ 483,000 december 31, 2024 $ 483,000 march 31, 2025 $ 483,000 september 30, 2025 $ 323,000 the company had $6,100,000 in 15% bonds outstanding through both years. capitalized interest in 2024 was:

Answers

In this case, the capitalized interest for 2024 is $202,250. In the case of the aforementioned company, the total cost of the project was $2,235,000, with $323,000 of that amount due on January 1, 2024. The remaining balance of the project was financed by borrowing $6,100,000, which was the amount of bonds the company had in both years of excellent results.

The interest on the bonds was 15%, so the capitalized interest for 2024 is calculated by multiplying the total cost of the project by the annual interest rate and then dividing the result by the total number of days in the year. Capitalized interest is interest that is added to the cost of the project and is considered a capital expenditure rather than an expense. This is done when the company has borrowed to finance the project and the interest cost is part of the total cost of the project.

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An evaluation and unbiased opinion of the accuracy of a firm's financial statements can be obtained after a(n) ______ audit.

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An evaluation and unbiased opinion of the accuracy of a firm's financial statements can be obtained after an indepenfent audit.

What is independent audit?

An independent audit  can be described as the examination of the financial records, as well as the accounts, business transactions, accounting practices, as well as the internal controls of a charitable nonprofit by an "independent" auditor.

It should be noted that the  evaluation and unbiased opinion of the accuracy of a firm's financial statements is oner od the thing that can be associated to the indepenfent audit.

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When you finish your budget, you should have:

A: money left over
B: more bills to pay
c: a zero balance
D: All of the choices

Answers

Answer:

Zero balance

Explanation:

Because you finished all your money.

C a zero balance A budget is an amount you plan to spend so when you finish it there’s nothing left

You are out to eat with your friends.

You are out to eat with your friends.

Answers

Answer:

The top would be $15.72

Explanation:

$78.56 x .2 = 15.712

The tip is 20% of $78.56. So:

\(\frac{20}{100}78.56 =15.712\)

So the tip would be about $15.71

On January 1, 2021, White Water issues $540,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 6% and the bonds issued at $580,169


1. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021 and December 31,2021

Answers

Bond issue on January 1, 2021 is Cash $ 580,169 Premium on Bonds Payable is $ 40,169 and Bonds Payable is $540,000. first two semiannual interest payments are $18900.

The amount that the issuer owes bond holders is kept in an account called "Bonds Payable." Due to the fact that bonds often have a longer maturity period than one year, this account is typically seen in the long-term liabilities area of the balance sheet. Public utilities typically issue bonds to help finance a new electric power plant, hospitals typically issue bonds for new construction, and governments typically issue bonds to fund projects, cover operating deficits, or redeem older bonds that are approaching maturity. Because it is expected to be paid within the next year, bond interest payable is categorized as a current liability.

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List three things that you can do to ensure that you have set healthy boundaries between yourself and others at work.

Answers

Answer:

Limited negativity, Laughs, and non-heated arguments

Explanation: you need some negativity it gets boring when someone just constantly agrees with you, and you need arguments to see the other person field of view however they should be calm and well-thought out and not aggressive.  

Finish this sentence... I believe car loans are

Answers

What kind of loans are we talking here?

On his first project assignment as the project manager, the project manager encounters disagreements among highly technical team members. how would the project manager best deal with the conflict?

Answers

The  project manager can best deal with the conflict by: Listening to the differences type  of opinions giving to him , He should encourage logical discussions, and to facilitate an agreement.


What is a project manager?

A project manager can be defined as someone whose roles and responsibilities is to execute a project or to ensure the successful completion of a project.

Based on the given scenario  if the project manager encounters disagreements among highly technical team members. The  project manager can best deal with the conflict by doing the following:

Listening to the differences type  of opinions  or advice giving to him.He should encourage logical discussions.He should  facilitate an agreement.

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ebook problem 13-06 your broker offers to sell for $1,185 a aaa-rated bond with a coupon rate of 8 percent and a maturity of seven years. given that the interest rate on comparable debt is 5 percent, calculate the bond's price. assume that the bond pays interest annually. use appendix b and appendix d to answer the question. round your answer to the nearest dollar. $ is your broker fairly pricing the bond? -select- , so the bond -select- be purchased.

Answers

a) If the interest rate on comparable debt is 5 percent, then the bond's price is $1,113.07.

b) The broker is not fairly pricing the bond as the price offered by the broker ($1,185) is higher than the bond's actual price ($1,113.07).

To calculate the bond's price, we can use the present value formula

Price = (Coupon Payment / (1 + Yield)¹) + (Coupon Payment / (1 + Yield)²) + ... + (Coupon Payment + Face Value) / (1 + Yield)ⁿ

Where:

Coupon Payment = Coupon Rate x Face Value

Yield = Interest Rate on Comparable Debt

n = Number of Years to Maturity

Plugging in the values given in the problem, we get

Coupon Payment = 0.08 x $1,000 = $80

Yield = 0.05

n = 7

Price = ($80 / (1 + 0.05)¹) + ($80 / (1 + 0.05)²) + ... + ($80 + $1,000) / (1 + 0.05)⁷

Price = $1,113.07

The bond's price is $1,113.07, which is less than the price that the broker is offering ($1,185). This means that the broker is not fairly pricing the bond and is charging a premium.

To confirm, we can calculate the bond's yield using the price that the broker is offering

Price = ($80 / (1 + Yield)¹) + ($80 / (1 + Yield)²) + ... + ($80 + $1,000) / (1 + Yield)⁷

$1,185 = ($80 / (1 + Yield)¹) + ($80 / (1 + Yield)²) + ... + ($80 + $1,000) / (1 + Yield)⁷

Using trial and error or a financial calculator, we can solve for the yield and get

Yield = 0.0668 or 6.68%

Comparing this yield to the interest rate on comparable debt (5%), we can see that the bond is priced at a premium, and therefore, the broker is not fairly pricing the bond.

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4.What is a broadcast? What pathway do you find this in?

Answers

Answer:

Broadcasting is the distribution of audio or video content to a dispersed audience via any electronic mass communications medium, but typically one using the electromagnetic spectrum (radio waves), in a one-to-many model. The journalism and broadcasting pathway includes workers who research, write or produce news stories or broadcasts, or present commentaries. Workers also include those involved in publishing and writing. Includes occupations that install, repair and operate digital or electronic equipment used to record and transmit radio or television programs and motion pictures.

Explanation:

I hope this helps u! :D

PLZ HELP: FIND THE PROFIT
Fixed costs are £26,000 per year, and variable costs include wages at £10 per
unit, raw materials at £12 per unit and delivery/packaging at £3 per unit. It is expected that a business will make and sell 750 units during the year, with
a selling price of £26.

Answers

Answer:

Net loss -£25,250

Explanation:

The computation of the profit is shown below:

Sales (750 units × £26) £19,500

Less: Variable cost  (750 units × £25) £18,750

Contribution margin £750

Less: Fixed cost £26,000

Net loss -£25,250

The £25 could be calculated below:

= £10 + £12 + £3

= £25

Basically applied the above format

What are B2C and B2B sales?

Answers

B2C stands for business to consumer. This would be the sales you’d make to a consumer. B2B stands for business to business. This is the sales you’d make with another business.

B2C and B2B sales refers to business-to-consumer and business-to-business sales respectively.

What is business-to-consumer sales?

Business-to-consumer (B2C) companies having consumers as their end-users increasingly came to be known by this phrase when it gained popularity in the 1990s.

This contrasts with business-to-business (B2B) firms, or those whose main customers are other businesses. B2C businesses conduct their business online and offer goods to clients. Several B2C corporations include Amazon.

B2C, or business-to-consumer, is a retail model where things are delivered directly to the customer who has made a personal purchase of the goods or service.

Business-to-business sales are referred to as B2B sales. It describes enterprises or salespeople who engage in direct business-to-business (B2B) sales of goods and services.

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Michelle needs to view and delete macros in a document. Which steps should she follow to perform this action?

Answers

Under the Developer tab, click the Macros button in the Code group, select the macro to delete, and press Delete.

What is the Macros button?

An alternative to keystrokes is the macro key. A key sequence is a set of keyboard, mouse, or menu operations connected to a command. Moreover, a program can be easily launched by pressing the macro key.

Michelle should follow these steps -

Open the document where the macros are located.

Click on the Developer tab.

In the Code group, click the Macros button.

A dialog box will appear, displaying the list of macros in the document.

Select the macro that needs to be deleted.

Press the Delete button.

It's worth noting that the other options are not correct steps. Pressing Alt+F8 will bring up the Macro dialog box, but it won't allow to delete macros. Pressing Alt+F11 will open the Visual Basic Editor, but it won't allow to delete macros either.

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A river barge company can offer cheaper, although slower, per-pound transportation of products to companies when compared with transportation by air, truck, or rail. The river barge company should first target customers whose companies use:

Answers

Answer:

the cost leadership strategy.

Explanation:

A river barge company can offer cheaper, although slower, per-pound transportation of products to companies when compared with transportation by air, truck, or rail. The river barge company should first target customers whose companies use the cost leadership strategy.

A cost leadership strategy is a business strategy which is aimed at using the lowest cost of production and operation in a business.

Hence, river barge company cheaper, although slower, per-pound transportation as against the use of air, truck, or rail which would be more expensive.

when loan payments are amortized, the total amount you owe every month remains constant but the amount of interest you own decrease every month. true or false

Answers

It is true that when loan payments are amortized, the total amount you owe every month remains constant but the amount of interest you owe decreases every month.

What happens when loan payments are amortized?

When loan payments are amortized, the total amount you owe every month remains constant but the amount of interest you owe decreases every month. This is because the payments are structured to pay off both principal and interest, with more of the payment going towards interest at the beginning of the loan term and more going towards principal as the loan matures.

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To be eligible for Bright Futures, you must

submit a statement explaining how all money will be repaid
submit a plan of action for all courses throughout college
take at least three remedial credits in the first semester
take at least six non-remedial credits per semester

Answers

i believe you would submit a plan of action for all course throughout college so Bright Futures knows how their money would be spent :)

Answer:

I think is B. submit a plan of action for all courses throughout college.

Explanation:

Which workplaces are typical for someone working in Marketing, Sales, and Service? Select all that apply,
A factories

B offices

C customer's homes

D home offices

E stores

F warehouses

G La vehicles

H research centers

Answers

The workplaces that are typical for someone working in Marketing, Sales, and Service are:

storesfactorieswarehouses

Why do people work in Marketing, Sales, and Service?

Majority work in these section to promote product and sales of goods and service.

Hence, the typical workplaces of someone working in Marketing, Sales, and Service includes stores, factories and warehouses.

Therefore, the Option A, E and F is correct.

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Answer:

A. Factories
E. Stores
F. Warehouses

Explanation:

What is one request a borrower can make of a lender if they know they will never be able to pay their full debt?

A. The borrower can ask for fees and penalties to be eliminated.

B. The borrower can ask for a reduction of the interest rate.

C. The borrower can ask to be absolved of some of the debt.

D. The borrower can ask for the monthly payment to be reduced.​

Answers

The one request a borrower can make of a lender if they know they will never be able to pay their full debt is the borrower can ask for fees and penalties to be eliminated.

What happens if the borrower fails to repay the loan?

A loan is known to be a kind of money that is borrowed for a length of time and it is known to be a non-performing asset (NPA).

When the repayment is  overdue, the lender can seize the asset of the borrower and when a  borrower can make of a lender if they know they will never be able to pay their full debt is the borrower can ask for fees and penalties to be eliminated.

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Answer:

C. The borrower can ask to be absolved of some of the debt

Explanation:

He responsibilities principle underlying aicpa auditing standards includes a requirement that:_____

Answers

The responsibilities principle underlying AICPA auditing standards includes a requirement that auditors perform their work with professional competence and due care. This means that auditors must possess the necessary knowledge, skills, and experience to effectively carry out their auditing responsibilities.


Obtain and maintain the necessary level of technical knowledge and proficiency in auditing. This includes staying up-to-date with the latest auditing standards, regulations, and techniques. Exercise professional judgment and skepticism throughout the audit.

Overall, the responsibilities principle emphasizes the importance of professionalism, competence, and diligence in carrying out auditing engagements. By adhering to this principle, auditors can enhance the reliability and credibility of financial statements, providing assurance to users of the financial information.

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Those who manage the work on the front lines are most involved with what component of the planning process?.

Answers

Those in charge of monitoring action on the front lines typically handle the operational planning element of the planning process.

Operational planning is a helpful document that details the primary duties and objectives a company will pursue during a specified time period, typically a year

What is more about planning process.

Planning is the act of dividing one's thoughts into manageable steps. Planning is divided into four primary categories: strategic, tactical, operational, and contingency planning. To determine their goals and objectives, organizations use the strategic planning process.

Operational planning is a helpful document that details the primary duties and objectives a company will pursue during a specified time period, typically a year. It frequently has connections to finance agreements and, in a broader sense, to the organization's strategic objective.

A manufacturer developing a plan to increase sales by 30% is an example of operational planning.

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Self-motivation is a very important quality that employers look for. Being ready to complete assigned tasks without having to be told and working hard are factors in a successful career. Explain why being careful to pick our career path can help us maintain motivation when we enter the work force.

Answers

Answer:

if you pick a job you really dont like you're not gonna go to it clock in none of that picking a job you like and comfortable with you'll want to go everyday and give 110 percent

Answer:

Actually enjoying doing a job can give you a lot more motivation than doing one you hate. Be careful to pick a job you'll actually enjoy so you'll have a reason to work hard for it.

Economic consequences of accounting standard-setting mean that it can have severe impacts on the level of wealth of the providers of financial information.

Answers

Economic consequences of accounting standard-setting mean that it can have severe impacts on the level of wealth of the providers of financial information.--- True.

What does it mean for the economy when accounting standards are set?

Accounting standard-setting can have a significant impact on the wealth of financial information providers due to its economic consequences. The goal of setting accounting standards is to make financial reporting more reliable, transparent, consistent, and comparable for businesses.

How do accounting standards affect things?

Accounting standards are the primary source of generally accepted accounting principles (GAAP), which are authoritative standards for financial reporting. Financial statements must be recognized, measured, presented, and disclosed in accordance with accounting standards.

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who made among us?

when was it made?

plz help it is not that important but i want to now what it is!!!!!

Answers

Answer:

InnerSloth

Explanation:

June 15, 2018

Explain the role of public relations in developing and maintaining a corporate image.

Answers

By overseeing communication and relationships between an organisation and its stakeholders, public relations plays a critical part in creating and sustaining a company image.

To influence the perception, reputation, and overall image of the business, strategic communication is used. To improve the public's view of the company, public relations experts take part in activities like media relations, crisis management, community involvement, and employee communications. Public relations contributes to the development of trust, credibility, and goodwill among stakeholders by clearly articulating the company's ideals, accomplishments, and social responsibility efforts. It helps build the company's brand, draw in clients, investors, and talent while minimising reputational hazards.

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compare the two types of market expansion strategies with
special reference to export marketing?

Answers

Domestic market expansion focuses on the home country, while international market expansion, including export marketing, targets foreign markets.

Domestic market expansion involves strategies aimed at increasing sales and market share within the home country, catering to local consumer preferences and implementing effective marketing strategies. On the other hand, international market expansion and export marketing strategies involve targeting foreign markets to sell products or services abroad. This requires understanding international consumer preferences, adapting products or services to meet foreign demand, complying with foreign regulations, establishing distribution networks, and implementing effective marketing and promotional activities in foreign markets. The key difference lies in the geographic scope and the need to address additional challenges such as cultural differences, language barriers, and legal requirements when expanding internationally.

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A company produces microwaves. The cost of producing x microwaves per month is given by C(x)=5,000+50x−0.25x2. The marginal cost at a production level of 150 microwaves per month is −$25. What is the interpretation of this?
Select the correct answer below:
A. At a production level of 150, the total costs are increasing at the rate of $25 per week.
B. At a production level of 150, the total costs are decreasing at a rate of $25 per week.
C. When manufacturing 150 microwaves, the cost of each microwave is $25.
D. The total cost of manufacturing 150 microwaves is $25.

Answers

C. When manufacturing 150 microwaves, the cost of each microwave is $25. The marginal cost is the cost of producing one additional unit, in this case, one additional microwave.

At a production level of 150 microwaves per month, the marginal cost is -$25. This means that the cost of producing the 150th microwave is $25 less than the average cost of producing the first 149 microwaves. So, the cost of producing each microwave at this production level is $25. At a production level of 150, the total costs are decreasing at a rate of $25 per week. The price of creating one extra unit, in this case another microwave, is known as the marginal cost. The marginal cost is -$25 for a manufacturing rate of 150 microwaves per month.

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hr managers are using social tools to build relationships with ________ inside the organization.

Answers

HR managers are using social tools to build relationships with employees inside the organization.

HR managers are recognizing the importance of building strong relationships with employees as a way to improve employee engagement, retention, and overall organizational success. Social tools such as internal social media platforms, chat apps, and collaboration software allow HR managers to communicate more effectively and efficiently with employees. Through these tools, HR managers can share important information, provide support and feedback, and create a sense of community within the organization. By building relationships with employees, HR managers can also gain valuable insights into employee needs and preferences, which can help inform HR policies and practices. Overall, the use of social tools by HR managers represents a powerful way to enhance communication, collaboration, and engagement within the organization.

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what happen to andi mack

Answers

Answer:

The show ended in July 26 of 2019

Explanation:

The show's story ended a while ago.

Kraft Foods recently increased its advertising and couponing to its current cheese consumers. It appears Kraft is pursuing what kind of opportunity:
A. Market penetration
B. product development
C. market development
D. mass marketing
E. Diversification

Answers

Kraft Foods is pursuing a Market penetration opportunity by increasing its advertising and couponing to its current cheese consumers. Option A is the correct answer.

Market penetration is a growth strategy that involves increasing sales of existing products to current customers or current market segments. By increasing its advertising and couponing to its current cheese consumers, Kraft Foods is attempting to increase its market share and sales within its current market segment.

This strategy aims to encourage current customers to purchase more of Kraft's cheese products, rather than attracting new customers or developing new products. Market penetration is a common strategy used by companies to achieve sustainable growth, and it can be achieved through various tactics such as pricing strategies, promotional activities, and improving product quality.

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