Answer: The correct answer is "E. Cost of goods sold to be overstated and net income to be understated.".
Explanation: The understatement of the ending inventory balance causes:
<u>Cost of goods sold to be overstated and net income to be understated.</u>
Answer:
The journal entry would be:
Explanation:
Note: Options are missing so providing the journal entry.
The journal entry would be for recording the collection of the note is:
October 30
Cash A/c.........................Dr $10,150
Interest Revenue A/c.........Cr $150
Notes Receivable A/c.........Cr $10,000
On October 30, the amount is collected so the any increase in cash is debited. Therefore, cash account is debited. And it is collected against a notes Receivable of $10,000 so it leads to decrease in liability, it is credited. Therefore, the notes receivable is credited. And the interest revenue is credited.
Answer:
The month that is lower than the lower control limit is February ($220,000).
Explanation:
Giving the following information:
Highland Company's standard cost is $250,000.
The allowable deviation is ±10%.
Actual Fixed costs:
January $235,000
February 220,000
March 245,000
April 265,000
May 270,000
June 280,000
First, we need to calculate the lower control limit:
Lower control limit= 250,000*0.9= $225,000
The month that is lower than the lower control limit is February ($220,000).
Answer:
Industrial Mining
Explanation:
Industrial Mining is the one who is responsible for the damage as the industrial mining is the company who owns the project for drilling in the surface rights and to extract the oil but due to drilling wrongly, it leads to the surface subsides and the structure collapsed where as the Grey is not responsible as it owns the surface rights for the High desert bunch comprise of bunk house and house.
Answer:
Rise
Explanation:
A monopoly is defined as a market situation where only one seller determines the supply and price of a product, because they are the only ones that produce it.
When forms make technological advancements, they are able to make processes cheaper. So there is more money saved that can be used to increase production.
In this scenario for every product manufactured there is a $40 saved. This excess cash can be put back into the production to increase the output and profit.