The Cost of Good Sold is $36,000 lower than it should have been and the net income is $36,000 higher than it should have been.
There are two formulas that are important to know for this question. The first is Beg. Inventory + Purchases - Ending Inventory = COGS. The second formula is Sales - Cost of Good Sold = Gross Profit.
If you reported a higher ending inventory it is going to result in a lower value for Cost of Good Sold. In this case the company had too high of an ending inventory by $36,000, which mean that the COGS is $36,000 lower than actual.
When you have a COGS that is lower than it should be you are going to have a gross profit which is overstated. The Income is overstated by $36,000.
Answer: Option (B) is correct.
Explanation:
The new tax on sales of these luxury boats considered to be a reasonable way to boost government revenue thereby tax burden would most likely fall only on the wealthy individual and therefore neither they nor any other individual would suffer.
But 20% of employees hired by manufacturers of these luxury boats lost their jobs as a result of the respective tax.
If true, the following will most strongly support the above arguments: The tax would induce a net gain in revenue created by tax for the state only if yearly revenue that it creates goes beyond the total of yearly tax-revenue decline resulting from employees loss of jobs.
Answer:
Disclosure.
Explanation:
In this scenario, a real estate broker is employed by a buyer, as an agent. When the broker finds a property the buyer might be interested in buying, the broker is careful to find out as much as possible about the property's owners and why the property is on the market. The broker's efforts to keep the buyer informed of all facts that could affect a transaction is the duty of disclosure. A disclosure is a legally binding agreement between the buyer and seller of a property, wherein the seller highlights all the information or details they know about the property for the purpose of enlightening and informing the buyer. It contains informations such as legal encumbrance, structural flaw, size of property etc.
Answer:
Explanation:
f(x) = (1/(15,000-10,000))/0 (elsewhere) = 1/5000
a. What is the probability that a $12,000 bid will be accepted?
P(10,000 < x < 12,000) = 2000(1/5000) = 0.40
b. What is the probability that a $14,000 bid will be accepted?
P(10,000 < x < 14,000) = 4000(1/5000) = 0.80
c. What amount should you bid to maximize the probability that you get the property?
$14,000 is my answer.
$14000 bid has a higher probability, hence a greater chance of being accepted
Answer:
Correct option is (b)
Explanation:
Return on investment or ROI measures the efficiency of investments by estimating the amount of net income generated from average assets of the company. Formula to compute ROI:
ROI =
The better the ROI, the more efficient would be the company's investments.