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blsea [12.9K]
2 years ago
6

Vibrant Company had $850,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased merchandise costing $500,000 in ea

ch of those years. It also maintained a $250,000 physical inventory from the beginning to the end of that three-year period. In accounting for inventory, it made an error at the end of Year 1 that caused its Year 1 ending inventory to appear on its statements as $230,000 rather than the correct $250,000. Required: 1. Determine the correct amount of the company's gross profit in each of Year 1, Year 2, and Year 3. 2. Prepare comparative income statements to show the effect of this error on the company's cost of goods sold and gross profit for each of Year 1, Year 2, and Year 3.

Business
1 answer:
Orlov [11]2 years ago
7 0

Answer:

Year 1: $350,000

Year 2: $350,000

Year 3: $350,000

B.) Gross profit:

Year 1: $330,000

Year 2: $370,000

Year 3: $350,000

Explanation:

See attached picture

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Answer: Question 1: I do see Sony as an innovator in its industries of electronics, semiconductors, computers, video games, and telecommunications because they have created several products in all of these industries.

Question 2: Sony is a company that inspires and fulfills my curiosity because they have made significant leeway in the world of technology and have created amazing and useful technical products.

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Explanation:

5 0
2 years ago
Eddie, a 16 year old minor, buys a car from Ace Auto and then damages the car in an accident. To disaffirm the contract and sati
Ket [755]

Answer: Return the car and pay for the damage(D)

Explanation:

To disaffirm a contract means to avoid the obligations in a contract. A contract can be disaffirmed by a minor when he shows an intent that he or she isn't bound by it. Contracts can be disaffirmed by minors before they reach eighteen years. When a minor disaffirms a contract, all properties transferred to the minor can be gotten back.

In the scenario explained in the question, even though Eddie had damaged the car, he can disaffirm the contract and satisfy his duty if restitution by returning the car and paying for damage.

3 0
2 years ago
Read 2 more answers
Genna Raiter, the president and CEO of Car Keepers Garage, has asked several of her managers and employees to help establish a s
Nonamiya [84]

Answer:

The options for this question are the following:

A. payoff matrix.

B. mission statement.

C. tactical plan.

D. organization chart.

The correct answer is B. Mission statement.

Explanation:

A good mission statement is a useful tool for well-managed businesses. It is the "why" of business strategy.

A mission statement defines the objectives of what a company does by:

Your clients

The employees

Their owners

Some of the best mission statements also extend to include the fourth and fifth dimensions: what the company does for its community and for the world.

In terms of marketing, a mission statement is a brief paragraph that describes what your business does and why it exists. If that sounds like useless marketing that could be labeled as a long list of the most important things to do, you're not alone.

The reality is that many mission statements are ineffective. Usually, they are the ones written in minutes with very little thought from their creators.

7 0
2 years ago
One major benefit of using the Bank Feeds feature in QuickBooks Online is that as you _________________ or __________________ tr
Alex73 [517]

Answer:

1.  Exclude

2.  Add

3.  Reconciled

Explanation:

QuickBooks Online supports Bank feeds features, which in turn allows a user to perform ADDITION or EXCLUSION of transactions online, which results in such transaction are marked RECONCILED.

Hence, one of the major benefits of using the Bank Feeds feature in QuickBooks Online is that as you EXCLUDE or ADD transactions in QuickBooks Online from the downloaded transactions from the bank, they are marked RECONCILED. This makes the end-of-period bank reconciliation more efficient.

8 0
2 years ago
Consider the following statements regarding Company A and Company B:The two companies have identical operating results but have
Natalija [7]

Answer:

A. A only

Explanation:

U.S. Generally Accepted Accounting Principles (GAAP) does not allow property, plant, and equipment to be written up or revalued. If the fair value of PP&E falls below the book value and the amount is material then a company must write down the asset to fair value.

Since under US GAAP, once PPE is written, it can not be reversed. as Company B is indicated to have reversed the write down while company A did not. It therefore means that Company A only is reporting under US GAAP.

7 0
2 years ago
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