answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
kifflom [539]
1 year ago
8

Crane Enterprises reported cost of goods sold for 2020 of $1,290,700 and retained earnings of $4,708,100 at December 31, 2020. C

rane later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $116,750 and $32,910, respectively. Determine the corrected amounts for 2020 cost of goods sold and December 31, 2020, retained earnings.
Business
1 answer:
Grace [21]1 year ago
8 0

Answer:

  • Adjusted Cost of Goods sold = $1,206,860
  • Adjusted Retained Earnings = $4,675,190

Explanation:

An overstated opening inventory would overstate Cost of Goods sold. The overstatement should therefore be removed from the Cost of goods sold.

An overstated closing inventory would understate Cost of Goods sold. The overstatement should therefore be added to the Cost of Goods sold.

Adjusted Cost of Goods sold 2020 = Cost of Goods sold + 2020 ending inventory - 2019 opening inventory

= 1,290,700 + 32,910 - 116,750

= $1,206,860

Adjusted Retained earnings

The retained earnings would have to be adjusted for the overstatement of the current inventory by $32,910 because this understated Cost of Goods sold.

= Retained earnings - Overstatement of inventory

= 4,708,100 - 32,910

= $4,675,190

You might be interested in
Classy Clay has extremely creative employees who, in the opinion of the organization, keep the company ahead of the competition.
Art [367]

Answer:

strength

Explanation:

When you are performing a SWOT analysis, you must analyze both internal and external factors. Internal factors include strengths and weaknesses, while external factors include opportunities and threats:

  • strengths: analyses what does your company do well and distinguish it from the competition.
  • weaknesses: analyses what are your company's weak spots and what does your competition do better than you.
  • opportunities: new situations that can favor your company.  
  • threats: situations that can negatively affect your company.  

6 0
2 years ago
On March 1, 2017, Carla Vista Co. acquired real estate, on which it planned to construct a small office building, by paying $84,
marissa [1.9K]

Answer:

Land 112,980

Explanation:

The driveway and parking lot are not part of the land. That is a decision of the company and will be applied on a diferent account, Parking lot

All the other cost are required to acquire the land and leave the land ready to use.

The salvage for the demolition decrease the cost for the land.

Purchase              84,500

demolition               9,100

salvaged materials (1,880)

atorney's fee           1,380

broker's fee            4,980

architect's fee       14,900

Total                     112,980

5 0
2 years ago
According to PCN analysis, which process region includes process steps in which one participant is acting on another participant
mamaluj [8]

Options:

A. Independent processing

B. Surrogate Interaction

C. Direct interaction

D. Resource processing

E. Process domain Interaction.

Answer:B. Surrogate Interaction

Explanation:

PCN(preassigned control number) PROGRAM is a program system designed to allow the Library of Congress to assign control numbers in advance of a publication to those titles which may be included to collections of materials in the Library. PCN number is only assigned to publishers in the United States of America.

Surrogate Interaction is a type of Interaction taking place in a PCN program where there are no direct interaction.

3 0
2 years ago
1. Advertising is important for most companies, es- pecially companies such as P&G that sells mostly to end customers. But,
omeli [17]

Answer:

1. Companies like P&G have their customer base consisting on end customers whose choice of toothpaste and towels which can change depending on multiple influencers like cost, other attractive features in competitors, freebies etc. Thus a strong customer focus and reach is essential to even retain the current customer base. Thus these companies need to focus on advertising to remain competitive in the current market atmosphere.

2. The numbers of advertising companies can be appropriately engaged based on cost and effectiveness as long as there are sufficient companies customizing the advertising and marketing efforts for the region in focus. If there are too many agencies running the advertising, the cost could be very high. If the number of agencies are decreased to too low and same advertising efforts are used in different type of demographic regions, the impact and effectiveness of the advertising could be less and not as effective as required. Thus choosing the sufficient number of agencies to reach all the required demographic regions is essential to balance the cost and effectiveness of advertising.

3. Innovation will always be rewarded in the current market atmosphere. If we look at the current market position of P&G, seeing that the they are currently placed in a good position with good presence in multiple products for different customer segments. Thus after studying the market and weighing all the aspects, it could make sense for P&G to consolidate and cut the less profitable businesses.

5 0
2 years ago
Read 2 more answers
At Haptic Manufacturing, all employees are required to take safety training every six months. The top executives understand the
AveGali [126]

Answer:

They Developed on-the job training and learning. They used the plant to train their employees at the same time the plant is fully operational and employees are training too.

Explanation:

8 0
2 years ago
Read 2 more answers
Other questions:
  • Alice's three children are driving her crazy. they are constantly squabbling, calling one another names, and generally tormentin
    6·1 answer
  • Michelle has the following monthly expenses 490 dollars in rent $300 in groceries $90 in movies $69 in clothes $130 cellphone $9
    6·1 answer
  • The following transactions are July 2014 activities of Craig�s Bowling, Inc., which operates several bowling centers (for games
    9·1 answer
  • The population of a country Dnalgne is 90 million in 1997 and increasing at a rate of 0.1 million per year. The average annual i
    7·1 answer
  • Beckenworth had cost of goods sold of $9,421 million, ending inventory of $2,089 million, and average inventory of $1,965 millio
    14·1 answer
  • If a check correctly written and paid by the bank for $648 is incorrectly recorded on the company's books for $684, the appropri
    11·1 answer
  • Rosco Taxi Service uses the units-of-activity method in computing depreciation on its taxicabs. Each cab is expected to be drive
    7·1 answer
  • If you owe suppliers $240 and typically buy $40 worth of products per day, then your Days Payable equals _____________, fill in
    14·2 answers
  • An investor who was not as astute as he believed invested $264,500 into an account 12 years ago. Today, that account is worth $2
    12·1 answer
  • Helga runs a website on which she sells houseplants. She also earns through pay-per-click advertising that allows search engines
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!