Rickles, Inc is a calendar-year corporation whose financial statements for 2013 and 2014 included errors as follows: Ending Depreciation Year Inventory Expense 2013 $30,000 overstated $25,000 overstated 2014 $10,000 understated $ 8,000 understated Assume that purchases were recorded correctly and that no correcting entries were made at December 31 . 2013 . or December 31 . 2014 . Ignoring income
taxes, by how much should Rickles's retained earnings be retroactively adjusted at January 1 . 2015?
a. $27,000 increase
b. $27,000 decrease
c. $7,000 decrease
d. $3,000 decrease
A
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The following relate to Data Original in 2012 . What is the ending inventory? Purchases $540,000 Beginning Inventory 80,000 Purchase Returns 10,000 Sales 800,000 Cost of Goods Sold 490,000
a. $120,000 b. $140,000 c. $210,000 d. $260,000 e. none of the answers are correct
Use this information to answer the following question. The following totals for the month of November were taken from the payroll register of Levine Company: Salaries expense $12,000 Social security and Medicare taxes withheld 550 Income taxes withheld 2,500 Medical insurance deductions 250 Life insurance deductions 200 Salaries subject to federal and state unemployment taxes of 6.2 percent 4,000
The amount of liabilities relating to payroll, other than Salaries Payable, is a. $4,178. b. $3,748. c. $3,628. d. $4,298.
Rodrick, the chief executive officer of Social Post Host Inc, claims that certain actions by the state of Texas infringe on rights guaranteed by the Bill of Rights.Most of these guaranteeshave been held to limit
a. federal actions only. b. federal and state actions. c. federal and state actions, and actions by nongovernment entities. d. actions by nongovernment entities only.
Dividing a population on the basis of age, gender, income or education is ________.
A. marketing statistics B. demographics C. behavioral data D. psychographics