If, while taking a physical inventory, the company counts their inventory figures less than the actual amount. How will the error affect their bottom line?
Net income will be understated.
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Journalize the following purchase transactions for Rocky's Swimming Pool Supply Company using the periodic inventory system. Explanations are not required.
Which process produces alcohol or lactate?
A. the preparatory reaction B. the electron transport system C. glycolysis D. fermentation E. the citric acid cycle
Ronn Industries Ronn Industries reported net income of $95,000 for 2012. Early in 2013, Ronn discovered that its 2012 ending inventory was overstated by $5,000. Refer to the information provided for Ronn Industries. Determine the effects of the inventory errors for 2012
A) Assets and equity would have been overstated by $5,000 on the balance sheet; expenses and net income would have been understated by $5,000 on the income statement. B) Assets and equity would have been overstated by $5,000 on the balance sheet; expenses would have been overstated by $5,000 on the income statement, thus net income would have been understated by $5,000. C) Assets and equity would have been understated by $5,000 on the balance sheet; expenses would have been overstated by $5,000 on the income statement, thus net income would have been understated by $5,000. D) Assets and equity would have been overstated by $5,000 on the balance sheet; expenses would have been understated by $5,000 on the income statement, thus net income would have been overstated by $5,000.
Marianne has opened a jewelry shop in your community and sources precious gems and metals only from Canada rather than Africa. Her rationale for her CSR and environmentally sustainable business practices includes all of the following EXCEPT
A. lowering costs and enhancing employee recruiting and workforce retention. B. creating opportunities for revenue enhancement and best long-term profits for shareholders. C. increasing buyer patronage. D. shortening the supply chain. E. reducing her exposure to the risk of reputation-damaging incidents.