Astro Incorporated's financial statements for the years 2014 and 2015 contained the following errors: 2014 2015 Ending Inventory $6,000 understated $9,000 overstated Depreciation Expense $12,000 overstated $7,500 overstated Assuming that none of the errors were detected or corrected, and that no additional errors were made in 2016, by what amount will current assets at December 31 . 2016, be
overstated or understated?
a. $0
b. $3,000 overstated
c. $9,000 understated
d. $9,000 overstated
A
You might also like to view...
Which of the following variables indicates a measure of cumulative profitability over time?
a. Retained earnings (balance sheet)/total assets b. Earnings before interest and taxes/total assets c. Working capital/total assets d. Market value of equity/book value of total debt e. Sales/total assets
A radial tire manufacturer produces products in two departments—Divisions A and B. The company uses separate predetermined overhead allocation rates for each department to allocate its overhead. Divisions A and B have estimated manufacturing overhead costs of $150,000 and $350,000, respectively. Division A uses machine hours as the allocation base, and Division B uses direct labor hours as the allocation base. The total estimated machine hours were 31,000, and direct labor hours were 20,000 for the year.
Calculate the departmental predetermined overhead allocation rates. (Round your answer to the nearest cent.) A) Division A—$4.84, Division B—$17.50 B) Division A—$17.50, Division B—$4.84 C) Division A—$7.50, Division B—$11.29 D) Division A—$11.29, Division B—$7.50
Path-goal theory could be best described as a ______.
A. great person theory B. transformational theory C. motivational theory D. behavioral theory
Which of the following best describes a misunderstanding?
A) a failure to ask enough probing questions to identify a problem B) a failure to agree even when both sides understand each other C) a failure to accurately understand the other person's point D) an inability to reach a win-win agreement E) an inability to negotiate across cultures