The understatement of the ending inventory balance causes:
A. Cost of goods sold to be overstated and net income to be overstated.
B. Cost of goods sold to be understated and net income to be understated.
C. Cost of goods sold to be understated and net income to be overstated.
D. Cost of goods sold to be overstated and net income to be correct.
E. Cost of goods sold to be overstated and net income to be understated.
Answer: E
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Personal selling goals include finding prospects, convincing prospects to buy, and
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Which contract would ordinarily be considered illegal?
a. Paying a fee for a license in a state where the purpose of the licensing statute was merely to raise revenue for the state. b. A contract between a minor and an adult for the sale of real estate. c. A contract made by an intoxicated person. d. Paying your state senator $10,000 to vote in favor of a bill you have an interest in.
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