Answer: A systematic thinker
Explanation: A systematic thinker is the one who understands, how one step in a process would impact the complete system as a whole. The main focus of systematic thinker is to understand different parts of the system and to make them work together.
In the given case, Hailey is trying to analyzer the impact of new range introduction on existing business operations.
Hence, we can conclude that option C is correct.
2015 150,000 overstated
P uses the periodic inventory system to ascertain year-end quantities that are converted to dollar amounts using the FIFO cost method. Prior to any adjustments for these errors and ignoring income taxes, P's retained earnings at January 1, 2016, would be:
Answer:
$150,000 overstated
Explanation:
Given
2014 $120,000 understated
2015 150,000 overstated
Using the FIFO cost method, the retained earnings would be $150,000 overstated.
The understated earnings of $120,000 would affect the earnings of 2014 cost of goods sold to be entered as overstated. At the same time, this would understate the net income and the retained earnings.
Having mentioned the above, this would also affect the beginning Inventory of 2015 cost of goods sold to be understated. By the same virtue, this would overstate the net income and the retained earnings by the same amount the net income and retained earnings is understated, effectively correcting the balance of the retained earnings.
Lastly, The $150,000 overstated ending inventory would then affect the 2015 cost of goods sold to beunderstated; this would overstate the Net Income and Retained Earnings.
Answer:
P's retained earnings are overstated by $150,000.
Explanation:
First of all, the $120,000 inventory understatement would cause the 2014 cost of goods sold to be overstated. In other words, profits and consequently retained earnings were understated because COGS were too high.
Because the 2014 ending inventory was understated, the beginning inventory in 2015 would be understated also. Since the initial inventory was understated, the COGS would be too low during 2015, which would end up correcting the previous error during 2015 (both profits and retained earnings should level up).
By the end of 2015, an error happened again and this time the ending inventory was overstated by $150,000, which understates COGS and overstates profits (and retained earnings). This should also be corrected during 2016, but since we are asked about January 1, 2016, then the correction hasn't occurred yet.
The problem with a periodic inventory system is that COGS is determined at the end of the accounting period, unlike a perpetual inventory system that records COGS immediately. Any variation in final inventory will change profits and directly affect retained earnings.
Answer: This miscategorization will impact Morgan's total inventory by making the inventory be $14,000 too high.
Explanation:
The goods that are in transit to the customers FOB shipping point are going to be part the inventory of the customer. This is not the inventory of the company that is selling the goods.
If they are listing the goods with the FOB destination this can then make the goods a part of the sellers inventory. This would result in the inventory being higher than it should be.
Morgan Enterprises' miscategorization of a $14,000 shipment from FOB shipping point to FOB destination means they didn't include something they should have in their inventory, leading to their total inventory being understated by $14,000.
In the context of inventory management, FOB shipping point means that the buyer takes ownership of the goods as soon as they leave the seller's premises. In contrast, FOB destination implies that the seller retains ownership until the goods reach the buyer's location.
Therefore, the $14,000 shipment should have been included in Morgan Enterprises' inventory as it was FOB shipping point. By wrongly classifying it as FOB destination, this means that Morgan Enterprises didn't count something they should have. So in this case, Morgan's total inventory would be understated by $14,000.
#SPJ12
Answer:
a hazard risk management plan
The correct answer for the question that is being presented above is this one: "P = $65 and Q = 150." Consider a perfectly competitive market described by the supply function P = 20 + 0.1Q and demand function P = 80 - 0.3Q.
B. low interest rates on creditors over a long period
C. federal reserve discount rate reductions on the bond markets
D. a required reserve ratio on excess reserves
I need help on this, Unit 6 Lesson 10, please. CCA
Answer: a cash deposit into banking system on the money supply
The money multiplier refers to the ratio of deposits to the reserves in a certain banking system. The money multiplier formula is caused by a cash deposit in a bank on the money supply.