Answer:
True
Explanation:
1) Acceptance of goods occurs when the buyer
(a) after a reasonable opportunity to inspect the goods signifies to the seller that the goods are conformingor that he will take or retain them in spite of their non-conformity; or
(b) fails to make an effective rejection (subsection (1) of Section 2-602), but such acceptance does not occur until the buyerhas had a reasonable opportunity to inspect them; or
(c) does any act inconsistent with the seller's ownership; but if such act is wrongful as against the seller it is an acceptance only if ratified by him.
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.
b. credit rating of the issuer
c. interest rate paid
d. current yield
Answer:B
Explanation:
B. homogeneous products pass through a series of processes and receive similar doses of materials, labor, and overhead.
C. heterogeneous products pass through a series of processes and receive different doses of materials, labor, and overhead.
D. material cost is accumulated by process and conversion cost is accumula
Answer:
B. homogenous products pass through a series of processes and receive similar amounts of materials, labor, and overhead
Explanation:
Answer:
B
Explanation:
Answer:
A.) Individuals who sell items online cannot afford to deal with credit card companies.
Explanation:
if u have plato that is the correct answer took the test and 5/5 is what i got