Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 25, 2024

In 2020, Bodoh Inc. underreports the ending inventory for 2020. This error was not detected until October 2023. Assuming no other errors were made, which

In 2020, Bodoh Inc. underreports the ending inventory for 2020. This error was not detected until October 2023. Assuming no other errors were made, which of the following is true?

A. Retained earnings in 2021 is understated.

B. COGS in 2020 is understated.

C. Retained earnings in 2021 is accurate.

D. COGS in 2021 is overstated.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles of Accounting

Authors: Needles, Powers, crosson

11th Edition

1439037744, 978-1133626985, 978-1439037744

More Books

Students also viewed these Accounting questions

Question

★★★★★

The following information (in U.S. $ millions) was taken from the December 31 financial statements of Potash Corporation of Saskatchewan Inc.: Instructions (a) For 2015 and 2014, calculate Potash's...

Answered: 1 week ago

Question

★★★★★

The electric power P (in W) dissipated in a resistance R (in ) is given by P = Ri 2 , where i is the current (in A) in the resistor. Find the equation for the total power of 64 W dissipated in two...

Answered: 1 week ago

Question

★★★★★

=+a) What are the main differences between this model with John Carter removed and the model from Exercise 7 with it included?

Answered: 1 week ago

Question

★★★★★

What is the present value of $800 to be received at the end of eight years, assuming the following annual interest rate? a. 4 percent, discounted annually b. 8 percent, discounted annually c. 20...

Answered: 1 week ago

Question

★★★★★

according to the text, the NPV rule states that An investment should be accepted if the net present value is positive and rejected if it is negative. what does an NPV of zero mean? if you were a...

Answered: 1 week ago

Question

★★★★★

Given the following graph, which of the following statement is correct? CML M E(RM) E(R) ft B D E(R) E(R) A A M M A M SML Securities A, B, C and D should all sell for the same price because they all...

Answered: 1 week ago

Question

★★★★★

BAAC 2202 Corporate Accounting 1 CLASS ACTIVITY (5 Marks) Q.1 Sami and Salim were sharing profit and losses in the ratio of 3:2, their Balance Sheet as on 31st December 2020 is as follows: Balance...

Answered: 1 week ago

Question

★★★★★

Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below:...

Answered: 1 week ago

Question

★★★★★

Briony investigated the variation in daily mean air temperature, x C, for Beijing in May and June 2015. She used the large data set to select a sample of size 15. She selected the first value by...

Answered: 1 week ago

Question

★★★★★

Complete the given JavaScript code in the window.onload event handler below, adding the following functionality to all unordered list elements: when the mouse moves over the element, your code...

Answered: 1 week ago

Question

★★★★★

Q2 Based on your graphical and numerical analysis in Q1, which method -- 1.5(IQR) or 3(SD) -- is more appropriate to remove outliers from the `departure delay` variable? Remove outliers for...

Answered: 1 week ago

Question

★★★★★

Imagine you are halfway through a project and there will be a 50% audit conducted externally on your project. 1. Imagine you are the project manager and you know that this audit is coming. What would...

Answered: 1 week ago

Question

★★★★★

Smith and Quarter Part A. Use this data to calculate LSL 98 USL 102 Expected level of % defects Mean 99.93 Standard Error 0.10 Median 99.90 2. The Cp and Cpk Mode #N/A Standard Deviation 1.02 Sample...

Answered: 1 week ago

Previous Question Next Question