The understatement of the ending inventory balance causes:

a. cost of goods sold to be overstated and net income to be correct.
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 overstated.
e. cost of goods sold to be overstated and net income to be understated.

Suppose that a worker in caninia can produce either 2 blankets or 8 meals per day, and a worker in felinia can produce either 5 blankets or 1 meal per day. each nation has 10 workers. for many years, the two countries traded, each completely specializing according to their respective comparative advantages. now war has broken out between them and all trade has stopped. without trade, caninia produces and consumes 10 blankets and 40 meals per day and felinia produces and consumes 25 blankets and 5 meals per day. the war has caused the combined daily output of the two countries to decline by

Identify the accounting assumption or principle that is described below. (a) select the accounting assumption or principle is the rationale for why plant assets are not reported at liquidation value. (note: do not use the historical cost principle.) (b) select the accounting assumption or principle indicates that personal and business record-keeping should be separately maintained. (c) select the accounting assumption or principle assumes that the dollar is the "measuring stick" used to report on financial performance. (d) select the accounting assumption or principle separates financial information into time periods for reporting purposes. (e) select the accounting assumption or principle measurement basis used when a reliable estimate of fair value is not available. (f) select the accounting assumption or principle dictates that companies should disclose all circumstances and events that make a difference to financial statement users.

Renaldo scanlon is a financial consultant. he earns $30 per hour and works 32.5 hours a week. what is his straight-time pay?