BUSINESS DECISION: OVER OR UNDER?
You own Bristol Murine, a retailer of boats, motors, and marine accessories. The store manager has just informed you that the amount of the physical inventory was incorrectly reported as $540,000 instead of the correct amount of $450,000. Unfortunately, yesterday you sent the quarterly financial statements to the stockholders. Now you must send revised statements and a letter of explanation.
a. What effect did the error have on the items of the balance sheet for Bristol? Express your answer as overstated or understated for the items affected by the error.
b. What effect will the error have on the items of the income statement for Bristol?
c. Did this error make the Bristol quarterly results look better or worse than they actually were?
Want to see the full answer?
Check out a sample textbook solutionChapter 16 Solutions
Contemporary Mathematics for Business and Consumers
- Direction: Strictly write in 4 bond paper, because my activity sheet is have 4 spaces. This is actually for maritime. industry course, but I think geometry can do this. use nautical almanac. Sample Calculation (Amplitude- Sun): On 07th May 2006 at Sunset, a vesel in position 10°00'N 0 10°00' W observed the sun bearing 288° by compass. Find the compass error. LMT Sunset 07d 18h 13m (+)00d 00h 40 м LIT: UTC Sunset: 07d 18h 53 m added - since longitude is westerly Declination Co7d 18h): N016° 55.5' d(0.7): (+) 00-6 N016 56.1' Declination Sun: Sin Amplitude Sin Declination (Los Latitude - Sin 016° 56.1'/Cos 10°00' = 0.295780189 Amplitude = WI. 2N (The prefix of amplitude is named easterly if body is rising. and westerly of body is setting. The suffix is named came as declination.) True Bearing: 287.20 Compass Bearing 288.0° Compass Error: 0.8' Westarrow_forwardOnly 100% sure experts solve it correct complete solutions need to get full marks it's my quiz okkkk.take your time but solve full accurate okkk maths expert solve itarrow_forwardI have ai answers but incorrectarrow_forward
- Suggest to geometry subject expertsarrow_forwardDo 10000%. Correct complete solutions without guidelines okkarrow_forwardOnly 100% sure experts solve it correct complete solutions need to get full marks it's my quiz okkkk.take your time but solve full accurate okkk Geometry expert solve itarrow_forward
- Discrete Mathematics and Its Applications ( 8th I...MathISBN:9781259676512Author:Kenneth H RosenPublisher:McGraw-Hill EducationMathematics for Elementary Teachers with Activiti...MathISBN:9780134392790Author:Beckmann, SybillaPublisher:PEARSON
- Thinking Mathematically (7th Edition)MathISBN:9780134683713Author:Robert F. BlitzerPublisher:PEARSONDiscrete Mathematics With ApplicationsMathISBN:9781337694193Author:EPP, Susanna S.Publisher:Cengage Learning,Pathways To Math Literacy (looseleaf)MathISBN:9781259985607Author:David Sobecki Professor, Brian A. MercerPublisher:McGraw-Hill Education