Business, 07.11.2019 01:31 naomicervero

Krafty kris, inc., discovered the following errors after the 2017 financial statements were issued:

a. a major supplier shipped inventory valued at $8,550 to krafty kris on consignment. this merchandise was mistakenly included in the inventory taken by krafty kris on december 31, 2016. (goods shipped on consignment are the property of the consignor and should not have been included in krafty kris's inventory.)

b. krafty kris renewed its liability insurance policy on october 1, 2016, paying a $36,000 premium and debiting insurance expense. no further entries have been made. the premium purchased insurance coverage for a period of 36 months.

c. repair expense was debited at the time equipment was purchased for $100,000 on january 1, 2017. the equipment has a life of five years; its salvage value is considered immaterial. krafty uses straight-line depreciation method.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 11:00

You decide to invest in a portfolio consisting of 25 percent stock a, 25 percent stock b, and the remainder in stock c. based on the following information, what is the expected return of your portfolio? state of economy probability of state return if state occurs of economy stock a stock b stock c recession .16 - 16.4 % - 2.7 % - 21.6 % normal .55 12.6 % 7.3 % 15.9 % boom .29 26.2 % 14.6 % 30.5 %

Answers: 1

Answer

Business, 22.06.2019 11:10

The green fiddle has declared a $5 per share dividend. suppose capital gains are not taxed, but dividends are taxed at 15 percent. new irs regulations require that taxes be withheld at the time the dividend is paid. green fiddle stock sells for $71.50 per share, and the stock is about to go ex-dividend. what will the ex-dividend price be?

Answers: 2

Answer

Business, 22.06.2019 21:40

Western electric has 32,000 shares of common stock outstanding at a price per share of $79 and a rate of return of 13.00 percent. the firm has 7,300 shares of 7.80 percent preferred stock outstanding at a price of $95.00 per share. the preferred stock has a par value of $100. the outstanding debt has a total face value of $404,000 and currently sells for 111 percent of face. the yield to maturity on the debt is 8.08 percent. what is the firm's weighted average cost of capital if the tax rate is 39 percent?

Answers: 2

Answer

Business, 22.06.2019 22:40

Which of the following will not cause the consumption schedule to shift? a) a sharp increase in the amount of wealth held by households b) a change in consumer incomes c) the expectation of a recession d) a growing expectation that consumer durables will be in short supply

Answers: 1

Answer

You know the right answer?

Krafty kris, inc., discovered the following errors after the 2017 financial statements were issued:...

Questions