Goods Grocery reported the following comparative income statements for the Merchandis E6-24 Correctin rs ended June 30, 2019 and 2018: Learning Ob 1.2019, NI S NATURE FOODS GROCERY Income Statements Years Ended June 30, 2019 and 2018 2019 2018 Net Sales Revenue Cost of Goods Sold: $ 134,000 119,000 inning Merchandise Inventory $ 17,000 Net Cost of Purchases Cost of Goods Available for Sale Less: Ending Merchandise Inventory 18,000 Cost of Goods Sold $14,000 67,000 81,000 17,000 78,000 95,000 Gross Profit Operating Expenses Net Income 77,000 57,000 26,000 31,000 64,000 55,000 21,000 S 34,000 During 2019, Nature Foods Grocery discovered that ending 2018 merchandise inven- tory was overstated by $5,500. Requirements
1. Prepare corrected income statements for the two years
2. State whether each year's net income-before your corrections-is understated or overstated, and indicate the amount of the understatement or overstatement. inventory

Baldwin has negotiated a new labor contract for the next round that will affect the cost for their product bold. labor costs will go from $7.91 to $8.41 per unit. in addition, their material costs have fallen from $13.66 to $12.66. assume all period costs as reported on baldwin's income statement remain the same. if baldwin were to pass on half the new costs of labor and half the savings in materials to customers by adjusting the price of their product, how many units of product bold would need to be sold next round to break even on the product?

The balance sheet contains the following major sections: current assets long-term investments property, plant, and equipment intangible assets other assets current liabilities long-term liabilities contributed capital retained earnings accumulated other comprehensive income required: the following is a list of accounts. using the letters a through j, indicate in which section of the balance sheet each of the accounts would be classified. if an account does not belong under one of the sections listed, select "not under any of the choices" from the classification drop down box. for all accounts, indicate if the account is a contra account or an account that would normally be deducted on the balance sheet by selecting "yes" from the second drop down box, otherwise select "no". account classification contra or deducted (yes/no) 1. cash 2. bonds payable (due in 8 years) 3. machinery 4. deficit 5. unexpired insurance 6. franchise (net) 7. fund to retire preferred stock 8. current portion of mortgage payable 9. accumulated depreciation 10. copyrights 11. investment in held-to-maturity bonds 12. allowance for doubtful accounts 13. notes receivable (due in 3 years) 14. property taxes payable 15. deferred taxes payable 16. additional paid-in capital on preferred stock 17. premium on bonds payable (due in 8 years) 18. work in process 19. common stock, $1 par 20. land 21. treasury stock (at cost) 22. unrealized increase in value of available-for-sale securities

Based on the supply and demand theory, why do medical doctors earn higher wages than child-care workers?