A company overstated its ending inventory in Year 1 by $60,000. The error was not discovered until Year 3. No errors were made in Year 2. After finding the error in Year 3, management provides restated balance sheets for Year 1 and Year 2 by reducing the reported ending inventory in both Year 1 and Year 2 by $60,000. Which of the following statements is correct for Year 2?

No adjustments to the amounts reported for inventory or retained earnings are needed in Year 2
Only the amount reported for retained earnings in Year 2 needs to be decreased by $60,000.
The amount reported for inventory in Year 2 needs to be increased by $60,000, and the amount reported for retained earnings in Year 2 needs to be decreased by $60,000.
The amounts reported for both inventory and retained earnings in Year 2 should instead be increased by $60,000

Miko willingly admits that she is not an accountant by training. she is concerned that her balance sheet might not be correct. she has provided you with the following additional information. 1. the boat actually belongs to miko, not to skysong, inc.. however, because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. to be consistent, she also listed as a liability of the corporation her personal loan that she took out at the bank to buy the boat. 2. the inventory was originally purchased for $27,500, but due to a surge in demand miko now thinks she could sell it for $39,600. she thought it would be best to record it at $39,600. 3. included in the accounts receivable balance is $11,000 that miko loaned to her brother 5 years ago. miko included this in the receivables of skysong, inc. so she wouldn’t forget that her brother owes her money. (b) provide a corrected balance sheet for skysong, inc.. (hint: to get the balance sheet to balance, adjust stockholders’ equity.) (list assets in order of liquidity.)

Match each item to check for while reconciling a bank account with the document to which it relates.(there's not just one answer)1. balancing account statement2. balancing check registera. nsf feesb. deposits in transitc. interest earnedd. bank errors

Which of the following statements is true of unsought products? as compared to convenience products, unsought products are purchased more frequently. unsought products are consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort. a life insurance policy is an example of an unsought product. unsought products have strong brand identification for which a significant group of buyers is willing to make a special purchase effort. unsought products are those products purchased for further processing or for use in conducting a business.