Sparky, Inc. follows a calendar-year end. Its financial statements for the years 20x1 and 20x2 contained errors as follows: Ending Inventory for 20x1 was understated by $18,000 Ending Inventory for 20x2 was overstated by $33,000 No correcting entries were made at December 31, 20x2. Determine the following: a. Indicate the effect on 20x2 Net Income (ignore taxes. Indicate O for Overstated; U for Understated; or NE for No Error. If your answer is overstated by $4,000, record your answer as O4000.) b. Indicate the effect on 20x2 Ending Retained Earnings (enter your answer same as above). Effect on 20x2 Net Income Effect on End Retained Earnings at Dec 31, 20x2 $ O18000 $ O33000

Suppose that kenji, an economist from an am talk radio program, and lucia, an economist from a school of industrial relations, are arguing over health insurance. the following dialogue shows an excerpt from their debate: lucia: a popular topic for debate among politicians as well as economists is the idea of providing government assistance for health benefits. kenji: i think it is oppressive for the government to tax people who take care of themselves in order to pay for health insurance for those who are obese. lucia: i disagree. i think government funding of health insurance is useful to ensure basic fairness. the disagreement between these economists is most likely due to . despite their differences, with which proposition are two economists chosen at random most likely to agree? lawyers make up an excessive percentage of elected officials. minimum wage laws do more to harm low-skilled workers than them. tariffs and import quotas generally reduce economic welfare.

Why does an organization prepare a balance sheet? a. to reveal what the organization owns and owes at a point in time b. to reveal how well the company utilizes its cash c. to calculate retained earnings for a given accounting period d. to calculate gross profit for a given accounting period

On average, someone with a bachelor's degree is estimated to earn times more than someone with a high school diploma. a)1.2 b)1.4 c)1.6 d)1.8