Walter Co Made the Following Errors in 2016: · Ending Inventory

question 46

Multiple Choice

Walter Co. made the following errors in 2016: · Ending inventory was overstated by $2,000.
· Beginning inventory was understated by $6,000.
· Purchases were overstated by $3,000.
Reported net income was $20,000. What is the correct amount of 2016 net income?

• A) $19,000
• B) $21,000
• C) $15,000
• D) $4,000

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Definitions:

Schein

A theorist known for his work on organizational culture, including the iceberg model which describes three levels of organizational culture: artifacts, espoused values, and underlying assumptions.

Team-Building Process

The activities and strategies used to enhance social relations and define roles within teams, aimed at improving team performance.

Planning

Planning sets objectives and identifies the actions needed to achieve them.

Role Negotiation

A process for discussing and agreeing upon what team members expect of one another.