C Good Eyeglasses Overstated Its Inventory by $30,000 at the End

question 90

Multiple Choice

C. Good Eyeglasses overstated its inventory by $30,000 at the end of 2018. If the error is not discovered until 2020, before adjusting or closing entries, C. Good would need:

• A) An increase in 2020 retained earnings.
• B) A debit to inventory of $30,000 in 2020.
• C) A prospective adjustment in the 2019 income statement.
• D) None of these answer choices are correct.

Understand the theoretical and practical differences between brief therapies and classical psychoanalysis.

Discuss the role and effectiveness of punishment in behavior modification.

Differentiate between systematic desensitization and exposure therapy, including underlying principles and techniques.

Identify the skills required for culturally competent therapy.

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Definitions:

Money

A medium of exchange that enables people and businesses to buy goods and services; recognized by a society to have value for transactions.

Annuity Due

A series of equal payments made at the beginning of consecutive periods over a fixed length of time.

Payments

Payments refer to the transfer of money from one party to another in exchange for goods, services, or to fulfill a legal obligation.

Perpetuity

A type of annuity that pays an infinite series of equal payments, with no end.