Adams Consultancy Has the Following Account Balances at the End

question 8

Multiple Choice

Adams Consultancy has the following account balances at the end of the current accounting period. The normal gross profit percent is 40%. What is the estimated ending inventory as determined by the gross profit method?

• A)$190,000
• B)$415,000
• C)$196,000
• D)$490,000

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Definitions:

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The collective views and opinions held by the general public about a specific topic, person, or event.

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Having adequate safety measures or defenses in place against harm or danger.

Duty To Warn

An ethical and legal responsibility of certain professionals to disclose information to prevent harm to a third party.

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A principle that may allow a professional, under certain conditions, to breach confidentiality in order to warn a third party of potential danger.