The Community Store Reported the Following Amounts on Their Financial $\quad$

question 40

Essay

The Community Store reported the following amounts on their financial statements for Year 1,Year 2,and Year 3:
$\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\begin{array} { c } \text { For the year ended } \\\text { December 31 }\end{array}$
$\begin{array} { | l | r | r | r | } \hline & \text { Year 1 } & \text { Year 2 } & \text { Year 3 } \\\hline \text { Cost of goods sold } & \$ 75,000 & \$ 87,000 & \$ 77,000 \\\hline \text { Net income } & 22,000 & 25,000 & 21,000 \\\hline \text { Total current assets } & 155,000 & 165,000 & 110,000 \\\hline \text { Equity } & 287,000 & 295,000 & 304,000 \\\hline\end{array}$
It was discovered early in Year 4 that the ending inventory on December 31,Year 1 was overstated by $6,000,and the ending inventory on December 31,Year 2 was understated by $2,500.The ending inventory on December 31,Year 3 was correct.Ignoring income taxes determine the correct amounts of cost of goods sold,net income,total current assets,and equity for each of the years Year 1,Year 2,and Year 3.

Identify the characteristics of mature and cohesive groups.

Acknowledge the importance and function of norms within groups.

Understand the concept of groupthink and its potential consequences.

Comprehend the role of conformity in group dynamics and organizational behavior.

---

Definitions:

Cervix

The lower, narrow end of the uterus, which opens into the vagina and dilates during childbirth to allow passage of the baby.

Genetic Material

The molecules, usually DNA or RNA, that carry genetic information necessary for growth, development, functioning, and reproduction.

Meiosis

A type of cell division that results in four daughter cells, each with half the number of chromosomes of the parent cell, critical for producing gametes in sexually reproducing organisms.

Testes

The male reproductive organs that produce sperm and hormones, including testosterone.