Sheridan Enterprises reported cost of goods sold for 2020 of $1,322,900 and retained earnings of $4,854,000...
Sheridan Enterprises reported cost of goods sold for 2020 of
$1,322,900 and retained earnings of $4,854,000 at December 31,
2020. Sheridan later discovered that its ending inventories at
December 31, 2019 and 2020, were overstated by $106,470 and
$36,820, respectively.
Determine the corrected amounts for 2020 cost of goods sold and
December 31, 2020, retained earnings.
|
Corrected cost of goods sold |
$enter a dollar amount |
|
|---|---|---|
|
Corrected 12/31/20 retained earnings |
$enter a dollar amount |
Homework Answers
| Corrected cost of goods sold | 1253250 | =1322900-106470+36820 |
| Corrected 12/31/20 retained earnings | 4817180 | =4854000-36820 |
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Sheridan Enterprises reported cost of goods sold for 2020 of
$1,322,900 and retained earnings of $4,854,000...
Waterway Enterprises reported cost of goods sold for 2020 of $1,385,600 and retained earnings of $5,415,900...
Waterway Enterprises reported cost of goods sold for 2020 of $1,385,600 and retained earnings of $5,415,900 at December 31, 2020. Waterway later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $103,320 and $38,040, respectively. Determine the corrected amounts for 2020 cost of goods sold and December 31, 2020, retained earnings Corrected cost of goods sold Corrected 12/31/20 retained earnings
Windsor Enterprises reported cost of goods sold for 2020 of $1,298,600 and retained earnings of $4,941,400...
Windsor Enterprises reported cost of goods sold for 2020 of $1,298,600 and retained earnings of $4,941,400 at December 31, 2020. Windsor later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $119,050 and $32,440, respectively. Determine the corrected amounts for 2020 cost of goods sold and December 31, 2020, retained earnings. Corrected cost of goods sold..........................$__________ Corrected 12/31/20 retained earnings............$____________
Bramble Enterprises reported cost of goods sold for 2017 of $1,415,500 and retained earnings of $4,895,000...
Bramble Enterprises reported cost of goods sold for 2017 of $1,415,500 and retained earnings of $4,895,000 at December 31, 2017, Bramble later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $104,540 and $36,030, respectively Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings. Corrected cost of goods sold Corrected 12/31/17 retained earnings
Bienvenu Enterprises reported cost of goods sold for 2017 of $1,400,000 and retained earnings of $5,200,000...
Bienvenu Enterprises reported cost of goods sold for 2017 of $1,400,000 and retained earnings of $5,200,000 at December 31, 2017. Bienvenu later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $110,000 and $35,000, respectively. Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings.
Brief Exercise 8-10 Indigo Enterprises reported cost of goods sold for 2017 of $1,338,800 and retained...
Brief Exercise 8-10
Indigo Enterprises reported cost of goods sold for 2017 of
$1,338,800 and retained earnings of $5,268,500 at December 31,
2017. Indigo later discovered that its ending inventories at
December 31, 2016 and 2017, were overstated by $114,680 and
$34,830, respectively.
Determine the corrected amounts for 2017 cost of goods sold and
December 31, 2017, retained earnings.
Corrected cost of goods sold
$
Corrected 12/31/17 retained earnings
$
* Brief Exercise 8-10 Carla Enterprises reported cost of goods sold for 2017 of $1,338,800 and...
* Brief Exercise 8-10 Carla Enterprises reported cost of goods sold for 2017 of $1,338,800 and retained earnings of $5,268,500 at December 31, 2017. Carla later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $114,680 and $34,830, respectively. Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings. Corrected cost of goods sold Corrected 12/31/17 retained earnings a
Sheridan Corporation has retained earnings of $716,100 at January 1, 2020. Net income during 2020 was...
Sheridan Corporation has retained earnings of $716,100 at January 1, 2020. Net income during 2020 was $1,454,700, and cash dividends declared and paid during 2020 totaled $84,000. Prepare a retained earnings statement for the year ended December 31, 2020. Assume an error was discovered: land costing $87,070 (net of tax) was charged to maintenance and repairs expense in 2019. (List items that increase retained earnings first.) SHERIDAN CORPORATION Retained Earnings Statement $ v :
Sheridan Company reported retained earnings at December 31,2019, of $ 307,500
Exercise 14 -09Sheridan Company reported retained earnings at December 31,2019, of $ 307,500. Sheridan had 203,500 shares of common stock outstanding at the beginning of 2020 . The following transactions occurred during 2020 .1. A cash dividend of $ 0.60 per share was declared and paid.2. A 5 % stock dividend was declared and distributed when the market price per share was $ 13 per share.3. Net income was $ 289,000.Compute the ending balance in retained earnings at the end...
Exercise 6-10 Splish Brothers’s Hardware reported cost of goods sold as follows. 2019 2020 Beginning inventory...
Exercise 6-10 Splish Brothers’s Hardware reported cost of goods sold as follows. 2019 2020 Beginning inventory $ 23,500 $ 34,500 Cost of goods purchased 154,500 175,000 Cost of goods available for sale 178,000 209,500 Ending inventory 34,500 36,000 Cost of goods sold $143,500 $173,500 Splish Brothers’s made two errors: (1) 2019 ending inventory was overstated $3,300, and (2) 2020 ending inventory was understated $6,450. Compute the correct cost of goods sold for each year. 2019 2020 Cost of goods sold...
Splish Brothers Inc. reported the following income statement data for a 2-year period. 2018 2019 Sales...
Splish Brothers Inc. reported the following income statement data for a 2-year period. 2018 2019 Sales revenue $211,500 $257,000 Cost of goods sold Beginning inventory 35,000 44,000 Cost of goods purchased 192,500 216,000 Cost of goods available for sale 227,500 260,000 Ending inventory 44,000 54,500 Cost of goods sold 183,500 205,500 Gross profit $28,000 $51,500 Splish Brothers Inc. uses a periodic inventory system. The inventories at January 1, 2018, and December 31, 2019, are correct. However, the ending inventory at...
Waterway Enterprises reported cost of goods sold for 2020 of $1,385,600 and retained earnings of $5,415,900 at December 31, 2020. Waterway later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $103,320 and $38,040, respectively. Determine the corrected amounts for 2020 cost of goods sold and December 31, 2020, retained earnings Corrected cost of goods sold Corrected 12/31/20 retained earnings
Bramble Enterprises reported cost of goods sold for 2017 of $1,415,500 and retained earnings of $4,895,000 at December 31, 2017, Bramble later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $104,540 and $36,030, respectively Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings. Corrected cost of goods sold Corrected 12/31/17 retained earnings
Brief Exercise 8-10
Indigo Enterprises reported cost of goods sold for 2017 of
$1,338,800 and retained earnings of $5,268,500 at December 31,
2017. Indigo later discovered that its ending inventories at
December 31, 2016 and 2017, were overstated by $114,680 and
$34,830, respectively.
Determine the corrected amounts for 2017 cost of goods sold and
December 31, 2017, retained earnings.
Corrected cost of goods sold
$
Corrected 12/31/17 retained earnings
$
* Brief Exercise 8-10 Carla Enterprises reported cost of goods sold for 2017 of $1,338,800 and retained earnings of $5,268,500 at December 31, 2017. Carla later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $114,680 and $34,830, respectively. Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings. Corrected cost of goods sold Corrected 12/31/17 retained earnings a
Sheridan Corporation has retained earnings of $716,100 at January 1, 2020. Net income during 2020 was $1,454,700, and cash dividends declared and paid during 2020 totaled $84,000. Prepare a retained earnings statement for the year ended December 31, 2020. Assume an error was discovered: land costing $87,070 (net of tax) was charged to maintenance and repairs expense in 2019. (List items that increase retained earnings first.) SHERIDAN CORPORATION Retained Earnings Statement $ v :
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