Homework Answers
Answer : False
If the ending inventory is Under Stated :
- Assets will be under sated
- Cost of Goods Sold overstated
- share holders Equity understated
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Under the periodic Inventory method, If ending Inventory is understated, then assets will be overstated True...
question #51 Under the perlodic Inventory method, If ending Inventory is understated, then assets will be...
question #51 Under the perlodic Inventory method, If ending Inventory is understated, then assets will be overstated. True or False True False
A company uses the periodic inventory method and the beginning inventory is understated by $4,000 because...
A company uses the periodic inventory method and the beginning inventory is understated by $4,000 because the ending inventory in the previous period was understated by $4,000; the ending inventory for this period is correct. The amounts reflected in the current end of the period balance sheet are O assets are overstated and stockholders' equity is overstated. None of these assets are understated and stockholders' equity is understated. assets are overstated and stockholders' equity is correct. assets are correct and...
If ending inventory in 20x1 is overstated, which of the following is true? Multiple Choice Total...
If ending inventory in 20x1 is overstated, which of the following is true? Multiple Choice Total assets in 20X1 are overstated, Total expenses in 20x1 are understated. Retained earnings in 20X1 is overstated. All of the other answers are correct.
True or False Unsold consigned merchandise should be included in the consignee’s inventory. If ending inventory...
True or False Unsold consigned merchandise should be included in the consignee’s inventory. If ending inventory for the year is understated, net income for the year is overstated. In the inventory for the year is overstated, owner’s equity reported on the balance sheet at the end of the year is understated. The specific identification inventory method should be used when the inventory consists of identical. Low cost units that are purchased and sold frequently. Of the three widely used inventory...
8. Fran Company's ending inventory for 2018 is understated by $5,000. The effects of this error...
8. Fran Company's ending inventory for 2018 is understated by $5,000. The effects of this error on the 2018's cost of goods sold and net income, respectively are: a. Understated and overstated b. Overstated and understated c. Overstated and overstated d. Understated and understated 9. In selecting an inventory costing method, give one issue that might be considered as part of the decision process.
Poppy Co. uses a periodic inventory system. Beginning inventory on January 1 was understated by $31,400,...
Poppy Co. uses a periodic inventory system. Beginning inventory on January 1 was understated by $31,400, and its ending inventory on December 31 was understated by $16,300. In addition, a purchase of merchandise costing $20,500 was incorrectly recorded as a $2,050 purchase. None of these errors were discovered until the next year. As a result, Poppy's cost of goods sold for this year was: Multiple Choice Understated by $49,850. Overstated by $3,350. Understated by $33,550. Overstated by $33,550.
26. If ending inventory is understated by $10,000, the effect of this error in the current...
26. If ending inventory is understated by $10,000, the effect of this error in the current period COGS a. Understated b. Overstated c. Understated d. Overstated Net Income Understated Overstated Overstated Understated
If ending inventory is understated for Year 1, then in Year 2: Question 4 options: A)...
If ending inventory is understated for Year 1, then in Year 2: Question 4 options: A) cost of goods sold will be understated and gross profit will be overstated. B) cost of goods sold and gross profit will both be overstated. C) cost of goods sold and gross profit will both be understated. D) cost of goods sold will be overstated and gross profit will be understated. Which statement is FALSE? Question 6 options: A) IFRS does not permit the...
A company’s beginning inventory for 2005 was overstated by $37,000, and the ending inventory for 2005...
A company’s beginning inventory for 2005 was overstated by $37,000, and the ending inventory for 2005 was understated by $16,000. The income tax rate for the company is 30%. These errors will cause the 2005 net income to be... A. Understated by $14,700 B. Understated by $37,100 C. Overstated by $14,700 D. Overstated by $37,100 The answer key says that B. $37,100 is the answer, but I don't know how to get that. Please help!
Given the following Ending Inventory errors for the Portland Company: Ending Inventory Error Year Overstated $30...
Given the following Ending Inventory errors for the Portland Company: Ending Inventory Error Year Overstated $30 2020 Understated $40 2021 Indicate the error in the following items: Select one: a. 2022 Net Income 12/31/21 Retained Earnings Understated $10 No error b. 2022 Net Income 12/31/21 Retained Earnings Overstated $10 No error C. 2022 Net Income 12/31/21 Retained Earnings Understated $40 Understated $40 d. 2022 Net Income 12/31/21 Retained Earnings Overstated $40 Understated $40 e. 2022 Net Income 12/31/21 Retained Earnings...
question #51 Under the perlodic Inventory method, If ending Inventory is understated, then assets will be overstated. True or False True False
A company uses the periodic inventory method and the beginning inventory is understated by $4,000 because the ending inventory in the previous period was understated by $4,000; the ending inventory for this period is correct. The amounts reflected in the current end of the period balance sheet are O assets are overstated and stockholders' equity is overstated. None of these assets are understated and stockholders' equity is understated. assets are overstated and stockholders' equity is correct. assets are correct and...
If ending inventory in 20x1 is overstated, which of the following is true? Multiple Choice Total assets in 20X1 are overstated, Total expenses in 20x1 are understated. Retained earnings in 20X1 is overstated. All of the other answers are correct.
8. Fran Company's ending inventory for 2018 is understated by $5,000. The effects of this error on the 2018's cost of goods sold and net income, respectively are: a. Understated and overstated b. Overstated and understated c. Overstated and overstated d. Understated and understated 9. In selecting an inventory costing method, give one issue that might be considered as part of the decision process.
26. If ending inventory is understated by $10,000, the effect of this error in the current period COGS a. Understated b. Overstated c. Understated d. Overstated Net Income Understated Overstated Overstated Understated
Given the following Ending Inventory errors for the Portland Company: Ending Inventory Error Year Overstated $30 2020 Understated $40 2021 Indicate the error in the following items: Select one: a. 2022 Net Income 12/31/21 Retained Earnings Understated $10 No error b. 2022 Net Income 12/31/21 Retained Earnings Overstated $10 No error C. 2022 Net Income 12/31/21 Retained Earnings Understated $40 Understated $40 d. 2022 Net Income 12/31/21 Retained Earnings Overstated $40 Understated $40 e. 2022 Net Income 12/31/21 Retained Earnings...
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