Homework Answers
| Answer | ||||||
| Errors in Inventories | ||||||
| Year | Net income as per books | Overstatement Jan 1 | Understatement Jan 1 | Overstatement Dec 31 | Understatement Dec 31 | Corrected Net Income |
| a | b | c | d | e | f=a+b-c-d+e | |
| 2015 | 50,000 | 2,750 | 47,250 | |||
| 2016 | 51,800 | 2,750 | 8,610 | 45,940 | ||
| 2017 | 53,860 | 8,610 | 11,410 | 73,880 | ||
| 2018 | 55,970 | 11,410 | - | - | 44,560 | |
| 2019 | 58,080 | 1,970 | 60,050 | |||
| 2020 | 60,240 | 1,970 | 8,420 | 49,850 | ||
| Total | 3,29,950 | 11,360 | 13,380 | 19,780 | 13,380 | 3,21,530 |
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Exercise 8-26 The net income per books of Ruth Lewis Company was determined without knowledge of...
The net income per books of Lisa Anderson Company was determined without knowledge of the errors...
The net income per books of Lisa Anderson Company was determined without knowledge of the errors indicated below. Net Income per Books Year Error in Ending Inventory 2015 $51.700 Overstated $3,250 2016 53,820 Overstated 9,810 2017 55.620 Understated 10,840 2018 57,470 No error 2019 59,670 1,960 Understated Overstated 2020 61,570 7,560 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Errors in Inventories Net Income Per...
The net income per books of Nancy Jackson Company was determined without knowledge of the errors...
The net income per books of Nancy Jackson Company was determined without knowledge of the errors indicated below. Net Income per Books Year Error in Ending Inventory 2015 $51,400 Overstated $2,960 2016 53,400 Overstated 8,520 2017 55,360 Understated 10,540 2018 57,400 No error 2019 59,300 Understated 2,150 2020 61,250 Overstated 7,750 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Errors in Inventories Net Income Per...
The net income per books of Debra King Company was determined without knowledge of the errors indicated below. Yea...
The net income per books of Debra King Company was determined without knowledge of the errors indicated below. Year 2015 2016 2017 2018 2019 2020 Net Income per Books $48,900 50,950 52,950 55,100 52,170 59,160 Error in Ending Inventory Overstated $ 2,770 Overstated Understated 12.030 No error Understated 1,970 Overstated 8.740 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Net Income Per Books Corrected Net...
Question 9 View Policies Current Attempt in Progress The net income per books of Barbara Jones...
Question 9 View Policies Current Attempt in Progress The net income per books of Barbara Jones Company was determined without knowledge of the errors indicated below. Net Income per Books Error in Ending Inventory Year $53,900 2015 2016 55,880 Overstated Overstated Understated $2,930 9,050 10,220 No error 2017 2018 2019 2020 57,970 59,940 62,080 64,070 Understated Overstated 1,820 7,610 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the...
how can I solve these two questions? Ledu/courses/48829/assignments/724715 The net income per books of Nancy Jackson...
how can I solve these two questions?
Ledu/courses/48829/assignments/724715 The net income per books of Nancy Jackson Company was determined without knowledge of the errors indicated below. port Net Income per Books Error in Ending Inventory Year 2015 $51,400 Overstated $2.960 2016 53.400 Overstated 8,520 2017 55,360 Understated 10,540 2018 57,400 No error 2019 59,300 Understated 2,150 2020 61.250 Overstated 7.750 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account...
The net income per books of Sheffield Industries Limited was determined without any knowledge of the...
The net income per books of Sheffield Industries Limited was
determined without any knowledge of the following errors. The 2019
year was Sheffield’s first year in business. No dividends have been
declared or paid.
Year
Net Income
per Books
Error in
Ending Inventory
2015
$50,600
Overstated
$5,800
2016
54,400
Overstated
9,500
2017
55,000
Understated
11,100
2018
56,600
No error
2019
59,100
Understated
2,500
2020
60,600
Overstated
9,900
A. Prepare a work sheet to show the adjusted net income figure
for...
The net income per books of Jim Baker Industries Limited was determined without any knowledge of...
The net income per books of Jim Baker Industries Limited was
determined without any knowledge of the following errors. The 2012
year was Jim Baker’s first year in business. No dividends have been
declared or paid.
Year
Net Income
per Books
Error in
Ending Inventory
2012
$50,300
Overstated
$4,100
2013
54,300
Overstated
9,000
2014
56,100
Understated
11,000
2015
58,000
No error
2016
59,400
Understated
1,700
2017
61,600
Overstated
10,800
Prepare a work sheet to show the adjusted net income figure...
The following information is presented for Riverbed Corporation. There income figures were computed without knowiedge of...
The following information is presented for Riverbed Corporation. There income figures were computed without knowiedge of the errors in ending Inventory. Assume that there was no error in the 2016 ending Inventory 2017 2018 2019 2020 2021 Net Income per Books $156,000 93,000 120,000 223,000 102,000 Error In Ending Inventory Overstated $26,800 Overstated 34,500 No error Understated 7,700 Understated 18,000 Prepare a worksheet to show the adjusted net income figure for each year from 2017 to 2021 after taking into...
The following information is presented for Blue Corporation. The net income figures were computed without knowledge...
The following information is presented for Blue Corporation. The net income figures were computed without knowledge of the errors in ending inventory. Assume that there was no error in the 2016 ending inventory. Year Net Income per Books Error in Ending Inventory 2017 $ 168,000 Overstated $ 25,000 2018 91,000 Overstated 34,000 2019 116,000 No error - 2020 226,000 Understated 7,700 2021 99,000 Understated 17,500 Prepare a worksheet to show the adjusted net income figure for each year from 2017...
Please complete all of P6-31A OFT LUN! Learning Objectives 5, 6 2. 2017, overstated $7,000 P...
Please complete all of P6-31A
OFT LUN! Learning Objectives 5, 6 2. 2017, overstated $7,000 P 6-31A Correcting inventory errors over a three-year period and computing inventory turnover and days' sales in inventory Lake Air Carpets's books show the following data. In early 2018, auditors found the ending merchandise inventory for 2015 was understated by $6,000 and that the ending merchandise inventory for 2017 was overstated by $7,000. The ending merchandise inventory at December 31, 2016, was correct. 2015 2017...
The net income per books of Lisa Anderson Company was determined without knowledge of the errors indicated below. Net Income per Books Year Error in Ending Inventory 2015 $51.700 Overstated $3,250 2016 53,820 Overstated 9,810 2017 55.620 Understated 10,840 2018 57,470 No error 2019 59,670 1,960 Understated Overstated 2020 61,570 7,560 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Errors in Inventories Net Income Per...
The net income per books of Nancy Jackson Company was determined without knowledge of the errors indicated below. Net Income per Books Year Error in Ending Inventory 2015 $51,400 Overstated $2,960 2016 53,400 Overstated 8,520 2017 55,360 Understated 10,540 2018 57,400 No error 2019 59,300 Understated 2,150 2020 61,250 Overstated 7,750 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Errors in Inventories Net Income Per...
The net income per books of Debra King Company was determined without knowledge of the errors indicated below. Year 2015 2016 2017 2018 2019 2020 Net Income per Books $48,900 50,950 52,950 55,100 52,170 59,160 Error in Ending Inventory Overstated $ 2,770 Overstated Understated 12.030 No error Understated 1,970 Overstated 8.740 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Net Income Per Books Corrected Net...
Question 9 View Policies Current Attempt in Progress The net income per books of Barbara Jones Company was determined without knowledge of the errors indicated below. Net Income per Books Error in Ending Inventory Year $53,900 2015 2016 55,880 Overstated Overstated Understated $2,930 9,050 10,220 No error 2017 2018 2019 2020 57,970 59,940 62,080 64,070 Understated Overstated 1,820 7,610 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the...
how can I solve these two questions?
Ledu/courses/48829/assignments/724715 The net income per books of Nancy Jackson Company was determined without knowledge of the errors indicated below. port Net Income per Books Error in Ending Inventory Year 2015 $51,400 Overstated $2.960 2016 53.400 Overstated 8,520 2017 55,360 Understated 10,540 2018 57,400 No error 2019 59,300 Understated 2,150 2020 61.250 Overstated 7.750 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account...
The net income per books of Sheffield Industries Limited was
determined without any knowledge of the following errors. The 2019
year was Sheffield’s first year in business. No dividends have been
declared or paid.
Year
Net Income
per Books
Error in
Ending Inventory
2015
$50,600
Overstated
$5,800
2016
54,400
Overstated
9,500
2017
55,000
Understated
11,100
2018
56,600
No error
2019
59,100
Understated
2,500
2020
60,600
Overstated
9,900
A. Prepare a work sheet to show the adjusted net income figure
for...
The net income per books of Jim Baker Industries Limited was
determined without any knowledge of the following errors. The 2012
year was Jim Baker’s first year in business. No dividends have been
declared or paid.
Year
Net Income
per Books
Error in
Ending Inventory
2012
$50,300
Overstated
$4,100
2013
54,300
Overstated
9,000
2014
56,100
Understated
11,000
2015
58,000
No error
2016
59,400
Understated
1,700
2017
61,600
Overstated
10,800
Prepare a work sheet to show the adjusted net income figure...
The following information is presented for Riverbed Corporation. There income figures were computed without knowiedge of the errors in ending Inventory. Assume that there was no error in the 2016 ending Inventory 2017 2018 2019 2020 2021 Net Income per Books $156,000 93,000 120,000 223,000 102,000 Error In Ending Inventory Overstated $26,800 Overstated 34,500 No error Understated 7,700 Understated 18,000 Prepare a worksheet to show the adjusted net income figure for each year from 2017 to 2021 after taking into...
Please complete all of P6-31A
OFT LUN! Learning Objectives 5, 6 2. 2017, overstated $7,000 P 6-31A Correcting inventory errors over a three-year period and computing inventory turnover and days' sales in inventory Lake Air Carpets's books show the following data. In early 2018, auditors found the ending merchandise inventory for 2015 was understated by $6,000 and that the ending merchandise inventory for 2017 was overstated by $7,000. The ending merchandise inventory at December 31, 2016, was correct. 2015 2017...
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