Homework Answers
| Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks! |
| As the company is using periodic inventory so at the end of every year they value and verify so whatever error there was in the beginning inventory is already corrected in the ending inventory. |
| So all the asset, liability and shareholder's equity is correct. |
| Answer is option D. |
Add Answer to:
A company uses the periodic inventory method and the beginning inventory is understated by $4,000 because...
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.
Under the periodic Inventory method, If ending Inventory is understated, then assets will be overstated True...
Under the periodic Inventory method, If ending Inventory is understated, then assets will be overstated True or False True False
as soon as possible thx 0.058 Dupont Ltd uses a periodic inventory system has the following...
as soon as possible
thx
0.058 Dupont Ltd uses a periodic inventory system has the following Beginning Inventory Purchase Purchase Date July 1 10 20 Units 8,000 13,000 5,000 Unit Cost $11 12 13 if 9,000 units are on hand as at the end of July the cost of the ending inventory under First-In-First-Out (FIFO) method is Select one: a $ 100,000 b. $108,000 $113,000 d. $117.000 0.062 Montreal Furniture uses a periodic inventory system. During an accounting year many...
1. Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory...
1. Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,090 units at $36; purchases, 7,860 units at $38; expenses (excluding income taxes), $192,500; ending inventory per physical count at December 31, current year, 1,660 units; sales, 8,290 units; sales price per unit, $76; and average income tax rate, 32 percent. How do you find the Average cost (inventory costing method): Beginning Inventory Purchases Goods Available for sale...
QUESTION 6 Which of the following is NOT a limitation of the balance sheet discussed in...
QUESTION 6 Which of the following is NOT a limitation of the balance sheet discussed in class? O Many assets are measured at their historical costs rather than their current market values Some balance sheet items involve estimates or judgments rather than determinate amounts. The balance sheet does not allow one to evaluate current conditions relative to past conditions. Some assets that cannot be reliably measured are omitted, even if they represent valuable resources to the compa QUESTION 7 If...
F. INVENTORY ERRORS AND ESTIMATION (10 Marks) For each of the independent events listed below. using...
F. INVENTORY ERRORS AND ESTIMATION (10 Marks) For each of the independent events listed below. using a perpetual inventory system, analyze the mos on the indicated items at the end of the current year by placing the appropriate code letter in the box under each item. Code: o item is overstated U = item is understated NA item is not affected Owner's Cost of Net Assets Equity Goods Sold Income Events O M O The ending inventory in the previous...
explain 40. ABC Grocery Store uses the periodic inventory system. During 2017, the company properly recorded...
explain
40. ABC Grocery Store uses the periodic inventory system. During 2017, the company properly recorded all purchases and had an accurate count of ending inventory. The ending inventory for 2016, however, had been understated. What effect, if any, would this have on Cost of goods sold and Net income in 2017? a. b. c. d. Cost of goods sold understated; Net income overstated Cost of goods sold understated; Net income understated Cost of goods sold overstated; Net income understated...
Tamarisk, Inc. uses the periodic inventory system and had 150 units in beginning inventory at a...
Tamarisk, Inc. uses the periodic inventory system and had 150 units in beginning inventory at a total cost of $18,000. The company purchased 2 10 units at a total cost of $31,500. At the end of the year, Tamarisk had 70 units in ending inventory. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average cost per unit and final answers to decimal places, s. 1,250) FIFO LIFO Average-cost The...
Effect of Errors in Physical Inventory Madison River Supply Co. sells canoes, kayaks, whitewater rafts, and...
Effect of Errors in Physical Inventory Madison River Supply Co. sells canoes, kayaks, whitewater rafts, and other boating supplies. During the taking o its physical inventory on December 31, 2048, Madison incorrectly counted its inventory as $444,650 instead of ti correct amount of $457,990. Enter all amounts as positive numbers. a. State the effects of the error on the December 31, 2018, balance sheet of Madison River Supply. Balance Sheet Items Understated/Overstated Amount Inventory Current Assets Total Assets Stockholders' Equity...
During the taking of its physical inventory on December 31, Almond upplies Company incorrectly counted its...
During the taking of its physical inventory on December 31, Almond upplies Company incorrectly counted its inventory as $545,000 instead of the correct amount of $554,000. Indicate the balance sheet effects of the error on inventory, current assets, total assets and stockholders uity, Nisa indicate the income statement effects of the error on cost of goods sold, gross profit, and net income. For those boxes in which you must enter understatements or negative numbers na minus sign Amount of Misstatement...
Under the periodic Inventory method, If ending Inventory is understated, then assets will be overstated True or False True False
as soon as possible
thx
0.058 Dupont Ltd uses a periodic inventory system has the following Beginning Inventory Purchase Purchase Date July 1 10 20 Units 8,000 13,000 5,000 Unit Cost $11 12 13 if 9,000 units are on hand as at the end of July the cost of the ending inventory under First-In-First-Out (FIFO) method is Select one: a $ 100,000 b. $108,000 $113,000 d. $117.000 0.062 Montreal Furniture uses a periodic inventory system. During an accounting year many...
QUESTION 6 Which of the following is NOT a limitation of the balance sheet discussed in class? O Many assets are measured at their historical costs rather than their current market values Some balance sheet items involve estimates or judgments rather than determinate amounts. The balance sheet does not allow one to evaluate current conditions relative to past conditions. Some assets that cannot be reliably measured are omitted, even if they represent valuable resources to the compa QUESTION 7 If...
F. INVENTORY ERRORS AND ESTIMATION (10 Marks) For each of the independent events listed below. using a perpetual inventory system, analyze the mos on the indicated items at the end of the current year by placing the appropriate code letter in the box under each item. Code: o item is overstated U = item is understated NA item is not affected Owner's Cost of Net Assets Equity Goods Sold Income Events O M O The ending inventory in the previous...
explain
40. ABC Grocery Store uses the periodic inventory system. During 2017, the company properly recorded all purchases and had an accurate count of ending inventory. The ending inventory for 2016, however, had been understated. What effect, if any, would this have on Cost of goods sold and Net income in 2017? a. b. c. d. Cost of goods sold understated; Net income overstated Cost of goods sold understated; Net income understated Cost of goods sold overstated; Net income understated...
Tamarisk, Inc. uses the periodic inventory system and had 150 units in beginning inventory at a total cost of $18,000. The company purchased 2 10 units at a total cost of $31,500. At the end of the year, Tamarisk had 70 units in ending inventory. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average cost per unit and final answers to decimal places, s. 1,250) FIFO LIFO Average-cost The...
Effect of Errors in Physical Inventory Madison River Supply Co. sells canoes, kayaks, whitewater rafts, and other boating supplies. During the taking o its physical inventory on December 31, 2048, Madison incorrectly counted its inventory as $444,650 instead of ti correct amount of $457,990. Enter all amounts as positive numbers. a. State the effects of the error on the December 31, 2018, balance sheet of Madison River Supply. Balance Sheet Items Understated/Overstated Amount Inventory Current Assets Total Assets Stockholders' Equity...
During the taking of its physical inventory on December 31, Almond upplies Company incorrectly counted its inventory as $545,000 instead of the correct amount of $554,000. Indicate the balance sheet effects of the error on inventory, current assets, total assets and stockholders uity, Nisa indicate the income statement effects of the error on cost of goods sold, gross profit, and net income. For those boxes in which you must enter understatements or negative numbers na minus sign Amount of Misstatement...
Most questions answered within 3 hours.
-
Determine the pHpH of an HFHF solution of each of the following
concentrations. The KAKA value...
asked 1 minute ago -
Two point charges of 7.0mL are initially 11.5m apart. What is
the change in potential energy...
asked 2 minutes ago -
It is possible to iterate through an array quickly and easily
using a loop?
asked 6 minutes ago -
Please write as a short answer
You have heartburn and a two hour working session on...
asked 6 minutes ago -
Please solve with excel and mention the excel function.
Thanks
Kevin deposits $10,000 in a savings...
asked 8 minutes ago -
Which Special Journal would the following transaction be
journalized in?
Sold merchandise on account to Customer...
asked 20 minutes ago -
Assuming 100% dissociation, calculate the freezing point (?fTf)
and boiling point (?bTb) of 1.45 ? K3PO4(aq)1.45...
asked 22 minutes ago -
An inflated helium balloon with a volume of 0.35L at
sea level (1.0 atm) was allowed...
asked 24 minutes ago -
Python 3.0 Please
Write a function that takes, as arguments, a binary string, a
list of...
asked 52 minutes ago -
(a) Calculate the momentum of a 2150 kg elephant charging a
hunter at a speed of...
asked 40 minutes ago -
all the following is an example of a fixed cost except: any cost
that changes in...
asked 42 minutes ago -
Briefly describe the changes in pupil diameter that occur with
changes in light intensity or distance...
asked 42 minutes ago