Ending inventory-as reported | $ 644,000.00 | ||
1 | Subtract from inventory | The goods belong to Alger Corporation. | $ (200,000.00) |
2 | No Effect | Title does not pass to Sheffield until goods are received (Jan. 3) |
0 |
3 | Subtract from inventory | Office supplies should be carried in a separate account. They are not considered inventory held for resale | $ (21,000.00) |
4 | Add to Inventory | The goods belong to sheffield until they are shipped (Jan. 1) | $ 30,900.00 |
5 | Add to Inventory | Goods shipped to Central Sales corporation FOB shipping point | $ (57,040.00) |
6 | Subtract from inventory: | IFRS require that inventory be valued at the lower of cost or net realizable value. Obsolete parts should be adjusted from cost to zero if they have no other use (64400 - 7360) | $ (53,300.00) |
Correct Inventory | $ 343,560.00 | ||
Current Attempt in Progress Matthew Young, an auditor with Knapp CPAS, is performing a review of...
William Brown, an auditor with Knapp CPAs, is performing a review of Sheridan Company's inventory account. Sheridan did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $623,000. However, the following information was not considered when determining that amount. 1. Included in the company's count were goods with a cost of $189,000 that the company is holding on consignment. The goods belong to Agler...
Daniel Jackson, an auditor with Knapp CPAs, is performing a review of Waterway Company's inventory account. Waterway did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $622,000. However, the following information was not considered when determining that amount. 1. Included in the company's count were goods with a cost of $186,000 that the company is holding on consignment. The goods belong to Agler...
Steven Garcia, an auditor with Knapp CPAs, is performing a review of Sheridan Company s inventory account. Sheridan did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $645.000. However, the following information was not considered when determining that amount. 1. Included in the company's count were goods with a cost of $216,000 that the company is holding on consignment. The goods belang to...
Steven Garcia, an auditor with Knapp CPAs, is performing a review of Sheridan Company s inventory account. Sheridan did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $645.000. However, the following information was not considered when determining that amount. 1. Included in the company's count were goods with a cost of $216,000 that the company is holding on consignment. The goods belang to...
Thomas Taylor, an auditor with Knapp CPAs, is performing a review of Vaughn Company's inventory account. Vaughn did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $638,000. However, the following information was not considered when determining that amount. 1. Included in the company's count were goods with a cost of $207,000 that the company is holding on consignment. The goods belong to Agler...
James Smith, an auditor with Knapp CPAS, is performing a review of Crane Company's inventory account. Crane did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $620,000. However, the following information was not considered when determining that amount. Included in the company's count were goods with a cost of $180,000 that the company is holding on consignment. The goods belong to Agler Corporation...
Current Attempt in Progress Kevin Hallan auditor with Krupo CPA is performing a review of Brable Company s tory court Bredd not have good year to m According to its records, the inventory balance a year and was $623.000 However, the following formation was not considered when e ntiunder pressure to boost reported income that amount 1 included in the company's count were goods with a cost of $213.000 that the company is holding on convent the goods belong to...
Farley Bains, an auditor with Nolls CPAs, is performing a review of Teal Mountain Ine's Inventory account. Teal Mountain did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $808,200. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (Show amounts that reduce Inventory with a negative sign or parenthesis. 45 or parentheses...
Farley Bains, an auditor with Nolls CPAs, is performing a review of Sheffield Corp.'s Inventory account. Sheffield Corp. did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $711,530. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (Show amounts that reduce inventory with a negative sign or parenthesis e.g. -45 or parentheses...
Farley Bains, an auditor with Nolls CPAs, is performing a review of Pearl Company's Inventory account. Pearl did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $772,340. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (Show amounts that reduce inventory with a negative sign or parenthesis eg.-45 or parentheses eg. (45).)...