Homework Answers
| Cost of Goods Sold | ||||
| Incorrect Reported COGS | 1,338,000 | |||
| Correction of Closing Inventory of LY | (114,680) | Additional Expense shown in Opening Inventory | ||
| Correction of Closing Inventory of CY | 34,830 | Additional Inventory shown in Closing Inventory | ||
| Correct COGS | 1,258,150 | |||
| Retained Earning | ||||
| Incorrect Reported | 5,268,500 | |||
| Correction of Closing Inventory of LY | 114,680 | Additional Expense shown in Opening Inventory | ||
| Correction of Closing Inventory of CY | (34,830) | |||
| Correct | 5,348,350 | |||
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* Brief Exercise 8-10 Carla Enterprises reported cost of goods sold for 2017 of $1,338,800 and...
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
$
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.
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............$____________
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
Brief Exercise 8-16 Bramble Enterprises Ltd's records reported an inventory cost of $55,800 and a net...
Brief Exercise 8-16 Bramble Enterprises Ltd's records reported an inventory cost of $55,800 and a net realizable value of $52,200 at December 31, 2015. At December 31, 2016, the records indicated a cost of $71,500 and a net realizable value of $61,400. All opening inventory had been sold during the year. Assuming that Bramble Enterprises uses a perpetual inventory system, prepare the necessary December 31, 2016 entry under the direct method and the indirect method. (Credit account titles are automatically...
During 2017, Rand Inc. discovered that the ending inventories reported on its financial statements were incorrect...
During 2017, Rand Inc. discovered that the ending inventories reported on its financial statements were incorrect by the following amounts: 2016 $40,000 understated 2017 $50,000 overstated Rand uses the periodic inventory system to ascertain year-end quantities that are converted to dollar amounts using the FIFO cost method. Assume that there weren’t any adjustments made for the 2016 understatement and the 2017 overstate, ignoring income taxes, what would be the amount of the overstatement or understatement in retained earnings at January...
*Brief Exercise 8-8 Waterway Company had ending inventory at end-of-year cost of $126,100 at December 31,...
*Brief Exercise 8-8 Waterway Company had ending inventory at end-of-year cost of $126,100 at December 31, 2016; $154,584 at December 31, 2017; and $170,289 at December 31, 2018. The year-end price indexes were 100 at 12/31/16, 114 at 12/31/17, and 119 at 12/31/18. Compute the ending inventory for Waterway Company for 2016 through 2018 using the dollar-value LIFO method. 2018 2017 2016 Ending Inventory $
Brief Exercise 5-10 In 2018, Modder Corporation reported net sales of $250,000, cost of goods sold...
Brief Exercise 5-10 In 2018, Modder Corporation reported net sales of $250,000, cost of goods sold of $137,500, operating expenses of $50,000, and income tax expense of $20,000. In 2017, it reported net sales of $200,000, cost of goods sold of $114,000, operating expenses of $40,000, other revenu $10,000, and income tax expense of $15,000. Calculate the gross profit and net income for each year. 2018 2017 Gross profit $ Net income Calculate the gross profit margin and profit margin...
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
$
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
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
Brief Exercise 8-16 Bramble Enterprises Ltd's records reported an inventory cost of $55,800 and a net realizable value of $52,200 at December 31, 2015. At December 31, 2016, the records indicated a cost of $71,500 and a net realizable value of $61,400. All opening inventory had been sold during the year. Assuming that Bramble Enterprises uses a perpetual inventory system, prepare the necessary December 31, 2016 entry under the direct method and the indirect method. (Credit account titles are automatically...
*Brief Exercise 8-8 Waterway Company had ending inventory at end-of-year cost of $126,100 at December 31, 2016; $154,584 at December 31, 2017; and $170,289 at December 31, 2018. The year-end price indexes were 100 at 12/31/16, 114 at 12/31/17, and 119 at 12/31/18. Compute the ending inventory for Waterway Company for 2016 through 2018 using the dollar-value LIFO method. 2018 2017 2016 Ending Inventory $
Brief Exercise 5-10 In 2018, Modder Corporation reported net sales of $250,000, cost of goods sold of $137,500, operating expenses of $50,000, and income tax expense of $20,000. In 2017, it reported net sales of $200,000, cost of goods sold of $114,000, operating expenses of $40,000, other revenu $10,000, and income tax expense of $15,000. Calculate the gross profit and net income for each year. 2018 2017 Gross profit $ Net income Calculate the gross profit margin and profit margin...
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