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Homework Answers
1. Retained earnings would be overstated by $159000 at January 1, 2021.
2.
| Event | General Journal | Debit | Credit |
| 1 | Retained Earnings | $159,000 | |
| Inventory | $159,000 | ||
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During 2021, WMC Corporation...
During 2021, WMC Corporation discovered that its ending inventories reported in its financial statements were misstated...
During 2021, WMC Corporation discovered that its ending inventories reported in its financial statements were misstated by the following material amounts: understated by 2019 $138,000 168,000 overstated by 2020 WMC uses a periodic inventory system and the FIFO cost method. Required: 1. Determine the effect of these errors on retained earnings at January 1, 2021, before any adjustments. (lgnore income taxes) 2. Prepare a journal entry to correct the errors. Complete this question by entering your answers in the tabs...
During 2021, WMC Corporation discovered that its ending inventories reported in its financial statements were misstated...
During 2021, WMC Corporation discovered that its ending inventories reported in its financial statements were misstated by the following material amounts: 2019 understated by $ 124,000 2020 overstated by 154,000 WMC uses a periodic inventory system and the FIFO cost method. Required: 1. Determine the effect of these errors on retained earnings at January 1, 2021, before any adjustments. (Ignore income taxes.) 2. Prepare a journal entry to correct the errors.
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! In 2021, the internal...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
In 2021, the internal auditors of Development Technologies, Inc., discovered that a $4.2 million purchase of merchandise in 2021 was recorded in 2020 instead. The physical inventory count at the end of 2020 was correct. Assume the company uses a periodic inventory system Required: Prepare the journal entry needed in 2021 to correct the error. (lgnore income taxes.) (Enter your answers in millions rounded to 1 decimal place...
In 2021, the controller of Sytec Corporation discovered that $74,000 of inventory purchases were incorrectly charged...
In 2021, the controller of Sytec Corporation discovered that $74,000 of inventory purchases were incorrectly charged to advertising expense in 2020. In addition, the 2020 year-end inventory count failed to include $46,000 of company merchandise held on consignment by Erin Brothers. Sytec uses a periodic inventory system. Other than the omission of the merchandise on consignment, the year-end inventory count was correct. The amounts of the errors are deemed to be material. Required: 1. Determine the effect of the errors...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE. THANK YOU! On January 1, 2021,...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
On January 1, 2021, LLB Industries borrowed $270.000 from trust Bank by issuing a two-year, 10% note, with interest payable quarterly. LLB entered into a two-year interest rate swap agreement on January 1, 2021, and designated the swap as a fair value hedge. Its intent was to hedge the risk that general interest rates will decline, causing the fair value of its debt to increase. The agreement called...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE. THANK YOU! On January 1, 2021,...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
On January 1, 2021, S&S Corporation invested in LLB Industries' negotiable two-year, 8% notes, with interest receivable quarterly. The company classified the investment as available-for-sale. S&S entered into a two-year interest rate swap agreement on January 1, 2021, and designated the swap as a fair value hedge. Its intent was to hedge the risk that general interest rates will decline, causing the fair value of its investment to...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE. THANK YOU! Exercise 14-9 (Algo) Issuance...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
Exercise 14-9 (Algo) Issuance of bonds; effective interest; amortization schedule; financial statement effects (LO14-2] When Patey Pontoons issued 6% bonds on January 1, 2021, with a face amount of $840,000, the market yield for bonds of similar risk and maturity was 11%. The bonds mature December 31, 2024 (4 years). Interest is paid semiannually on June 30 and December 31. (FV of $1. PV of $1, FVA of...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE. THANK YOU! Exercise 13-9 (Algo) Gift...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
Exercise 13-9 (Algo) Gift Cards [LO13-3] CircuitTown commenced a gift card program in January 2021 and sold $12.900 of gift cards in January. $19.950 in February, and $19.800 in March 2021 before discontinuing further gift card sales. During 2021. gift card redemptions were $8.400 for the January gift cards sold. $5.700 for the February cards, and $5.550 for the March cards. Circuit Town considers gift cards to be...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE. THANK YOU! Exercise 13-7 (Algo) Customer...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
Exercise 13-7 (Algo) Customer deposits [LO13-3] Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reusable protective containers. Customers pay a deposit for each container received. The deposit is equal to the container's cost. They receive a refund when the container is returned. During 2021, deposits collected on containers shipped were $883.000. Deposits are forfeited if containers are not returned within 18 months. Containers...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE. THANK YOU! Exercise 12-6 (Algo) Trading...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
Exercise 12-6 (Algo) Trading securities (LO12-1, 12-3] Mills Corporation acquired as an Investment $240 million of 8% bonds, dated July 1, on July 1, 2021. Company management is holding the bonds in its trading portfolio. The market Interest rate yleld) was 6% for bonds of similar risk and maturity. Mills pald $280 million for the bonds. The company will receive Interest semiannually on June 30 and December 31....
During 2021, WMC Corporation discovered that its ending inventories reported in its financial statements were misstated by the following material amounts: understated by 2019 $138,000 168,000 overstated by 2020 WMC uses a periodic inventory system and the FIFO cost method. Required: 1. Determine the effect of these errors on retained earnings at January 1, 2021, before any adjustments. (lgnore income taxes) 2. Prepare a journal entry to correct the errors. Complete this question by entering your answers in the tabs...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
In 2021, the internal auditors of Development Technologies, Inc., discovered that a $4.2 million purchase of merchandise in 2021 was recorded in 2020 instead. The physical inventory count at the end of 2020 was correct. Assume the company uses a periodic inventory system Required: Prepare the journal entry needed in 2021 to correct the error. (lgnore income taxes.) (Enter your answers in millions rounded to 1 decimal place...
In 2021, the controller of Sytec Corporation discovered that $74,000 of inventory purchases were incorrectly charged to advertising expense in 2020. In addition, the 2020 year-end inventory count failed to include $46,000 of company merchandise held on consignment by Erin Brothers. Sytec uses a periodic inventory system. Other than the omission of the merchandise on consignment, the year-end inventory count was correct. The amounts of the errors are deemed to be material. Required: 1. Determine the effect of the errors...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
On January 1, 2021, LLB Industries borrowed $270.000 from trust Bank by issuing a two-year, 10% note, with interest payable quarterly. LLB entered into a two-year interest rate swap agreement on January 1, 2021, and designated the swap as a fair value hedge. Its intent was to hedge the risk that general interest rates will decline, causing the fair value of its debt to increase. The agreement called...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
On January 1, 2021, S&S Corporation invested in LLB Industries' negotiable two-year, 8% notes, with interest receivable quarterly. The company classified the investment as available-for-sale. S&S entered into a two-year interest rate swap agreement on January 1, 2021, and designated the swap as a fair value hedge. Its intent was to hedge the risk that general interest rates will decline, causing the fair value of its investment to...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
Exercise 14-9 (Algo) Issuance of bonds; effective interest; amortization schedule; financial statement effects (LO14-2] When Patey Pontoons issued 6% bonds on January 1, 2021, with a face amount of $840,000, the market yield for bonds of similar risk and maturity was 11%. The bonds mature December 31, 2024 (4 years). Interest is paid semiannually on June 30 and December 31. (FV of $1. PV of $1, FVA of...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
Exercise 13-9 (Algo) Gift Cards [LO13-3] CircuitTown commenced a gift card program in January 2021 and sold $12.900 of gift cards in January. $19.950 in February, and $19.800 in March 2021 before discontinuing further gift card sales. During 2021. gift card redemptions were $8.400 for the January gift cards sold. $5.700 for the February cards, and $5.550 for the March cards. Circuit Town considers gift cards to be...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
Exercise 13-7 (Algo) Customer deposits [LO13-3] Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reusable protective containers. Customers pay a deposit for each container received. The deposit is equal to the container's cost. They receive a refund when the container is returned. During 2021, deposits collected on containers shipped were $883.000. Deposits are forfeited if containers are not returned within 18 months. Containers...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
Exercise 12-6 (Algo) Trading securities (LO12-1, 12-3] Mills Corporation acquired as an Investment $240 million of 8% bonds, dated July 1, on July 1, 2021. Company management is holding the bonds in its trading portfolio. The market Interest rate yleld) was 6% for bonds of similar risk and maturity. Mills pald $280 million for the bonds. The company will receive Interest semiannually on June 30 and December 31....
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