Speedy Corporation reported net income of $465,000 for the current year. After the financial statements had...
Speedy Corporation reported net income of $465,000 for the current year. After the financial statements had been prepared, it was discovered that ending inventory had been understated by $45,000. If the tax rate is 40%, after the error has been corrected, net income, after tax, will:
Question 35 options:
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Homework Answers
Net income, after tax = 45000*(1-040) = $27000 Increase
Option d. is correct answer.
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Speedy Corporation reported net income of $465,000 for the
current year. After the financial statements had...
24) Kendall Company reported the following net income amounts: 2014.. .................. $42,000 $67,000 2015........... In 2017,...
24) Kendall Company reported the following net income amounts: 2014.. .................. $42,000 $67,000 2015........... In 2017, the company discovered errors that had been made in computing the ending inventories for 2014 and 2015, as follows: 2014 2015 Ending inventory overstated by $9,000. Ending inventory understated by $6,000. The corrected net income for the year 2015 is 52,000 64,000 70,000 73,000 82,000
#7 chapter 5Navajo Company’s financial statements show the following. The company recently discovered that in making...
#7 chapter 5Navajo Company’s financial statements show
the following. The company recently discovered that in making
physical counts of inventory, it had made the following errors:
Year 1 ending inventory is understated by $54,000, and Year 2
ending inventory is overstated by $24,000.
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory is understated by $54,000, and Year 2 ending inventory...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory is understated by $59,000, and Year 2 ending inventory is overstated by $29,000 Tor Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Year Year 2 734,000 $ 964,000 277.000 284,000 1,256,000 1,369,000 1,396,000 1,589,000 Year 3 799,000 259.000 1,239,000 1,254,000 Required:...
Problem A The Rodgers Company discovered that its inventory was overstated by $750,000 after it had...
Problem A The Rodgers Company discovered that its inventory was overstated by $750,000 after it had published its 2013 annual report. The company reported net income of $10,000,000 on its 2013 income statement and had a tax rate of 20%. Assume tax expense has been recorded but not yet paid. 1. What specific accounts and amounts are impacted by this error? 2. When the company corrects this error and republishes its income statement, what will be the corrected net income?
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory is understated by $51,000, and Year 2 ending inventory is overstated by $21,000. $ $ $ For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Year 1 726,000 269,000 1,248,000 1,388,000 Year 2 956,000 276,000 1,361,000 1,581,000 Year 3 791,000 251,000...
TGW, a calendar year corporation, reported $3,920,000 net income before tax on its financial statements prepared...
TGW, a calendar year corporation, reported $3,920,000 net income before tax on its financial statements prepared in accordance with GAAP. The corporation's records reveal the following information: • TGW's depreciation expense per books was $449,000, and its MACRS depreciation deduction was $378,400. • TGW capitalized $679,000 indirect expenses to manufactured inventory for book purposes and $804,000 indirect expenses to manufactured inventory for tax purposes. • TGW's cost of manufactured goods sold was $2,558,000 for book purposes and $2,640,000 for tax...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory, is understated by $56,000 and Year 2 ending inventory, is overstated by $20,000. $ $ $ For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Year 1 615,000 230,000 1,255,000 1,387,000 Year 2 957,000 285,000 1,365,000 1,530,000 Year 3 780,000 241,000...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Inventory on December 31, 2017, is understated by $52,000, and inventory on December 31, 2018, is overstated by $22,000. For Year Ended December 31 (a) Cost of goods sold (b) Net income Total current assets (d) Total equity 2017 $ 727,000 270,000 1,249,000 1,389,000 2018 $ 957,000 277,000 1,362,000 1,582,000 2019 $ 792,000 252,000 1,232,000 1,247,000...
Martin, Brown and Grant (MBG) Company have reported net income of S150,000 for the years ended...
Martin, Brown and Grant (MBG) Company have reported net income of S150,000 for the years ended 12-31-17 and 12-31-18 respectively. Upon the audit of the books it was discovered that the 12-31-17 ending inventory was in $90,000. It should have been valued at $120,000. The ending inventory at 12-31-18 was correetly reported. Based on this information, compute the correct net income figures correctly valued at for 2017 and 2018. 2018 2017 $150,000 Net Income as reported $110,000 Corrected Net Income...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory is understated by $63,000, and Year 2 ending inventory is overstated by $33,000. $ $ For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Year 1 738,000 281,000 1,260,000 1,400,000 Year 2 Year 3 968,000 $ 803,000 288,000 263,000 1,373,000 1,243,000...
24) Kendall Company reported the following net income amounts: 2014.. .................. $42,000 $67,000 2015........... In 2017, the company discovered errors that had been made in computing the ending inventories for 2014 and 2015, as follows: 2014 2015 Ending inventory overstated by $9,000. Ending inventory understated by $6,000. The corrected net income for the year 2015 is 52,000 64,000 70,000 73,000 82,000
#7 chapter 5Navajo Company’s financial statements show
the following. The company recently discovered that in making
physical counts of inventory, it had made the following errors:
Year 1 ending inventory is understated by $54,000, and Year 2
ending inventory is overstated by $24,000.
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory is understated by $54,000, and Year 2 ending inventory...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory is understated by $59,000, and Year 2 ending inventory is overstated by $29,000 Tor Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Year Year 2 734,000 $ 964,000 277.000 284,000 1,256,000 1,369,000 1,396,000 1,589,000 Year 3 799,000 259.000 1,239,000 1,254,000 Required:...
Problem A The Rodgers Company discovered that its inventory was overstated by $750,000 after it had published its 2013 annual report. The company reported net income of $10,000,000 on its 2013 income statement and had a tax rate of 20%. Assume tax expense has been recorded but not yet paid. 1. What specific accounts and amounts are impacted by this error? 2. When the company corrects this error and republishes its income statement, what will be the corrected net income?
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory is understated by $51,000, and Year 2 ending inventory is overstated by $21,000. $ $ $ For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Year 1 726,000 269,000 1,248,000 1,388,000 Year 2 956,000 276,000 1,361,000 1,581,000 Year 3 791,000 251,000...
TGW, a calendar year corporation, reported $3,920,000 net income before tax on its financial statements prepared in accordance with GAAP. The corporation's records reveal the following information: • TGW's depreciation expense per books was $449,000, and its MACRS depreciation deduction was $378,400. • TGW capitalized $679,000 indirect expenses to manufactured inventory for book purposes and $804,000 indirect expenses to manufactured inventory for tax purposes. • TGW's cost of manufactured goods sold was $2,558,000 for book purposes and $2,640,000 for tax...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory, is understated by $56,000 and Year 2 ending inventory, is overstated by $20,000. $ $ $ For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Year 1 615,000 230,000 1,255,000 1,387,000 Year 2 957,000 285,000 1,365,000 1,530,000 Year 3 780,000 241,000...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Inventory on December 31, 2017, is understated by $52,000, and inventory on December 31, 2018, is overstated by $22,000. For Year Ended December 31 (a) Cost of goods sold (b) Net income Total current assets (d) Total equity 2017 $ 727,000 270,000 1,249,000 1,389,000 2018 $ 957,000 277,000 1,362,000 1,582,000 2019 $ 792,000 252,000 1,232,000 1,247,000...
Martin, Brown and Grant (MBG) Company have reported net income of S150,000 for the years ended 12-31-17 and 12-31-18 respectively. Upon the audit of the books it was discovered that the 12-31-17 ending inventory was in $90,000. It should have been valued at $120,000. The ending inventory at 12-31-18 was correetly reported. Based on this information, compute the correct net income figures correctly valued at for 2017 and 2018. 2018 2017 $150,000 Net Income as reported $110,000 Corrected Net Income...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory is understated by $63,000, and Year 2 ending inventory is overstated by $33,000. $ $ For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Year 1 738,000 281,000 1,260,000 1,400,000 Year 2 Year 3 968,000 $ 803,000 288,000 263,000 1,373,000 1,243,000...
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