Homework Answers
Correct income statement :-
| 2021 | 2022 | |
| Sales (a) | 193,200 | 230,000 |
| Beginning Inventory | 27,600 | 33,120 |
| Cost of goods purchase | 159,160 | 185,840 |
| Cost of goods available for sale | 186,760 | 218,960 |
| Ending inventory | 33,120 | 46,000 |
| Cost of goods sold (b) | 153,640 | 172,960 |
| Gross profit (a - b) | $39,560 | $57,040 |
Correct ending inventory 2021 and beginning inventory 2022
= 36,800 - 3,680 = $33,120
2.) Cumulative effect of inventory error = $0
Calculation:-
Gross profit before error correction = 53,360 + 43,240 = 96,600
Gross profit after correction = 39,560 + 57,040 = 96,600
Effect = 96,600 - 96,600 = $0
Add Answer to:
Current Attempt in Progress Donna Company reported these income statement data for a 2-year period Sales...
Maria Company reported these income statement data for a 2-year period. Sales 2022 2021 $305,000 $256,200...
Maria Company reported these income statement data for a 2-year period. Sales 2022 2021 $305,000 $256,200 48.800 36.600 246,440 211,060 Beginning inventory Cost of goods purchased Cost of goods available for sale 295,240 247,660 Ending inventory Cost of goods sold 61,000 234,240 $70,760 48,800 198.860 $57,340 Gross profit Maria uses a periodic inventory system. The inventories at January 1, 2021 and December 31, 2022, are correct. However, the ending inventory at December 31, 2021 is overstated by $4.880. Prepare correct...
Sandra Company reported these income statement data for a 2-year period. 2022 2021 Sales $245,000 $205,800...
Sandra Company reported these income statement data for a 2-year period. 2022 2021 Sales $245,000 $205,800 Beginning inventory 39,200 29,400 197,960 169,540 Cost of goods purchased Cost of goods available for sale 237,160 198,940 Ending inventory 49,000 39,200 Cost of goods sold 188,160 159,740 Gross profit $56,840 $46,060 Sandra uses a periodic inventory system. The inventories at January 1, 2021 and December 31, 2022, are correct. However, the ending inventory at December 31, 2021 is overstated by $3,920. Prepare correct...
Angela Company reported these income statement data for a 2-year period. 2022 2021 $265,000 $222,600 Sales Beginning in...
Angela Company reported these income statement data for a 2-year period. 2022 2021 $265,000 $222,600 Sales Beginning inventory 42,400 31,800 Cost of goods purchased 214,120 183,380 Cost of goods available for sale 256,520 215,180 Ending inventory 53,000 42,400 Cost of goods sold 172,780 203,520 Gross profit $61,480 $49,820 Angela uses a periodic inventory system. The inventories at January 1, 2021 and December 31, 2022, are correct. However, the ending inventory at December 31, 2021 is overstated by $4,240. Prepare correct...
Blue Spruce Corp. reported these income statement data for a 2 year period 2022 2021 Sales...
Blue Spruce Corp. reported these income statement data for a 2 year period 2022 2021 Sales revenue Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross profit $256,300 $221.480 37.000 33.940 202.250 162.350 239.250 196.290 58.370 37.000 180.880 159.290 $75.420 $62.190 Blue Spruce Corp. uses a periodic inventory system. The inventories at January 1, 2021, and December 31, 2022, are correct. However, the ending inventory at December 31, 2021,...
Debra Company reported these income statement data for a 2-year period. 2022 2021 Sales $240,000 $201,600...
Debra Company reported these income statement data for a 2-year period. 2022 2021 Sales $240,000 $201,600 Beginning inventory 38,400 28,800 Cost of goods purchased 193,920 166,080 Cost of goods available for sale 232,320 194,880 Ending inventory 48,000 38,400 Cost of goods sold 184,320 156,480 Gross profit $55,680 $45,120 Debra uses a periodic inventory system. The inventories at January 1, 2021 and December 31, 2022, are correct. However, the ending inventory at December 31, 2021 is overstated by $3,840. Prepare correct...
Rulix Watch Company reported the following income statement data for a 2-year period. 2018 2019 Sales...
Rulix Watch Company reported the following income statement
data for a 2-year period.
2018
2019
Sales revenue
$220,000
$250,000
Cost of goods sold
Beginning inventory
32,000
44,000
Cost of goods purchased
173,000
202,000
Cost of goods available for sale
205,000
246,000
Ending inventory
44,000
52,000
Cost of goods sold
161,000
194,000
Gross profit
$59,000
$56,000
Rulix Watch Company uses a periodic inventory system. The
inventories at January 1, 2018, and December 31, 2019, are correct.
However, the ending inventory at...
Splish Brothers Inc. reported the following income statement data for a 2-year period. 2018 2019 Sales...
Splish Brothers Inc. reported the following income statement data for a 2-year period. 2018 2019 Sales revenue $211,500 $257,000 Cost of goods sold Beginning inventory 35,000 44,000 Cost of goods purchased 192,500 216,000 Cost of goods available for sale 227,500 260,000 Ending inventory 44,000 54,500 Cost of goods sold 183,500 205,500 Gross profit $28,000 $51,500 Splish Brothers Inc. uses a periodic inventory system. The inventories at January 1, 2018, and December 31, 2019, are correct. However, the ending inventory at...
Exercise 6-12 Horner Watch Company reported the following income statement data for a 2-year period. 2013...
Exercise 6-12 Horner Watch Company reported the following income statement data for a 2-year period. 2013 2014 Sales revenue $211,760 $250,470 Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory 34,510 173,520 208,030 44,100 163,930 44,100 217,220 261,320 52,830 208,490 $47,830$41,980 Cost of goods sold Gross profit Horner uses a periodic inventory system. The inventories at January 1, 2013, and December 31, 2014, are correct. However, the ending inventory at December...
1) Blossom Jewelry reported the following income statement data for a 2-year period. 2019 2020 HK$2,150,000...
1)
Blossom Jewelry reported the following income statement data for a 2-year period. 2019 2020 HK$2,150,000 HK$2,550,000 Sales revenue Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit 321,000 1,820,000 2,141,000 440,000 1,701,000 HK$449,000 440,000 2,127,000 2,567,000 534,000 2,033,000 HK$517,000 Blossom uses a periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct. However, the ending inventory at December 31,...
reported the following income statement data for a 2-year peri Ins E6.11 (LO 3) Writing Wu...
reported the following income statement data for a 2-year
peri
Ins E6.11 (LO 3) Writing Wu Jewelry reported the following income statement data for a 2-year period 2020 2019 HK$2,500,000 HK$2,100,000 Sales revenue Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 320,000 440,000 1,730,000 2,040,000 2,050,000 440,000 2,480,000 520,000 1,610,000 1,960,000 Gross profit HK$ 490,000 HKS 540,000 Wu uses a periodic inventory system. The inventories at...
Maria Company reported these income statement data for a 2-year period. Sales 2022 2021 $305,000 $256,200 48.800 36.600 246,440 211,060 Beginning inventory Cost of goods purchased Cost of goods available for sale 295,240 247,660 Ending inventory Cost of goods sold 61,000 234,240 $70,760 48,800 198.860 $57,340 Gross profit Maria uses a periodic inventory system. The inventories at January 1, 2021 and December 31, 2022, are correct. However, the ending inventory at December 31, 2021 is overstated by $4.880. Prepare correct...
Sandra Company reported these income statement data for a 2-year period. 2022 2021 Sales $245,000 $205,800 Beginning inventory 39,200 29,400 197,960 169,540 Cost of goods purchased Cost of goods available for sale 237,160 198,940 Ending inventory 49,000 39,200 Cost of goods sold 188,160 159,740 Gross profit $56,840 $46,060 Sandra uses a periodic inventory system. The inventories at January 1, 2021 and December 31, 2022, are correct. However, the ending inventory at December 31, 2021 is overstated by $3,920. Prepare correct...
Angela Company reported these income statement data for a 2-year period. 2022 2021 $265,000 $222,600 Sales Beginning inventory 42,400 31,800 Cost of goods purchased 214,120 183,380 Cost of goods available for sale 256,520 215,180 Ending inventory 53,000 42,400 Cost of goods sold 172,780 203,520 Gross profit $61,480 $49,820 Angela uses a periodic inventory system. The inventories at January 1, 2021 and December 31, 2022, are correct. However, the ending inventory at December 31, 2021 is overstated by $4,240. Prepare correct...
Blue Spruce Corp. reported these income statement data for a 2 year period 2022 2021 Sales revenue Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross profit $256,300 $221.480 37.000 33.940 202.250 162.350 239.250 196.290 58.370 37.000 180.880 159.290 $75.420 $62.190 Blue Spruce Corp. uses a periodic inventory system. The inventories at January 1, 2021, and December 31, 2022, are correct. However, the ending inventory at December 31, 2021,...
Rulix Watch Company reported the following income statement
data for a 2-year period.
2018
2019
Sales revenue
$220,000
$250,000
Cost of goods sold
Beginning inventory
32,000
44,000
Cost of goods purchased
173,000
202,000
Cost of goods available for sale
205,000
246,000
Ending inventory
44,000
52,000
Cost of goods sold
161,000
194,000
Gross profit
$59,000
$56,000
Rulix Watch Company uses a periodic inventory system. The
inventories at January 1, 2018, and December 31, 2019, are correct.
However, the ending inventory at...
Exercise 6-12 Horner Watch Company reported the following income statement data for a 2-year period. 2013 2014 Sales revenue $211,760 $250,470 Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory 34,510 173,520 208,030 44,100 163,930 44,100 217,220 261,320 52,830 208,490 $47,830$41,980 Cost of goods sold Gross profit Horner uses a periodic inventory system. The inventories at January 1, 2013, and December 31, 2014, are correct. However, the ending inventory at December...
1)
Blossom Jewelry reported the following income statement data for a 2-year period. 2019 2020 HK$2,150,000 HK$2,550,000 Sales revenue Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit 321,000 1,820,000 2,141,000 440,000 1,701,000 HK$449,000 440,000 2,127,000 2,567,000 534,000 2,033,000 HK$517,000 Blossom uses a periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct. However, the ending inventory at December 31,...
reported the following income statement data for a 2-year
peri
Ins E6.11 (LO 3) Writing Wu Jewelry reported the following income statement data for a 2-year period 2020 2019 HK$2,500,000 HK$2,100,000 Sales revenue Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 320,000 440,000 1,730,000 2,040,000 2,050,000 440,000 2,480,000 520,000 1,610,000 1,960,000 Gross profit HK$ 490,000 HKS 540,000 Wu uses a periodic inventory system. The inventories at...
Most questions answered within 3 hours.
-
Katelynn, a physician, earns $200,000 from her medical practice
in the current year. She receives $45,000...
asked 4 seconds ago -
Each row of the table below describes an aqueous solution at
25°C
.
The second column...
asked 4 minutes ago -
A horizontal wire is at y = 0. Current travels in the +x
direction. The magnetic...
asked 4 minutes ago -
Let X be a continuous random variable whose PDF is Let X be a
continuous random...
asked 26 minutes ago -
Martinez Company’s relevant range of production is 7,500 units
to 12,500 units. When it produces and...
asked 24 minutes ago -
A football with a mass of 1.2 kg is kicked from ground level to
a height...
asked 29 minutes ago -
Remember: Changes in supply determinants shift supply, and
changes in demand determinants shift demand. We say...
asked 28 minutes ago -
Why is the answer b), for this question? I came up with C) for
my incorrect...
asked 34 minutes ago -
Suppose that you know that in the population of full-time
employees in the United States, the...
asked 56 minutes ago -
This experiment was designed originally to sample various meat and carcass quality
aspects of Ontario pigs...
asked 56 minutes ago -
Dopamine Hydrochloride: draw the structure And Show the
functional groups in different colors and label the...
asked 48 minutes ago -
A rope supports a 10 kg dumbbell hanging from it. What is the
tension in the...
asked 48 minutes ago