Homework Answers
Answer:
Corrected cost of goods sold : $1,320,320
Corrected 12/31/20 Retained Earnings : $5,377,860
Explanation:
1. Cost of Goods Sold
Cost of goods sold as reported = $1,385,600
Less : overstatement of ending inventory
on December 31 2019 = $($103,320)
Add: Overstatement of ending inventory
on December 31 2020 = $38,040
Corrected Co.st of Goods Sold = $1,320,320
2. Retained Earnings
Reported retained earnings on
December 31 2020 = $5,415,900
Less: Overstatement of ending
inventory on December 31 2020 = $(38,040)
Corrected Retained Earnings = $5,377,860
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Brief Exercise 8-10
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Determine the corrected amounts for 2017 cost of goods sold and
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Operating expenses
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Unrealized holding gain on
available-for-sale securities
121600
Cash dividends received on the
securities
8400
For 2020, Cullumber would report other comprehensive income
of
$418000.
$130000.
$121600.
$426400.
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Correction of overstatement of
depreciation expense
in prior years,
net of tax
$ 643000
Dividends declared
482000
Net income
1504000
Retained earnings, 1/1/20, as
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5830000
Wildhorse should...
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Brief Exercise 8-10
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$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
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December 31, 2017, retained earnings.
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1-Cullumber Company reported the following information for
2020:
Sales revenue
$2055000
Cost of goods sold
1407000
Operating expenses
230000
Unrealized holding gain on
available-for-sale securities
121600
Cash dividends received on the
securities
8400
For 2020, Cullumber would report other comprehensive income
of
$418000.
$130000.
$121600.
$426400.
2-Wildhorse Co. reports the following information:
Correction of overstatement of
depreciation expense
in prior years,
net of tax
$ 643000
Dividends declared
482000
Net income
1504000
Retained earnings, 1/1/20, as
reported
5830000
Wildhorse should...
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