Homework Answers
1. Answer
2019 net income $142400. (150000-7600) closing stock means credit side overvalued
2018 net income $172600. (165000+7600) because of 2019 error opening stock overvalued that is debit side which will reduce and income get increased.
2. Answer
If error was not correct then no change .
Same income for both the year
2018 - $150000
2019. - $165000
Balance sheet of 2018 remains overvalued by 7600 I'd no error corrected
Please like if logic explained
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Cornerstone Exercise 6-28 (Algorithmic) Inventory Errors Airdrive Corporation reported net income of $150,000 for 2019 and...
The net income per books of Lisa Anderson Company was determined without knowledge of the errors...
The net income per books of Lisa Anderson Company was determined without knowledge of the errors indicated below. Net Income per Books Year Error in Ending Inventory 2015 $51.700 Overstated $3,250 2016 53,820 Overstated 9,810 2017 55.620 Understated 10,840 2018 57,470 No error 2019 59,670 1,960 Understated Overstated 2020 61,570 7,560 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Errors in Inventories Net Income Per...
Exercise 8-26 The net income per books of Ruth Lewis Company was determined without knowledge of...
Exercise 8-26 The net income per books of Ruth Lewis Company was determined without knowledge of the errors indicated below. Year 2015 2016 2017 2018 2019 2020 Net Income per Books $50,000 51,800 53,860 55,970 58,080 60,240 Error in Ending Inventory Overstated $2,750 Overstated 8,610 Understated 11,410 No error Understated 1,970 Overstated 8,420 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Overstatement Jan. 1 Errors...
Cornerstone Exercise 6-27 (Algorithmic) Inventory Analysis Twin Peaks Corporation reported the following information for the current...
Cornerstone Exercise 6-27 (Algorithmic) Inventory Analysis Twin Peaks Corporation reported the following information for the current year: Net sales $662,000 $21,250 Inventory, 1/1 Inventory, 12/31 Cost of goods sold 474,500 24,850 Gross profit $187,500 Required: Note: Round all answers to two decimal places. Assume a 365 day year. a. Compute Peaks's gross profit ratio. b. Compute Peaks's inventory turnover ratio. C. Compute Peaks's average days to sell inventory. days
The net income per books of Sheffield Industries Limited was determined without any knowledge of the...
The net income per books of Sheffield Industries Limited was
determined without any knowledge of the following errors. The 2019
year was Sheffield’s first year in business. No dividends have been
declared or paid.
Year
Net Income
per Books
Error in
Ending Inventory
2015
$50,600
Overstated
$5,800
2016
54,400
Overstated
9,500
2017
55,000
Understated
11,100
2018
56,600
No error
2019
59,100
Understated
2,500
2020
60,600
Overstated
9,900
A. Prepare a work sheet to show the adjusted net income figure
for...
You have been hired as the new controller for the Ralston Company. Shortly after joining the...
You have been hired as the new controller for the Ralston Company. Shortly after joining the company in 2021, you discover the following errors related to the 2019 and 2020 financial statements: a. Inventory at December 31, 2019, was understated by $7,300. b. Inventory at December 31, 2020, was overstated by $10,300. c. On December 31, 2020, inventory was purchased for $4,300. The company did not record the purchase until the inventory was paid for early in 2021. At that...
The net income per books of Nancy Jackson Company was determined without knowledge of the errors...
The net income per books of Nancy Jackson Company was determined without knowledge of the errors indicated below. Net Income per Books Year Error in Ending Inventory 2015 $51,400 Overstated $2,960 2016 53,400 Overstated 8,520 2017 55,360 Understated 10,540 2018 57,400 No error 2019 59,300 Understated 2,150 2020 61,250 Overstated 7,750 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Errors in Inventories Net Income Per...
Please provide the journal entry as well. Thank you! :) You have been hired as the...
Please provide the journal entry as well.
Thank you! :)
You have been hired as the new controller for the Ralston Company. Shortly after joining the company in 2021, you discover the following errors related to the 2019 and 2020 financial statements: a. Inventory at December 31, 2019, was understated by $8.000. b. Inventory at December 31, 2020, was overstated by $11,000 c. On December 31, 2020, inventory was purchased for $5.000. The company did not record the purchase until...
The following information is presented for Riverbed Corporation. There income figures were computed without knowiedge of...
The following information is presented for Riverbed Corporation. There income figures were computed without knowiedge of the errors in ending Inventory. Assume that there was no error in the 2016 ending Inventory 2017 2018 2019 2020 2021 Net Income per Books $156,000 93,000 120,000 223,000 102,000 Error In Ending Inventory Overstated $26,800 Overstated 34,500 No error Understated 7,700 Understated 18,000 Prepare a worksheet to show the adjusted net income figure for each year from 2017 to 2021 after taking into...
The net income per books of Debra King Company was determined without knowledge of the errors indicated below. Yea...
The net income per books of Debra King Company was determined without knowledge of the errors indicated below. Year 2015 2016 2017 2018 2019 2020 Net Income per Books $48,900 50,950 52,950 55,100 52,170 59,160 Error in Ending Inventory Overstated $ 2,770 Overstated Understated 12.030 No error Understated 1,970 Overstated 8.740 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Net Income Per Books Corrected Net...
BobCat reported total assets of $30,000 at the end of 2019 and net income of $12,000...
BobCat reported total assets of $30,000 at the end of 2019 and net income of $12,000 for 2019. BobCat's Beginning inventory (1/1/19) was overstated by $2,000. Ignore tax effect. What is the correct amount of total assets at the end of 2019 and net income for 2019? O A. 30,000; 12,000 O B. 28,000; 12,000 O C. 30,000; 14,000 O D. 28,000; 14,000 Pick true statement about the approximation of the current cost O A. LIFO ending inventory is at...
The net income per books of Lisa Anderson Company was determined without knowledge of the errors indicated below. Net Income per Books Year Error in Ending Inventory 2015 $51.700 Overstated $3,250 2016 53,820 Overstated 9,810 2017 55.620 Understated 10,840 2018 57,470 No error 2019 59,670 1,960 Understated Overstated 2020 61,570 7,560 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Errors in Inventories Net Income Per...
Exercise 8-26 The net income per books of Ruth Lewis Company was determined without knowledge of the errors indicated below. Year 2015 2016 2017 2018 2019 2020 Net Income per Books $50,000 51,800 53,860 55,970 58,080 60,240 Error in Ending Inventory Overstated $2,750 Overstated 8,610 Understated 11,410 No error Understated 1,970 Overstated 8,420 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Overstatement Jan. 1 Errors...
Cornerstone Exercise 6-27 (Algorithmic) Inventory Analysis Twin Peaks Corporation reported the following information for the current year: Net sales $662,000 $21,250 Inventory, 1/1 Inventory, 12/31 Cost of goods sold 474,500 24,850 Gross profit $187,500 Required: Note: Round all answers to two decimal places. Assume a 365 day year. a. Compute Peaks's gross profit ratio. b. Compute Peaks's inventory turnover ratio. C. Compute Peaks's average days to sell inventory. days
The net income per books of Sheffield Industries Limited was
determined without any knowledge of the following errors. The 2019
year was Sheffield’s first year in business. No dividends have been
declared or paid.
Year
Net Income
per Books
Error in
Ending Inventory
2015
$50,600
Overstated
$5,800
2016
54,400
Overstated
9,500
2017
55,000
Understated
11,100
2018
56,600
No error
2019
59,100
Understated
2,500
2020
60,600
Overstated
9,900
A. Prepare a work sheet to show the adjusted net income figure
for...
You have been hired as the new controller for the Ralston Company. Shortly after joining the company in 2021, you discover the following errors related to the 2019 and 2020 financial statements: a. Inventory at December 31, 2019, was understated by $7,300. b. Inventory at December 31, 2020, was overstated by $10,300. c. On December 31, 2020, inventory was purchased for $4,300. The company did not record the purchase until the inventory was paid for early in 2021. At that...
The net income per books of Nancy Jackson Company was determined without knowledge of the errors indicated below. Net Income per Books Year Error in Ending Inventory 2015 $51,400 Overstated $2,960 2016 53,400 Overstated 8,520 2017 55,360 Understated 10,540 2018 57,400 No error 2019 59,300 Understated 2,150 2020 61,250 Overstated 7,750 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Errors in Inventories Net Income Per...
Please provide the journal entry as well.
Thank you! :)
You have been hired as the new controller for the Ralston Company. Shortly after joining the company in 2021, you discover the following errors related to the 2019 and 2020 financial statements: a. Inventory at December 31, 2019, was understated by $8.000. b. Inventory at December 31, 2020, was overstated by $11,000 c. On December 31, 2020, inventory was purchased for $5.000. The company did not record the purchase until...
The following information is presented for Riverbed Corporation. There income figures were computed without knowiedge of the errors in ending Inventory. Assume that there was no error in the 2016 ending Inventory 2017 2018 2019 2020 2021 Net Income per Books $156,000 93,000 120,000 223,000 102,000 Error In Ending Inventory Overstated $26,800 Overstated 34,500 No error Understated 7,700 Understated 18,000 Prepare a worksheet to show the adjusted net income figure for each year from 2017 to 2021 after taking into...
The net income per books of Debra King Company was determined without knowledge of the errors indicated below. Year 2015 2016 2017 2018 2019 2020 Net Income per Books $48,900 50,950 52,950 55,100 52,170 59,160 Error in Ending Inventory Overstated $ 2,770 Overstated Understated 12.030 No error Understated 1,970 Overstated 8.740 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Net Income Per Books Corrected Net...
BobCat reported total assets of $30,000 at the end of 2019 and net income of $12,000 for 2019. BobCat's Beginning inventory (1/1/19) was overstated by $2,000. Ignore tax effect. What is the correct amount of total assets at the end of 2019 and net income for 2019? O A. 30,000; 12,000 O B. 28,000; 12,000 O C. 30,000; 14,000 O D. 28,000; 14,000 Pick true statement about the approximation of the current cost O A. LIFO ending inventory is at...
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