Shamrock, Inc. reports net income of $97,670 in 2017. However, ending inventory was understated by $7,310.
Homework Answers
| Understatement of ending inventory will overstate cost of goods gold and understate net income. |
| The correct net income | 104980 | =97670+7310 |
| Total assets in the balance sheet will be understated by the amount that ending inventory is understated $7310 |
Add Answer to:
Shamrock, Inc. reports net income of $97,670 in 2017. However,
ending inventory was understated by $7,310....
Bridgeport Corp. reports net income of $85,170 in 2022. However, ending inventory was understated by $7,080....
Bridgeport Corp. reports net income of $85,170 in 2022. However,
ending inventory was understated by $7,080.
What is the correct net income for 2022?
The correct net income
$enter the correct net income in dollars
What effect, if any, will this error have on total assets as
reported in the balance sheet at December 31, 2022?
Total assets in the balance sheet will be select an option
understatedoverstated
by the amount that ending inventory is select an option
overstatedunderstated
,...
Problem 17-9 On January 1, 2017, Shamrock Inc. had the following balance sheet. SHAMROCK INC. BALANCE...
Problem 17-9
On January 1, 2017, Shamrock Inc. had the following balance
sheet.
SHAMROCK INC.
BALANCE SHEET
AS OF JANUARY 1, 2017
Assets
Equity
Cash
$51,800
Common stock
$249,100
Debt investments (available-for-sale)
247,100
Accumulated other comprehensive income
49,800
Total
$298,900
Total
$298,900
The accumulated other comprehensive income related to unrealized
holding gains on available-for-sale debt securities. The fair value
of Shamrock Inc.’s available-for-sale debt securities at December
31, 2017, was $212,800; its cost was $151,800. No securities were
purchased during...
FirstIn Company reported profit of $90,000 in 2013. When counting its inventory on December 31, 2013, the company forgot to include items stored in a separate room in the warehouse. As a result, ending inventory was understated by $7,000.
FirstIn Company reported a profit of $90,000 in 2013. When counting its inventory on December 31, 2013, the company forgot to include items stored in a separate room in the warehouse. As a result, ending inventory was understated by $7,000.(a) What is the correct profit for 2013? (b) What effect, if any, will this error have on total assets and owner’s equity reported on the balance sheet on December 31, 2013? (c) Assuming the inventory is correctly counted on December 31, 2014,...
Shamrock, Inc.'s income statement contained the condensed information below. Shamrock, Inc. Income Statement For the Year...
Shamrock, Inc.'s income statement contained the condensed information below. Shamrock, Inc. Income Statement For the Year Ended December 31, 2017 $1,775,100 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income $1,123,620 100,650 29,280 1,253,550 521,550 102,480 $419,070 Shamrock, Inc.'s balance sheet contained the comparative data at December 31. 2017 2016 Accounts receivable Accounts payable Income taxes payable $128,100 75,030 23,790 $109,800 58,560 12,810 Accounts payable pertain...
Garner Supply Company reports net income of $120,000 in 2018. The ending inventory did not include...
Garner Supply Company reports net income of $120,000 in 2018. The ending inventory did not include goods valued at $7,000 that Garner had consigned to Sharif's Gift Shop. What is the correct net income for 2018? Correct net income $ eTextbook and Media What impact will this error have on the balance sheet at 12/31/18? On the balance sheet, will be by $ eTextbook and Media
Effect of Errors in Physical Inventory Fonda Motorcycle Shop sells motorcycles, ATVs, and other related supplies...
Effect of Errors in Physical Inventory Fonda Motorcycle Shop sells motorcycles, ATVs, and other related supplies and accessories. During the taking of its physical inventory on December 31, 20Y8, Fonda Motorcycle Shop incorrectly counted its inventory as $229,310 instead of the correct amount of $220,140. Enter all amounts as positive numbers. a. State the effect of the error on the December 31, 20Y8, balance sheet of Fonda Motorcycle Shop. Balance Sheet Items Overstated/Understated Amount Merchandise Inventory $ Current Assets Total...
Effect of Errors in Physical Inventory Fonda Motorcycle Shop sells motorcycles, ATVs, and other related supplies...
Effect of Errors in Physical Inventory Fonda Motorcycle Shop sells motorcycles, ATVs, and other related supplies and accessories. During the taking of its physical inventory on December 31, 20Y8, Fonda Motorcycle Shop incorrectly counted its inventory as $242,240 instead of the correct amount of $232,550. Enter all amounts as positive numbers. a. State the effect of the error on the December 31, 20Y8, balance sheet of Fonda Motorcycle Shop. Balance Sheet Items Overstated/Understated Amount Merchandise Inventory $ Current Assets Total...
Effect of Errors in Physical Inventory Fonda Motorcycle Shop sells motorcycles, ATVs, and other related supplies...
Effect of Errors in Physical Inventory Fonda Motorcycle Shop sells motorcycles, ATVs, and other related supplies and accessories. During the taking of its physical inventory on December 31, 20Y8, Fonda Motorcycle Shop incorrectly counted its inventory as $405,610 instead of the correct amount of $389,390. Enter all amounts as positive numbers. a. State the effect of the error on the December 31, 20Y8, balance sheet of Fonda Motorcycle Shop. Balance Sheet Items Overstated/Understated Amount Merchandise Inventory $ Current Assets Total...
Effect of Errors in Physical Inventory Fonda Motorcyde Shop sells motorcydes, ATVs, and other related supplies...
Effect of Errors in Physical Inventory Fonda Motorcyde Shop sells motorcydes, ATVs, and other related supplies and accessories. During the taking of its physical inventory on December 31, 20YB, Fonda Motorcycle Shop incorrectly counted its inventory as $431,390 instead of the correct amount of $414,130. Enter all amounts as positive numbers. a. State the effect of the error on the December 31, 20Y8, balance sheet of Fonda Motorcycle Shop Balance Sheet Items Overstated/Understated Amount Merchandise Inventory Current Assets Total Assets...
#1 If Croder, Inc. underestimates its ending inventory balance in year 1 and it records ending...
#1 If Croder, Inc. underestimates its ending inventory balance in year 1 and it records ending inventory correctly in year 2, which of the following is true? A) Net Income is understated in year 2 B) Net Income is overstated in year 1 C) Retained Earnings is understated at the end of year 2 D) Costs of goods sold is understated in year 2 #2 Croder, Inc. accounts for bad debts using the allowance method. On September 1, Corder wrote-off...
Bridgeport Corp. reports net income of $85,170 in 2022. However,
ending inventory was understated by $7,080.
What is the correct net income for 2022?
The correct net income
$enter the correct net income in dollars
What effect, if any, will this error have on total assets as
reported in the balance sheet at December 31, 2022?
Total assets in the balance sheet will be select an option
understatedoverstated
by the amount that ending inventory is select an option
overstatedunderstated
,...
Problem 17-9
On January 1, 2017, Shamrock Inc. had the following balance
sheet.
SHAMROCK INC.
BALANCE SHEET
AS OF JANUARY 1, 2017
Assets
Equity
Cash
$51,800
Common stock
$249,100
Debt investments (available-for-sale)
247,100
Accumulated other comprehensive income
49,800
Total
$298,900
Total
$298,900
The accumulated other comprehensive income related to unrealized
holding gains on available-for-sale debt securities. The fair value
of Shamrock Inc.’s available-for-sale debt securities at December
31, 2017, was $212,800; its cost was $151,800. No securities were
purchased during...
Shamrock, Inc.'s income statement contained the condensed information below. Shamrock, Inc. Income Statement For the Year Ended December 31, 2017 $1,775,100 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income $1,123,620 100,650 29,280 1,253,550 521,550 102,480 $419,070 Shamrock, Inc.'s balance sheet contained the comparative data at December 31. 2017 2016 Accounts receivable Accounts payable Income taxes payable $128,100 75,030 23,790 $109,800 58,560 12,810 Accounts payable pertain...
Garner Supply Company reports net income of $120,000 in 2018. The ending inventory did not include goods valued at $7,000 that Garner had consigned to Sharif's Gift Shop. What is the correct net income for 2018? Correct net income $ eTextbook and Media What impact will this error have on the balance sheet at 12/31/18? On the balance sheet, will be by $ eTextbook and Media
Effect of Errors in Physical Inventory Fonda Motorcyde Shop sells motorcydes, ATVs, and other related supplies and accessories. During the taking of its physical inventory on December 31, 20YB, Fonda Motorcycle Shop incorrectly counted its inventory as $431,390 instead of the correct amount of $414,130. Enter all amounts as positive numbers. a. State the effect of the error on the December 31, 20Y8, balance sheet of Fonda Motorcycle Shop Balance Sheet Items Overstated/Understated Amount Merchandise Inventory Current Assets Total Assets...
Most questions answered within 3 hours.
-
Delaware Corp. prepared a master budget that included $22,385
for direct materials, $28,600 for direct labor,...
asked 1 minute from now -
23. Which molecule has only covalent bonds? A. CO2 B. Al2O3 C.
Mg3N2
24. The octet...
asked 57 seconds from now -
the
total pressure for a mixture of N2O4 and NO2 is 2.20 atm. If Kp=
7.10...
asked 1 minute ago -
For pesticide HCB (hexachlorobenzene), its logarithmic partition
coefficient log Kow is 5.6. What would be the...
asked 1 minute ago -
A chemist requires 0.422 mil Na2CO3 for a reaction. How many
grams does this correspond to?
asked 5 minutes ago -
If the vapor pressure of carvone is approximately 9.4 torr at 99
°C, approximately how much...
asked 24 minutes ago -
A juice bottling company is carrying out a test at 10%
significance that the mean population...
asked 36 minutes ago -
What is the reflectivity (in percent) needed to keep water at a
temperature near its freezing...
asked 38 minutes ago -
Suppose that the average surface temperature of Earth is 300K.
Assume this is uniform over its...
asked 39 minutes ago -
Draw the condensed structural formula for alkenes and alkynes or
the line-angle structural formula for cycloalkenes...
asked 39 minutes ago -
M. Laing has suggested a new arrangement of the periodic table
(J.Chem.Ed.1989, 66,
746). Answer the following...
asked 1 hour ago -
Café Michigan's manager, Gary Stark, suspects that demand for
mocha latte coffees depends on the price...
asked 59 minutes ago