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If the beginning inventory is overstated, which one of the following is incorrect? (Assume the error...
If the beginning inventory is overstated: 1.the current ratio is overstated. 2.cost of goods sold is...
If the beginning inventory is overstated: 1.the current ratio is overstated. 2.cost of goods sold is understated 3.retained earnings is understated. 4.working capital is understated. Wavy Inc. is a calendar-year corporation. Its financial statements for the years 2017 and 2016 contained errors as follows: 2017 2016 Ending Inventory $9,000 overstated $18,000 overstated Depreciation Expense $6,000 understated $13,500 overstated Assume that the proper correcting entries were made at December 31, 2016. By how much will 2017 income before taxes be overstated...
Given the following Ending Inventory errors for the Portland Company: Ending Inventory Error Year Overstated $30...
Given the following Ending Inventory errors for the Portland Company: Ending Inventory Error Year Overstated $30 2020 Understated $40 2021 Indicate the error in the following items: Select one: a. 2022 Net Income 12/31/21 Retained Earnings Understated $10 No error b. 2022 Net Income 12/31/21 Retained Earnings Overstated $10 No error C. 2022 Net Income 12/31/21 Retained Earnings Understated $40 Understated $40 d. 2022 Net Income 12/31/21 Retained Earnings Overstated $40 Understated $40 e. 2022 Net Income 12/31/21 Retained Earnings...
Ann M. Martin Company
Exercise 8-24Ann M. Martin Company makes the following errors during the current year. (Evaluate each case independently and assume ending inventory in the following year is correctly stated.)1.Ending inventory is overstated, but purchases and related accounts payable are recorded correctly.2.Both ending inventory and purchases and related accounts payable are understated. (Assume this purchase was recorded and paid for in the following year.)3.Ending inventory is correct, but a purchase on account was not recorded. (Assume this purchase was recorded and paid...
77) Given the following data: Ending inventory at cost $24,000 Ending inventory at current net realizable...
77) Given the following data: Ending inventory at cost $24,000 Ending inventory at current net realizable value 23,600 Cost of goods sold (before consideration of the lower-of-cost-and-net-realizable-value rule) 37,000 Which of the following depicts the proper account balance after the application of the lower-of-cost-and-net realizable value rule? A) Cost of goods sold will be $37,400. B) Cost of goods sold will be $36,400. C) Cost of goods sold will be $37,000. D) Ending inventory will be $24,000. 78) Inventory at...
Ayayai Limited makes the following errors during the current year. Each error is an independent case. 1. Ending inv...
Ayayai Limited makes the following errors during the current year. Each error is an independent case. 1. Ending inventory is overstated by $1,020, but purchases are recorded correctly. 2. Both ending inventory and a purchase on account are understated by the same amount. (Assume this purchase of $1,500 was recorded in the following year.) 3. Ending inventory is correct, but a purchase on account was not recorded. (Assume this purchase of $850 was recorded in the following year.) Indicate the...
E8.7 (LO 3) (Inventory Errors—Periodic) Salamander Limited makes the following errors during the current year. Each...
E8.7 (LO 3) (Inventory Errors—Periodic) Salamander Limited makes the following errors during the current year. Each error is an independent case. 1. Ending inventory is overstated by $1,020, but purchases are recorded correctly. 2. Both ending inventory and a purchase on account are understated by the same amount. (Assume this purchase of $1,500 was recorded in the following year.) 3. Ending inventory is correct, but a purchase on account was not recorded. (Assume this purchase of $850 was recorded in...
Chiang Ltd. is a manufacturing company based in Fredericton, New Brunswick. During the current year, Chiang’s staff made a number of errors related to inventory, which follow.
Chiang Ltd. is a manufacturing company based in Fredericton, New Brunswick. During the current year, Chiang’s staff made a number of errors related to inventory, which follow.1.Raw materials that were in transit at year end were excluded from inventory. The goods had been purchased FOB shipping point. The transaction has not been recorded.2.Some goods were damaged after a leak in the warehouse, but were not written down to their NRV (which was lower than their cost).3.Goods held on consignment for...
accountant for Susan company made the following areas related to inventory in 20 The accountant for...
accountant for Susan company made the following areas related
to inventory in 20
The accountant for Suzanne Company made the following errors related to inventory in 2017 1. The beginning inventory for 2017 was overstated by $1,375 due to an error in the physical count. 2. A $1,650 purchase of merchandise on credit in 2017 was not recorded or included in the ending inventory Assuming a periodic inventory system, how would Sue's costs of goods sold, gross profit, and net...
Merchandise inventory at the end of the year was understated. Which of the following statements correctly...
Merchandise inventory at the end of the year was understated. Which of the following statements correctly states the effect of the error? Net income is understated Net income is overstated Cost of merchandise sold is understated Merchandise inventory reported on the balance sheet is overstated
Teal Tool Company's December 31 year-end financial statements contained the following errors. December 31, 2020 December...
Teal Tool Company's December 31 year-end financial statements contained the following errors. December 31, 2020 December 31, 2021 $10,100 understated $7,700 overstated Ending inventory Depreciation expense $2,400 understated An insurance premium of $68,100 was prepaid in 2020 covering the years 2020, 2021, and 2022. The entire amount was charged to expense in 2020. In addition, on December 31, 2021, fully depreciated machinery was sold for $13,900 cash, but the entry was not recorded until 2022. There were no other errors...
Given the following Ending Inventory errors for the Portland Company: Ending Inventory Error Year Overstated $30 2020 Understated $40 2021 Indicate the error in the following items: Select one: a. 2022 Net Income 12/31/21 Retained Earnings Understated $10 No error b. 2022 Net Income 12/31/21 Retained Earnings Overstated $10 No error C. 2022 Net Income 12/31/21 Retained Earnings Understated $40 Understated $40 d. 2022 Net Income 12/31/21 Retained Earnings Overstated $40 Understated $40 e. 2022 Net Income 12/31/21 Retained Earnings...
Ayayai Limited makes the following errors during the current year. Each error is an independent case. 1. Ending inventory is overstated by $1,020, but purchases are recorded correctly. 2. Both ending inventory and a purchase on account are understated by the same amount. (Assume this purchase of $1,500 was recorded in the following year.) 3. Ending inventory is correct, but a purchase on account was not recorded. (Assume this purchase of $850 was recorded in the following year.) Indicate the...
accountant for Susan company made the following areas related
to inventory in 20
The accountant for Suzanne Company made the following errors related to inventory in 2017 1. The beginning inventory for 2017 was overstated by $1,375 due to an error in the physical count. 2. A $1,650 purchase of merchandise on credit in 2017 was not recorded or included in the ending inventory Assuming a periodic inventory system, how would Sue's costs of goods sold, gross profit, and net...
Merchandise inventory at the end of the year was understated. Which of the following statements correctly states the effect of the error? Net income is understated Net income is overstated Cost of merchandise sold is understated Merchandise inventory reported on the balance sheet is overstated
Teal Tool Company's December 31 year-end financial statements contained the following errors. December 31, 2020 December 31, 2021 $10,100 understated $7,700 overstated Ending inventory Depreciation expense $2,400 understated An insurance premium of $68,100 was prepaid in 2020 covering the years 2020, 2021, and 2022. The entire amount was charged to expense in 2020. In addition, on December 31, 2021, fully depreciated machinery was sold for $13,900 cash, but the entry was not recorded until 2022. There were no other errors...
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