Homework Answers
Answer:
| A) Cost of Goods Sold: | Year-1 | Year-2 | Year-3 | |
| Reported Amount | $734,000 | $964,000 | $799,000 | 2,497,000 |
| Adjustments for | ||||
| December year-1 error | -$59,000 | $59,000 | ||
| December Year-2 error | $29,000 | -$29,000 | ||
| Corrected Amount | $675,000 | $1,052,000 | $770,000 | 2,497,000 |
| B) Net Income | Year-1 | Year-2 | Year-3 | |
| Reported Amount | $277,000 | $284,000 | $259,000 | 820,000 |
| Adjustments for | ||||
| December Year-1 error | $59,000 | -$59,000 | ||
| December Year-2 error | -$29,000 | $29,000 | ||
| Corrected Amount | $336,000 | $196,000 | $288,000 | 820,000 |
| C) Total Current Assets: | Year-1 | Year-2 | Year-3 | |
| Reported Amount | $1,256,000 | $1,369,000 | $1,239,000 | 3,864,000 |
| Adjustments for | ||||
| December Year-1 error | $59,000 | |||
| December Year-2 error | -$29,000 | |||
| Corrected Amount | $1,315,000 | $1,340,000 | $1,239,000 | 3,894,000 |
| D) Total Equity | Year-1 | Year-2 | Year-3 | |
| Reported Amount | $1,396,000 | $1,589,000 | $1,254,000 | 4,239,000 |
| Adjustments for | ||||
| December Year-1 error | $59,000 | |||
| December Year-2 error | -$29,000 | |||
| Corrected Amount | $1,455,000 | $1,560,000 | $1,254,000 | 4,269,000 |
| There is no change in the combined net income of 3 years as can be seen from calculation B. |
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Navajo Company's financial statements show the following. The company recently discovered that in making physical counts...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory is understated by $63,000, and Year 2 ending inventory is overstated by $33,000. $ $ For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Year 1 738,000 281,000 1,260,000 1,400,000 Year 2 Year 3 968,000 $ 803,000 288,000 263,000 1,373,000 1,243,000...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory is understated by $51,000, and Year 2 ending inventory is overstated by $21,000. $ $ $ For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Year 1 726,000 269,000 1,248,000 1,388,000 Year 2 956,000 276,000 1,361,000 1,581,000 Year 3 791,000 251,000...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Inventory on December 31, 2017, is understated by $52,000, and inventory on December 31, 2018, is overstated by $22,000. For Year Ended December 31 (a) Cost of goods sold (b) Net income Total current assets (d) Total equity 2017 $ 727,000 270,000 1,249,000 1,389,000 2018 $ 957,000 277,000 1,362,000 1,582,000 2019 $ 792,000 252,000 1,232,000 1,247,000...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory, is understated by $56,000 and Year 2 ending inventory, is overstated by $20,000. $ $ $ For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Year 1 615,000 230,000 1,255,000 1,387,000 Year 2 957,000 285,000 1,365,000 1,530,000 Year 3 780,000 241,000...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Inventory on December 31, 2017, is understated by $51,000, and inventory on December 31, 2018, is overstated by $21,000. For Year Ended December 31 2017 2018 2019 Cost of (a) goods $ 726,000 $ 956,000 $ 791,000 sold Net 269,000 276,000 251,000 Total (c) current 1,248,000 1,361,000 1,231,000 assets (a) equity 1,388,000 1,581,000 1,246,000 (b) income...
Chapter 05 Homework Saved Navajo Company's financial statements show the following. The company recently discovered that...
Chapter 05 Homework Saved Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Inventory on December 31, 2017, is understated by $58,000, and inventory on December 31, 2018, is overstated by $28,000. points For Year Ended December 31 (a) Cost of goods sold (b) Net income (C) Total current assets (d) Total equity 2017 $ 733,000 276,000 1,255,000 1,395,000 2018 $ 963,000 283,000 1,368,000 1,588,000...
Navajo Company’s financial statements show the following. The company recently discovered that in making physical counts...
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Navajo Company’s financial statements show the following. The company recently discovered that in making physical counts...
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#7 chapter 5Navajo Company’s financial statements show the following. The company recently discovered that in making...
#7 chapter 5Navajo Company’s financial statements show
the following. The company recently discovered that in making
physical counts of inventory, it had made the following errors:
Year 1 ending inventory is understated by $54,000, and Year 2
ending inventory is overstated by $24,000.
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory is understated by $54,000, and Year 2 ending inventory...
PLEASE ANSWER ACCORDING TO THE RESPECTIVE TABLES; {THE BLUE HIGHLIGHT AREAS AROUND EACH UNIT} Navajo Company's...
PLEASE ANSWER ACCORDING
TO THE RESPECTIVE TABLES; {THE BLUE HIGHLIGHT AREAS AROUND EACH
UNIT}
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory is understated by $61,000, and Year 2 ending inventory is overstated by $31,000. $ $ $ For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Year 1...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory is understated by $63,000, and Year 2 ending inventory is overstated by $33,000. $ $ For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Year 1 738,000 281,000 1,260,000 1,400,000 Year 2 Year 3 968,000 $ 803,000 288,000 263,000 1,373,000 1,243,000...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory is understated by $51,000, and Year 2 ending inventory is overstated by $21,000. $ $ $ For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Year 1 726,000 269,000 1,248,000 1,388,000 Year 2 956,000 276,000 1,361,000 1,581,000 Year 3 791,000 251,000...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Inventory on December 31, 2017, is understated by $52,000, and inventory on December 31, 2018, is overstated by $22,000. For Year Ended December 31 (a) Cost of goods sold (b) Net income Total current assets (d) Total equity 2017 $ 727,000 270,000 1,249,000 1,389,000 2018 $ 957,000 277,000 1,362,000 1,582,000 2019 $ 792,000 252,000 1,232,000 1,247,000...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory, is understated by $56,000 and Year 2 ending inventory, is overstated by $20,000. $ $ $ For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Year 1 615,000 230,000 1,255,000 1,387,000 Year 2 957,000 285,000 1,365,000 1,530,000 Year 3 780,000 241,000...
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Inventory on December 31, 2017, is understated by $51,000, and inventory on December 31, 2018, is overstated by $21,000. For Year Ended December 31 2017 2018 2019 Cost of (a) goods $ 726,000 $ 956,000 $ 791,000 sold Net 269,000 276,000 251,000 Total (c) current 1,248,000 1,361,000 1,231,000 assets (a) equity 1,388,000 1,581,000 1,246,000 (b) income...
Chapter 05 Homework Saved Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Inventory on December 31, 2017, is understated by $58,000, and inventory on December 31, 2018, is overstated by $28,000. points For Year Ended December 31 (a) Cost of goods sold (b) Net income (C) Total current assets (d) Total equity 2017 $ 733,000 276,000 1,255,000 1,395,000 2018 $ 963,000 283,000 1,368,000 1,588,000...
#7 chapter 5Navajo Company’s financial statements show
the following. The company recently discovered that in making
physical counts of inventory, it had made the following errors:
Year 1 ending inventory is understated by $54,000, and Year 2
ending inventory is overstated by $24,000.
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory is understated by $54,000, and Year 2 ending inventory...
PLEASE ANSWER ACCORDING
TO THE RESPECTIVE TABLES; {THE BLUE HIGHLIGHT AREAS AROUND EACH
UNIT}
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory is understated by $61,000, and Year 2 ending inventory is overstated by $31,000. $ $ $ For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Year 1...
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