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Homework: Week 4 - Chapter 06 prob en on Next Question Save score: 0 of 1...
Please complete all of P6-31A OFT LUN! Learning Objectives 5, 6 2. 2017, overstated $7,000 P...
Please complete all of P6-31A
OFT LUN! Learning Objectives 5, 6 2. 2017, overstated $7,000 P 6-31A Correcting inventory errors over a three-year period and computing inventory turnover and days' sales in inventory Lake Air Carpets's books show the following data. In early 2018, auditors found the ending merchandise inventory for 2015 was understated by $6,000 and that the ending merchandise inventory for 2017 was overstated by $7,000. The ending merchandise inventory at December 31, 2016, was correct. 2015 2017...
Homework: Week 4 - Chapter 06 problems Save Score: 0 of 1 pt 4 of 6...
Homework: Week 4 - Chapter 06 problems Save Score: 0 of 1 pt 4 of 6 (0 complete) HW Score: 0%, 0 of 6 p P6-32A (similar to) Question Help Tomorrows Electronic Center began July with 90 units of merchandise inventory that cost $60 each. During July, the store made the following purchases: EEB (Click the icon to view the purchases.) Tomorrows uses the periodic inventory system, and the physical count at July 31 indicates that 140 units of merchandise...
Learning Objectives 5, 6 P6-31A Correcting inventory errors over a three-year period and computing inventory turnover...
Learning Objectives 5, 6 P6-31A Correcting inventory errors over a three-year period and computing inventory turnover and days' sales in inventory Empire State Carpets's books show the following data. In early 2020, auditors found that the ending merchandise inventory for 2017 was understated by $8,000 and that the ending merchandise inventory for 2019 was overstated by $9,000. The ending mer chandise inventory at December 31, 2018, was correct. 2. 2019, overstated $9,000 2019 2018 2017 Net Sales Revenue Cost of...
Solve the Average Merchandise Inventory and Inventory Turnover for 2017, 2018, and 2019. 2018 $ 2017...
Solve the Average Merchandise Inventory and Inventory Turnover
for 2017, 2018, and 2019.
2018 $ 2017 $ $ 214,000 166,000 177,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale $ $ 26,000 140,000 $ 31,000 106,000 47,000 92,000 166,000 35,000 137,000 26,000 139,000 31,000 Less: Ending Merchandise Inventory Cost of Goods Sold 131,000 111,000 108,000 Gross Profit Operating Expenses 83,000 57,000 26,000 55,000 30,000 25,000 69,000 30,000 39,000...
Question 2 Determine the effect on cost of goods sold, total assets, and gross margin for...
Question 2 Determine the effect on cost of goods sold, total assets, and gross margin for 2015 and 2016 if the following inventory errors are not corrected. Indicate your answer with (+) for overstated, (-) for understated, and (0) for no effect. Beginning inventory for 2015 is understated. Ending inventory for 2015 is understated. Cost of Goods Sold Effect in 2015 on Total Assets Gross Margin Cost of Goods Sold Gross Margin Effect in 2016 on Total Assets
Partial income statements for Sherwood Company summarized for a four-year period show the following: Net Sales...
Partial income statements for Sherwood Company summarized for a four-year period show the following: Net Sales Cost of Goods Sold Gross Profit 2015 $1,500,000 1,125,000 $ 375,000 2016 $1,900,000 1,406,000 $ 494,000 2017 $2,000,000 1,520,000 $ 480,000 2018 $2,500,000 1,875,000 $ 625,000 An audit revealed that in determining these amounts, the ending inventory for 2016 was overstated by $15,000 on December 31, 2017, was accurately stated. The company uses a periodic inventory system. Required: 1. Restate the partial income statements...
please don't answer in handwritten * Question 5 The records of Blossom Company show the following amounts in its Decembe...
please don't answer in handwritten
* Question 5 The records of Blossom Company show the following amounts in its December 31 financial statements: Total assets Owner's equity Cost of goods sold Profit 2017 $975,000 780,000 550,000 92,000 2016 $950,000 730,000 550,000 80,000 2015 $850,000 650,000 515,000 72,000 Blossom Company made the following errors in determining its ending inventory: 1. The ending inventory account balance at December 31, 2015, included $22,000 of goods held on consignment for Sunland Company. 2. The...
Cage Trading Inc. counted $2,000 of inventory twice during its December 31, 2016 physical inventory count....
Cage Trading Inc. counted $2,000 of inventory twice during its December 31, 2016 physical inventory count. Its December 31, 2017 inventory amount is correct. As a result of this error, 2016 ending inventory is overstated by $2,000. 2016 income is understated by $2,000. 2017 income is overstated by $2,000. 2017 cost of goods sold is understated by $2,000. Question 4 2 pts Kemp Clothing has cost of goods sold of $14,000 with beginning and ending inventories of $4.000 and $2,000....
An audit revealed that in determining these amounts, the ending inventory for 2016 was overstated by...
An audit revealed that in determining these amounts, the ending
inventory for 2016 was overstated by $22,000. The inventory balance
on December 31, 2017, was accurately stated. The company uses a
periodic inventory system.
Required:
1. Restate the partial income statements to
reflect the correct amounts, after fixing the inventory error.
2-a. Compute the gross profit percentage for
each year (a) before the correction and (b) after
the correction.
2-b. Does the pattern of gross profit
percentages lend confidence to...
that is everything it has given me. Save Chrystina Hjelm & | 02/21/20 1:44 PM Homework:...
that is everything it has given me.
Save Chrystina Hjelm & | 02/21/20 1:44 PM Homework: 4.5 - Homework: My AccountingLab Homework 4 Score: 0 of 7 pts 13 of 15 (13 complete) HW Score: 81.9%, 81.9 of 100 pts S6-9 (similar to) Question Help Van Dyke Pool Supplies's merchandise inventory data for the year ended December 31, 2019. follow ::: (Click the icon to view the inventory data.) Read the requirements Requirement 1. Assume that the ending merchandise inventory...
Please complete all of P6-31A
OFT LUN! Learning Objectives 5, 6 2. 2017, overstated $7,000 P 6-31A Correcting inventory errors over a three-year period and computing inventory turnover and days' sales in inventory Lake Air Carpets's books show the following data. In early 2018, auditors found the ending merchandise inventory for 2015 was understated by $6,000 and that the ending merchandise inventory for 2017 was overstated by $7,000. The ending merchandise inventory at December 31, 2016, was correct. 2015 2017...
Homework: Week 4 - Chapter 06 problems Save Score: 0 of 1 pt 4 of 6 (0 complete) HW Score: 0%, 0 of 6 p P6-32A (similar to) Question Help Tomorrows Electronic Center began July with 90 units of merchandise inventory that cost $60 each. During July, the store made the following purchases: EEB (Click the icon to view the purchases.) Tomorrows uses the periodic inventory system, and the physical count at July 31 indicates that 140 units of merchandise...
Learning Objectives 5, 6 P6-31A Correcting inventory errors over a three-year period and computing inventory turnover and days' sales in inventory Empire State Carpets's books show the following data. In early 2020, auditors found that the ending merchandise inventory for 2017 was understated by $8,000 and that the ending merchandise inventory for 2019 was overstated by $9,000. The ending mer chandise inventory at December 31, 2018, was correct. 2. 2019, overstated $9,000 2019 2018 2017 Net Sales Revenue Cost of...
Solve the Average Merchandise Inventory and Inventory Turnover
for 2017, 2018, and 2019.
2018 $ 2017 $ $ 214,000 166,000 177,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale $ $ 26,000 140,000 $ 31,000 106,000 47,000 92,000 166,000 35,000 137,000 26,000 139,000 31,000 Less: Ending Merchandise Inventory Cost of Goods Sold 131,000 111,000 108,000 Gross Profit Operating Expenses 83,000 57,000 26,000 55,000 30,000 25,000 69,000 30,000 39,000...
Question 2 Determine the effect on cost of goods sold, total assets, and gross margin for 2015 and 2016 if the following inventory errors are not corrected. Indicate your answer with (+) for overstated, (-) for understated, and (0) for no effect. Beginning inventory for 2015 is understated. Ending inventory for 2015 is understated. Cost of Goods Sold Effect in 2015 on Total Assets Gross Margin Cost of Goods Sold Gross Margin Effect in 2016 on Total Assets
Partial income statements for Sherwood Company summarized for a four-year period show the following: Net Sales Cost of Goods Sold Gross Profit 2015 $1,500,000 1,125,000 $ 375,000 2016 $1,900,000 1,406,000 $ 494,000 2017 $2,000,000 1,520,000 $ 480,000 2018 $2,500,000 1,875,000 $ 625,000 An audit revealed that in determining these amounts, the ending inventory for 2016 was overstated by $15,000 on December 31, 2017, was accurately stated. The company uses a periodic inventory system. Required: 1. Restate the partial income statements...
please don't answer in handwritten
* Question 5 The records of Blossom Company show the following amounts in its December 31 financial statements: Total assets Owner's equity Cost of goods sold Profit 2017 $975,000 780,000 550,000 92,000 2016 $950,000 730,000 550,000 80,000 2015 $850,000 650,000 515,000 72,000 Blossom Company made the following errors in determining its ending inventory: 1. The ending inventory account balance at December 31, 2015, included $22,000 of goods held on consignment for Sunland Company. 2. The...
Cage Trading Inc. counted $2,000 of inventory twice during its December 31, 2016 physical inventory count. Its December 31, 2017 inventory amount is correct. As a result of this error, 2016 ending inventory is overstated by $2,000. 2016 income is understated by $2,000. 2017 income is overstated by $2,000. 2017 cost of goods sold is understated by $2,000. Question 4 2 pts Kemp Clothing has cost of goods sold of $14,000 with beginning and ending inventories of $4.000 and $2,000....
An audit revealed that in determining these amounts, the ending
inventory for 2016 was overstated by $22,000. The inventory balance
on December 31, 2017, was accurately stated. The company uses a
periodic inventory system.
Required:
1. Restate the partial income statements to
reflect the correct amounts, after fixing the inventory error.
2-a. Compute the gross profit percentage for
each year (a) before the correction and (b) after
the correction.
2-b. Does the pattern of gross profit
percentages lend confidence to...
that is everything it has given me.
Save Chrystina Hjelm & | 02/21/20 1:44 PM Homework: 4.5 - Homework: My AccountingLab Homework 4 Score: 0 of 7 pts 13 of 15 (13 complete) HW Score: 81.9%, 81.9 of 100 pts S6-9 (similar to) Question Help Van Dyke Pool Supplies's merchandise inventory data for the year ended December 31, 2019. follow ::: (Click the icon to view the inventory data.) Read the requirements Requirement 1. Assume that the ending merchandise inventory...
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