Homework Answers
| Cost of goods sold as reported | 1415500 |
| Overstatement of 12/31/16 inventory | -104540 |
| Overstatement of 12/31/17 inventory | 36030 |
| Corrected cost of goods sold | 1346990 |
| Retained earnings as reported | 4895000 |
| Overstatement of 12/31/17 inventory | -36030 |
| Corrected 12/31/17 retained earnings | 4858970 |
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Bramble Enterprises reported cost of goods sold for 2017 of $1,415,500 and retained earnings of $4,895,000...
Bienvenu Enterprises reported cost of goods sold for 2017 of $1,400,000 and retained earnings of $5,200,000...
Bienvenu Enterprises reported cost of goods sold for 2017 of $1,400,000 and retained earnings of $5,200,000 at December 31, 2017. Bienvenu later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $110,000 and $35,000, respectively. Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings.
Brief Exercise 8-10 Indigo Enterprises reported cost of goods sold for 2017 of $1,338,800 and retained...
Brief Exercise 8-10
Indigo Enterprises reported cost of goods sold for 2017 of
$1,338,800 and retained earnings of $5,268,500 at December 31,
2017. Indigo later discovered that its ending inventories at
December 31, 2016 and 2017, were overstated by $114,680 and
$34,830, respectively.
Determine the corrected amounts for 2017 cost of goods sold and
December 31, 2017, retained earnings.
Corrected cost of goods sold
$
Corrected 12/31/17 retained earnings
$
* Brief Exercise 8-10 Carla Enterprises reported cost of goods sold for 2017 of $1,338,800 and...
* Brief Exercise 8-10 Carla Enterprises reported cost of goods sold for 2017 of $1,338,800 and retained earnings of $5,268,500 at December 31, 2017. Carla later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $114,680 and $34,830, respectively. Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings. Corrected cost of goods sold Corrected 12/31/17 retained earnings a
Waterway Enterprises reported cost of goods sold for 2020 of $1,385,600 and retained earnings of $5,415,900...
Waterway Enterprises reported cost of goods sold for 2020 of $1,385,600 and retained earnings of $5,415,900 at December 31, 2020. Waterway later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $103,320 and $38,040, respectively. Determine the corrected amounts for 2020 cost of goods sold and December 31, 2020, retained earnings Corrected cost of goods sold Corrected 12/31/20 retained earnings
Windsor Enterprises reported cost of goods sold for 2020 of $1,298,600 and retained earnings of $4,941,400...
Windsor Enterprises reported cost of goods sold for 2020 of $1,298,600 and retained earnings of $4,941,400 at December 31, 2020. Windsor later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $119,050 and $32,440, respectively. Determine the corrected amounts for 2020 cost of goods sold and December 31, 2020, retained earnings. Corrected cost of goods sold..........................$__________ Corrected 12/31/20 retained earnings............$____________
Sheridan Enterprises reported cost of goods sold for 2020 of $1,322,900 and retained earnings of $4,854,000...
Sheridan Enterprises reported cost of goods sold for 2020 of $1,322,900 and retained earnings of $4,854,000 at December 31, 2020. Sheridan later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $106,470 and $36,820, respectively. Determine the corrected amounts for 2020 cost of goods sold and December 31, 2020, retained earnings. Corrected cost of goods sold $enter a dollar amount Corrected 12/31/20 retained earnings $enter a dollar amount
Bramble Corp. reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost...
Bramble Corp. reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold 2022 $ 28,810 174,650 203,460 38,450 $165,010 2021 $ 21,540 151,520 173,060 28.810 $144,250 Bramble Corp. made two errors: 1. 2. 2021 ending inventory was overstated by $1,860. 2022 ending inventory was understated by $5,490. Compute the correct cost of goods sold for each year. 2021 2022 The correct cost of goods...
During 2017, Rand Inc. discovered that the ending inventories reported on its financial statements were incorrect...
During 2017, Rand Inc. discovered that the ending inventories reported on its financial statements were incorrect by the following amounts: 2016 $40,000 understated 2017 $50,000 overstated Rand uses the periodic inventory system to ascertain year-end quantities that are converted to dollar amounts using the FIFO cost method. Assume that there weren’t any adjustments made for the 2016 understatement and the 2017 overstate, ignoring income taxes, what would be the amount of the overstatement or understatement in retained earnings at January...
Brief Exercise 8-16 Bramble Enterprises Ltd's records reported an inventory cost of $55,800 and a net...
Brief Exercise 8-16 Bramble Enterprises Ltd's records reported an inventory cost of $55,800 and a net realizable value of $52,200 at December 31, 2015. At December 31, 2016, the records indicated a cost of $71,500 and a net realizable value of $61,400. All opening inventory had been sold during the year. Assuming that Bramble Enterprises uses a perpetual inventory system, prepare the necessary December 31, 2016 entry under the direct method and the indirect method. (Credit account titles are automatically...
At January 1, 2017, Headland Company reported retained earnings of $1,941,000. In 2017, Headland discovered that...
At January 1, 2017, Headland Company reported retained earnings
of $1,941,000. In 2017, Headland discovered that 2016 depreciation
expense was understated by $365,000. In 2017, net income was
$967,000 and dividends declared were $225,000. The tax rate is
35%.
Prepare a 2017 retained earnings statement for Headland
Company.
HEADLAND COMPANY
Retained Earnings Statement
December 31, 2017For the Year Ended December 31, 2017For the
Quarter Ended December 31, 2017
Correction of Depreciation ErrorDividendsNet IncomeRetained
Earnings, January 1Retained Earnings, January 1, as...
Brief Exercise 8-10
Indigo Enterprises reported cost of goods sold for 2017 of
$1,338,800 and retained earnings of $5,268,500 at December 31,
2017. Indigo later discovered that its ending inventories at
December 31, 2016 and 2017, were overstated by $114,680 and
$34,830, respectively.
Determine the corrected amounts for 2017 cost of goods sold and
December 31, 2017, retained earnings.
Corrected cost of goods sold
$
Corrected 12/31/17 retained earnings
$
* Brief Exercise 8-10 Carla Enterprises reported cost of goods sold for 2017 of $1,338,800 and retained earnings of $5,268,500 at December 31, 2017. Carla later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $114,680 and $34,830, respectively. Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings. Corrected cost of goods sold Corrected 12/31/17 retained earnings a
Waterway Enterprises reported cost of goods sold for 2020 of $1,385,600 and retained earnings of $5,415,900 at December 31, 2020. Waterway later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $103,320 and $38,040, respectively. Determine the corrected amounts for 2020 cost of goods sold and December 31, 2020, retained earnings Corrected cost of goods sold Corrected 12/31/20 retained earnings
Bramble Corp. reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold 2022 $ 28,810 174,650 203,460 38,450 $165,010 2021 $ 21,540 151,520 173,060 28.810 $144,250 Bramble Corp. made two errors: 1. 2. 2021 ending inventory was overstated by $1,860. 2022 ending inventory was understated by $5,490. Compute the correct cost of goods sold for each year. 2021 2022 The correct cost of goods...
Brief Exercise 8-16 Bramble Enterprises Ltd's records reported an inventory cost of $55,800 and a net realizable value of $52,200 at December 31, 2015. At December 31, 2016, the records indicated a cost of $71,500 and a net realizable value of $61,400. All opening inventory had been sold during the year. Assuming that Bramble Enterprises uses a perpetual inventory system, prepare the necessary December 31, 2016 entry under the direct method and the indirect method. (Credit account titles are automatically...
At January 1, 2017, Headland Company reported retained earnings
of $1,941,000. In 2017, Headland discovered that 2016 depreciation
expense was understated by $365,000. In 2017, net income was
$967,000 and dividends declared were $225,000. The tax rate is
35%.
Prepare a 2017 retained earnings statement for Headland
Company.
HEADLAND COMPANY
Retained Earnings Statement
December 31, 2017For the Year Ended December 31, 2017For the
Quarter Ended December 31, 2017
Correction of Depreciation ErrorDividendsNet IncomeRetained
Earnings, January 1Retained Earnings, January 1, as...
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