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.
Homework Answers
Add Answer to:
Bienvenu Enterprises reported cost of goods sold for 2017 of
$1,400,000 and retained earnings of $5,200,000...
Bramble Enterprises reported cost of goods sold for 2017 of $1,415,500 and retained earnings of $4,895,000...
Bramble Enterprises reported cost of goods sold for 2017 of $1,415,500 and retained earnings of $4,895,000 at December 31, 2017, Bramble later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $104,540 and $36,030, 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 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
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...
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...
At January 1, 2017, Indigo Company reported retained earnings of $2,149,000. In 2017, Indigo discovered that...
At January 1, 2017, Indigo Company reported retained earnings of
$2,149,000. In 2017, Indigo discovered that 2016 depreciation
expense was understated by $383,000. In 2017, net income was
$948,000 and dividends declared were $256,000. The tax rate is
35%.
Prepare a 2017 retained earnings statement for Indigo
Company.
INDIGO 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...
Comparative Statements of Retained Earnings for Renn-Dever Corporation were reported as follows for the fiscal years...
Comparative Statements of Retained Earnings for Renn-Dever Corporation were reported as follows for the fiscal years ending December 31, 2016, 2017, and 2018. RENN-DEVER CORPORATION Statements of Retained Earnings for the Years Ended December 31 2018 2017 2016 Balance at beginning of year $6,794,292 $5,464,052 $5,624,552 Net income (loss) 3,308,700 2,240,900 (160,500) Deductions Stock dividend (34,900 shares) 242,000 Common shares retired, September 30 (110,000 shares) 212,660 Common stock cash dividends 889,950 698,000 Balance at end of year $8,971, 042 $6,794,292...
Bramble Enterprises reported cost of goods sold for 2017 of $1,415,500 and retained earnings of $4,895,000 at December 31, 2017, Bramble later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $104,540 and $36,030, 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
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
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...
At January 1, 2017, Indigo Company reported retained earnings of
$2,149,000. In 2017, Indigo discovered that 2016 depreciation
expense was understated by $383,000. In 2017, net income was
$948,000 and dividends declared were $256,000. The tax rate is
35%.
Prepare a 2017 retained earnings statement for Indigo
Company.
INDIGO 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...
Comparative Statements of Retained Earnings for Renn-Dever Corporation were reported as follows for the fiscal years ending December 31, 2016, 2017, and 2018. RENN-DEVER CORPORATION Statements of Retained Earnings for the Years Ended December 31 2018 2017 2016 Balance at beginning of year $6,794,292 $5,464,052 $5,624,552 Net income (loss) 3,308,700 2,240,900 (160,500) Deductions Stock dividend (34,900 shares) 242,000 Common shares retired, September 30 (110,000 shares) 212,660 Common stock cash dividends 889,950 698,000 Balance at end of year $8,971, 042 $6,794,292...
Most questions answered within 3 hours.
-
1- What are 5 general characteristics of Botticelli’s
paintings?
2- Describe 5 important traits of Flemish...
asked 41 seconds from now -
A golfer claims that his average golf score at the course he
plays regularly is less...
asked 13 minutes ago -
On May 1, First Bank perfected a security interest in Debtor’s
inventory. On June 1, Bob...
asked 55 minutes ago -
A new kind of typhoid shot is being developed by a medical
research team. The old...
asked 2 hours ago -
Write a chemical equation for these reactions. (Use
the lowest possible whole number coefficients.) Include
states-of-matter...
asked 4 hours ago -
For each of the Z-scores below, determine two probabilities
(show four three decimal places): (1) the...
asked 4 hours ago -
Oxidative phosphorylation is achieved through chemiosmotic
coupling, which turns chemical energy into osmotic potential energy
that...
asked 7 hours ago -
Hollywood Shoes would like to maintain their cash account at a
minimum level of $64,000, but...
asked 7 hours ago -
Proteins CtrA-P, DnaA, and GcrA behave similarly to what
molecule in the Eukaryotic Cell Cycle?
asked 7 hours ago -
TRUE OR FALSE
In case of a competitive tender procedure, in the request for
quotation, the...
asked 7 hours ago -
I am a little behind please provide some explanation, will
provide thumbs up.
This question considers...
asked 7 hours ago -
Let say the utility function as U(X,Y) = lnX + Y. Show that the
marginal rate...
asked 8 hours ago