Homework Answers
Answer of Part 2:
Incorrect Gross Profit = Gross Profit of 2022 + Gross Profit of
2021
Incorrect Gross Profit = $70,760 + $57,340
Incorrect Gross Profit = $128,100
Correct Gross Profit = Gross Profit of 2022 + Gross Profit of
2021
Correct Gross Profit = $75,640 + $52,460
Correct Gross Profit = $128,100
Difference = Incorrect Gross Profit – Correct Gross Profit
Difference = $128,100 - $128,100
Difference = 0
Add Answer to:
Maria Company reported these income statement data for a 2-year period. Sales 2022 2021 $305,000 $256,200...
Sandra Company reported these income statement data for a 2-year period. 2022 2021 Sales $245,000 $205,800...
Sandra Company reported these income statement data for a 2-year period. 2022 2021 Sales $245,000 $205,800 Beginning inventory 39,200 29,400 197,960 169,540 Cost of goods purchased Cost of goods available for sale 237,160 198,940 Ending inventory 49,000 39,200 Cost of goods sold 188,160 159,740 Gross profit $56,840 $46,060 Sandra uses a periodic inventory system. The inventories at January 1, 2021 and December 31, 2022, are correct. However, the ending inventory at December 31, 2021 is overstated by $3,920. Prepare correct...
Angela Company reported these income statement data for a 2-year period. 2022 2021 $265,000 $222,600 Sales Beginning in...
Angela Company reported these income statement data for a 2-year period. 2022 2021 $265,000 $222,600 Sales Beginning inventory 42,400 31,800 Cost of goods purchased 214,120 183,380 Cost of goods available for sale 256,520 215,180 Ending inventory 53,000 42,400 Cost of goods sold 172,780 203,520 Gross profit $61,480 $49,820 Angela uses a periodic inventory system. The inventories at January 1, 2021 and December 31, 2022, are correct. However, the ending inventory at December 31, 2021 is overstated by $4,240. Prepare correct...
Blue Spruce Corp. reported these income statement data for a 2 year period 2022 2021 Sales...
Blue Spruce Corp. reported these income statement data for a 2 year period 2022 2021 Sales revenue Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross profit $256,300 $221.480 37.000 33.940 202.250 162.350 239.250 196.290 58.370 37.000 180.880 159.290 $75.420 $62.190 Blue Spruce Corp. uses a periodic inventory system. The inventories at January 1, 2021, and December 31, 2022, are correct. However, the ending inventory at December 31, 2021,...
Debra Company reported these income statement data for a 2-year period. 2022 2021 Sales $240,000 $201,600...
Debra Company reported these income statement data for a 2-year period. 2022 2021 Sales $240,000 $201,600 Beginning inventory 38,400 28,800 Cost of goods purchased 193,920 166,080 Cost of goods available for sale 232,320 194,880 Ending inventory 48,000 38,400 Cost of goods sold 184,320 156,480 Gross profit $55,680 $45,120 Debra uses a periodic inventory system. The inventories at January 1, 2021 and December 31, 2022, are correct. However, the ending inventory at December 31, 2021 is overstated by $3,840. Prepare correct...
Current Attempt in Progress Donna Company reported these income statement data for a 2-year period Sales...
Current Attempt in Progress Donna Company reported these income statement data for a 2-year period Sales 2022 $230,000 2021 $193.200 36.800 27.600 185 140 159 160 Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 222 640 186.760 46,000 36.800 Gross prota 176,640 553.360 149.960 $43.240 Donna uses a periodic inventory system. The inventorestuary 1, 2021 and December 31, 2022. are correct. Howeve tory at December 31, 2021 soverstated by $1650...
Rulix Watch Company reported the following income statement data for a 2-year period. 2018 2019 Sales...
Rulix Watch Company reported the following income statement
data for a 2-year period.
2018
2019
Sales revenue
$220,000
$250,000
Cost of goods sold
Beginning inventory
32,000
44,000
Cost of goods purchased
173,000
202,000
Cost of goods available for sale
205,000
246,000
Ending inventory
44,000
52,000
Cost of goods sold
161,000
194,000
Gross profit
$59,000
$56,000
Rulix Watch Company uses a periodic inventory system. The
inventories at January 1, 2018, and December 31, 2019, are correct.
However, the ending inventory at...
Splish Brothers Inc. reported the following income statement data for a 2-year period. 2018 2019 Sales...
Splish Brothers Inc. reported the following income statement data for a 2-year period. 2018 2019 Sales revenue $211,500 $257,000 Cost of goods sold Beginning inventory 35,000 44,000 Cost of goods purchased 192,500 216,000 Cost of goods available for sale 227,500 260,000 Ending inventory 44,000 54,500 Cost of goods sold 183,500 205,500 Gross profit $28,000 $51,500 Splish Brothers Inc. uses a periodic inventory system. The inventories at January 1, 2018, and December 31, 2019, are correct. However, the ending inventory at...
Exercise 6-12 Horner Watch Company reported the following income statement data for a 2-year period. 2013...
Exercise 6-12 Horner Watch Company reported the following income statement data for a 2-year period. 2013 2014 Sales revenue $211,760 $250,470 Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory 34,510 173,520 208,030 44,100 163,930 44,100 217,220 261,320 52,830 208,490 $47,830$41,980 Cost of goods sold Gross profit Horner uses a periodic inventory system. The inventories at January 1, 2013, and December 31, 2014, are correct. However, the ending inventory at December...
What is the cumulative effect of the inventory error on total gross profit for the 2...
What is the cumulative effect of the inventory error on total gross profit for the 2 years? (If answer is zero please enter 0, do not leave any field blank.) Total gross profit for the two years $ Sandra Company reported these income statement data for a 2-year period. 2022 2021 Sales $245,000 $205,800 Beginning inventory 39,200 29,400 Cost of goods purchased 197,960 169,540 Cost of goods available for sale 237,160 198,940 Ending inventory 49,000 39,200 Cost of goods sold...
Hull Company reported the following income statement information for the current year: Sales $ 416,000 Cost...
Hull Company reported the following income statement information for the current year: Sales $ 416,000 Cost of goods sold: Beginning inventory $ 141,000 Cost of goods purchased 279,000 Cost of goods available for sale 420,000 Ending inventory 150,000 Cost of goods sold 270,000 Gross profit $ 146,000 The beginning inventory balance is correct. However, the ending inventory figure was overstated by $26,000. Given this information, the correct gross profit would be:
Sandra Company reported these income statement data for a 2-year period. 2022 2021 Sales $245,000 $205,800 Beginning inventory 39,200 29,400 197,960 169,540 Cost of goods purchased Cost of goods available for sale 237,160 198,940 Ending inventory 49,000 39,200 Cost of goods sold 188,160 159,740 Gross profit $56,840 $46,060 Sandra uses a periodic inventory system. The inventories at January 1, 2021 and December 31, 2022, are correct. However, the ending inventory at December 31, 2021 is overstated by $3,920. Prepare correct...
Angela Company reported these income statement data for a 2-year period. 2022 2021 $265,000 $222,600 Sales Beginning inventory 42,400 31,800 Cost of goods purchased 214,120 183,380 Cost of goods available for sale 256,520 215,180 Ending inventory 53,000 42,400 Cost of goods sold 172,780 203,520 Gross profit $61,480 $49,820 Angela uses a periodic inventory system. The inventories at January 1, 2021 and December 31, 2022, are correct. However, the ending inventory at December 31, 2021 is overstated by $4,240. Prepare correct...
Blue Spruce Corp. reported these income statement data for a 2 year period 2022 2021 Sales revenue Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross profit $256,300 $221.480 37.000 33.940 202.250 162.350 239.250 196.290 58.370 37.000 180.880 159.290 $75.420 $62.190 Blue Spruce Corp. uses a periodic inventory system. The inventories at January 1, 2021, and December 31, 2022, are correct. However, the ending inventory at December 31, 2021,...
Current Attempt in Progress Donna Company reported these income statement data for a 2-year period Sales 2022 $230,000 2021 $193.200 36.800 27.600 185 140 159 160 Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 222 640 186.760 46,000 36.800 Gross prota 176,640 553.360 149.960 $43.240 Donna uses a periodic inventory system. The inventorestuary 1, 2021 and December 31, 2022. are correct. Howeve tory at December 31, 2021 soverstated by $1650...
Rulix Watch Company reported the following income statement
data for a 2-year period.
2018
2019
Sales revenue
$220,000
$250,000
Cost of goods sold
Beginning inventory
32,000
44,000
Cost of goods purchased
173,000
202,000
Cost of goods available for sale
205,000
246,000
Ending inventory
44,000
52,000
Cost of goods sold
161,000
194,000
Gross profit
$59,000
$56,000
Rulix Watch Company uses a periodic inventory system. The
inventories at January 1, 2018, and December 31, 2019, are correct.
However, the ending inventory at...
Exercise 6-12 Horner Watch Company reported the following income statement data for a 2-year period. 2013 2014 Sales revenue $211,760 $250,470 Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory 34,510 173,520 208,030 44,100 163,930 44,100 217,220 261,320 52,830 208,490 $47,830$41,980 Cost of goods sold Gross profit Horner uses a periodic inventory system. The inventories at January 1, 2013, and December 31, 2014, are correct. However, the ending inventory at December...
What is the cumulative effect of the inventory error on total gross profit for the 2 years? (If answer is zero please enter 0, do not leave any field blank.) Total gross profit for the two years $ Sandra Company reported these income statement data for a 2-year period. 2022 2021 Sales $245,000 $205,800 Beginning inventory 39,200 29,400 Cost of goods purchased 197,960 169,540 Cost of goods available for sale 237,160 198,940 Ending inventory 49,000 39,200 Cost of goods sold...
Most questions answered within 3 hours.
-
Although Epicurus advocates pursuing pleasure for the
good life, discuss a few reasons why he does...
asked 3 minutes ago -
Problem 1: Present entries to record the selected transactions
described below:
(a)
Issued $2,790,000 of 5-year,...
asked 9 minutes ago -
Using technology to support HR activities increases:
a.
the efficiency of the administrative HR functions.
b....
asked 10 minutes ago -
1. List the features used to classify leaf
types.
2. List some characteristics that are shared...
asked 15 minutes ago -
The three elements of Value Proposition, Key Customers, and
Capabilities operate within an environment. Which of...
asked 17 minutes ago -
Katelynn, a physician, earns $200,000 from her medical practice
in the current year. She receives $45,000...
asked 25 minutes ago -
Each row of the table below describes an aqueous solution at
25°C
.
The second column...
asked 29 minutes ago -
A horizontal wire is at y = 0. Current travels in the +x
direction. The magnetic...
asked 29 minutes ago -
Let X be a continuous random variable whose PDF is Let X be a
continuous random...
asked 51 minutes ago -
Martinez Company’s relevant range of production is 7,500 units
to 12,500 units. When it produces and...
asked 49 minutes ago -
A football with a mass of 1.2 kg is kicked from ground level to
a height...
asked 54 minutes ago -
Remember: Changes in supply determinants shift supply, and
changes in demand determinants shift demand. We say...
asked 53 minutes ago