a company reported net income as 58,000.opening inventory overstated by 9000 and ending inventory understated by 11000.what will be the corrected net income

Q: fill in the items below, indicating which items will be understated, overstated, or correctly stated

A: Given information is: Assume that in Year 1, the ending merchandise inventory is overstated by…

Q: The following information is presented for Bramble Corporation. The net income errors in ending…

A: Inventory management involves keeping track of the goods, components, and raw materials that a…

Q: A company's correct ending balance for the inventory account at the end of 2021 should be $5,000,…

A: Ending inventory of 2021 is understated by $2,000. This means beginning inventory of 2022 is also…

Q: Liche Company reported net income of $54,000 in 2022 and $80,000 in 2023. However, ending inventory…

A: Cost of goods sold = Beginning inventory + Purchases - Ending inventory. If the ending inventory is…

Q: Buster Corporation has the following items for the year ending December 31, 20XX. Retained earnings,…

A: Retained earnings: Every business earns net profit from which it can distribute to the investors or…

Q: Assuming that net purchases cost R250 000 during the year. The closing inventory was of R4 000, and…

A: Answer purchases cost =  R250 000 closing inventory = R4 000 Opening  inventory = R30,000

Q: The following information was available for Oriole Company at December 31, 2022: beginning inventory…

A: Inventory Turnover Ratio means the number of times the company has been providing a given product at…

Q: At the beginning of current year, Black Company changed the inventory cost flow method to FIFO from…

A: The increase in beginning inventory increases the cost of goods sold and increase in ending…

Q: Massi pharmacies, Inc. started operations on January 1 2X11. The company used the average cost…

A: First-in-First-Out (FIFO): In this method, items purchased initially are sold first. So, the value…

Q: In taking a physical inventory at the end of Year 1, Grant Company forgot to count certain units and…

A: Given information is:  At the end of Year 1, Grant Company forgot to count certain units and…

Q: A company incorrectly counted their inventory as of December 31, 2021, resulting in ending inventory…

A: Coat of goods sold = opening stock + Purchases - closing stock

Q: On December 31, 2018, Stevenson Company overstated ending inventory by $36,000. How does this error…

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

Q: During the year ended December 31, 2020, The Zuckerberg Company purchased inventory for $500 and…

A: Cost of Goods Sold :— Cost of goods sold is the total amount your business paid as a cost directly…

Q: Wakowski Company's ending inventory was actually $86,000 but was adjusted and recorded at year end…

A: It is important that we do not over/understate assets in the Statement of Financial Position. We…

Q: During 2021, Colombo Company changed its inventory costing method from FIFO to weighted average…

A: Inventory is one of the important current asset of the business. Regular management and valuation of…

Q: Bren Co.’s beginning inventory on January 1 was understated by $26,000, and its ending inventory on…

A:

Q: While examining the December 31, 2019 financial statements of Google Company, the following errors…

A: The cost of goods sold is calculated as COGS = beginning inventory + Purchases - Ending inventory

Q: Zhangs company reported cost of goods sold of 848,000 begining inventory of 39800 and ending…

A: Ratio analysis is a method of measuring the financial position of the organization with different…

Q: Inventory at December 31, 2021 was overstated by P 20,000. What would be the adjusting entry if the…

A: Journal entry - It refers to the process where the business transactions are recorded in the books…

Q: Which of the following is correct when, in the same year, beginning inventory is overstated by…

A: The net income is calculated as difference between sales and total costs. Gross profit = Sales -…

Q: In taking a physical inventory at the end of Year 1, Grant Company forgot to count certain units and…

A: Year 1 cost of goods sold Increase by $17,500 Year 1 net income Decrease by $17,500 Year 2 cost…

Q: A company has current assets that total $500,000, has a current ratio of 2.00, and uses the…

A: Current ratio is a short-term solvency measure. It represents short-term financial strength of the…

Q: The income statement of TINKER CORP. shows a net income of P175,000 for the year ended December 31,…

A: Solution: Unadjusted net income for the year ended Dec 31, 2014 = Adjusted net income for 2014 -…

Q: Massi pharmacies, Inc. started operations on January 1 2X11. The company used the average cost…

A:

Q: Vader Corporation made two errors in counting inventory: Ending inventory for 2019 was overstated by…

A: The beginning inventory of 2020 is overstated by $15,000. This will result in an understated net…

Q: The following information relates to a company's year-end inventory: Cost of inventory OMR 1880;…

A: Cost of Inventory = OMR1,880 Selling Price = OMR 2,000  Normal Profit margin = 10% of selling price…

Q: 1. While examining the December 31, 2014 financial statements of Dawn Company, you discover the…

A: Here in this question, we are required to calculate the correct net income. When calculating net…

Q: The ending merchandise inventory is overstated by $3,000. The effect on net income for the current…

A: Inventory value can be calculated by deducting the cost of goods sold from sales. Cost of goods sold…

Q: The following information was available for Metlock, Inc. at December 31, 2022: beginning inventory…

A: Formula:

Q: If Soda Popinski's Company's ending inventory was actually $86,000 but was adjusted at year end to a…

A: Cost of good sold = Opening inventory + Purchases + Direct expenses - Closing inventory.   So,…

Q: Estefan’s accounts showed a gross profit for the year of £27,200. After the accounts were prepared…

A: Gross Profit:  Gross margin is the amount of revenue earned from goods sold over the costs incurred…

Q: mile JungkookCompany reported the following balances at the end of each year: 2020 2019…

A: Solution Given   2020 2019 Inventory 2600000 2900000 Accounts payable 750000…

Q: The following information is presented for Marigold Corporation. The net income figures were…

A: Rectification of Error in Books of Accounts: Incorrect amount is reversed and  correct amount will…

Q: Larkin Company reports net income of $90,000 in 2020. However, ending inventory was understated…

A: Net operating income means the income earned after deducting all operating expenses and cost of…

Q: The following information relates to a company’s year-end inventory: Cost of inventory OMR 1880;…

A: As per IAS 2, Inventory should be valued at the lower of the followings. Cost NRV [Net realizable…

Q: Waymire Company prepared the partial statements of earnings presented below for 2022 and 2021.…

A: Correct ending inventory for 2021 = Inventory reported - Amount overstated = $39,300 - $8,200 =…

Q: Emma Company revealed the following errors in the financial statements: 500,000 800,000 250.000…

A: Computation of effect of the errors on net income for 2020:   Amount 2020 inventory understated…

Q: The club had beginning inventory of $8000 and purchases of $1200. The company had cost of goods sold…

A: Cost of Goods Sold: Cost of Goods sold is the Cost of the items that are sold it is calculated for…

Q: At December 31, 2018, Stevenson Company overstated ending inventory by $36,000. How does this error…

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

Q: While  examining the December 31, 2010 financial statements of Dawn Company, the following errors…

A: The Question requires us to calculate corrected Net Income for the year ended December 31,2010.

Q: Year ended Net Income  Using Average cost Net Income Using FIFO After Tax   Difference  After…

A: Journal entry is an act of recording transaction of business in the books of accounts. It is…

Q: A company reported the net income of $58,000 for the year ending 2018. However, it was discovered…

A: Net income:Net income can be defined as the income reported at the bottom of the income statement of…

Q: acme company had the following records:                                               2022…

A: The average days in inventory is calculated as average inventory divided by cost of goods sold and…

Q: retorn Company began operations in 2018. During the first two years of operations, Tretorn made…

A: Solution 2: reported income for the year 2018 = Understated by 40000 as ending inventory is…