Cheyenne Suppliers reported cost of goods sold for 2017 of $650,000 and retained earnings of $1,490,000 at December 31, 2017. Cheyenne later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $37,000 and $67,800, respectively. Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings. Corrected amounts $ COGS $ Retained Earnings
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- Swifty Suppliers reported cost of goods sold for 2017 of $ 880,000 and retained earnings of $ 1,360,000 at December 31, 2017. Swifty later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $ 40,000 and $ 72,600, respectively. Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings. COGS Retained Earnings Corrected amounts $ %24 %24Pharoah Enterprises reported cost of goods sold for 2017 of $1,459,100 and retained earnings of $5,510,900 at December 31, 2017. Pharoah later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $100,450 and $38,500, 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 $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.
- Whispering Enterprises reported cost of goods sold for 2020 of $1,515,400 and retained earnings of $4,687,300 at December 31, 2020. Whispering later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $107,670 and $36,850, 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 amountSwifty Enterprises reported cost of goods sold for 2025 of $1,453, 700 and retained earnings of $5,392, 600 at December 31, 2025. Swifty later discovered that its ending inventories at December 31, 2024 and 2025, were overstated by $102, 820 and $37,880, respectively. Determine the corrected amounts for 2025 cost of goods sold and December 31, 2025, retained earnings. Corrected cost of goods sold $enter a dollar amount Corrected 12/31/25 retained earnings $enter a dollar amountManero Company included the following information in its annual report: 2018 2017 Sales Cost of goods sold Operating expenses Net income $188,400 115,000 50,000 23,400 $162,500 102,500 50,000 10,000 2016 $150,500 100,000 45,000 5,500 In a common size income statement for 2017, the cost of goods sold are expressed as OA. 115.0% OB. 61.0% OC. 100.0% O D. 63.7%
- Mac Donald company reported the following on its comparative income statement: 2017 2018 2019 Revenue 9,000 10,000 14,000 Cost of goods sold 6,000 4,000 9,000 Prepare a horizontal analysis of revenue , cost of goods sold and gross profitIntel Corporation reports the following financial statement amounts in its 10-K reports. $ millions Sales Goods Sold Inventories 2016 $95,019 $24,501 2017 100,418 25,096 2018 113,357 29,162 Cost of Inventory turnover PPE turnover a. Compute the inventory and PPE turnover ratios for both 2017 and 2018. Note: Do not round until your final swer. Note: Round your final answers to one decimal place (for example, enter 6.8 for 6.77555). 2017 $5,553 6,983 7,253 0 0 Plant, Property and Equipment, Net 2018 $36,171 41,109 48,976 0 0The following balances were reported by BEE Co. at December 31, 2017 and 2016: 12/31/2016 12/31/2017 Inventory $260,000 $290,000 A/P $75,000 $50,000 BEE Co. paid suppliers $490,000 during 2017. How much is the cost of goods sold in 2017?
- Cullumber Appliances Corporation has reported its financial results for the year ended December 31, 2017. Cullumber Appliances CorporationIncome Statement for the FiscalYear Ended December 31, 2017 Net sales $ 5,899,512,000 Cost of goods sold 3,224,958,940 Gross profit $ 2,674,553,060 Selling, general, and administrative expenses 1,101,893,423 Depreciation 334,776,116 Operating income $ 1,237,883,521 Interest expense 32,014,500 EBT $ 1,205,869,021 Income taxes 320,866,566 Net earnings $ 885,002,455 Cullumber Appliances CorporationBalance Sheet as of December 31, 2017 Assets: Liabilities Equity: Cash and cash equivalents $ 642,840,000 Short-term borrowings $ 98,332,398 Accounts receivable 1,161,885,300 Trade accounts payable 421,708,488 Inventory 1,178,570,300 Other current liabilities 814,072,037 Other current assets 366,013,300 Total current assets $ 3,349,308,900 Total current…In its 2016 income statement, Hendrickson Company reported cost of goods sold of $340,000. Later, Hendrickson determined that beginning inventory for 2016 was understated by $92,000, and the ending inventory for 2016 was understated by $40,000. What should be the corrected amount for cost of goods sold for 2016? A) $340,000 B) $392,000 C) $288,000 D) $380,000LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 Gross sales $ 22,800 $ 17,850 Sales returns and allowances 900 100 Net sales $ 21,900 $ 17,750 Cost of merchandise (goods) sold 11,050 7,700 Gross profit $ 10,850 $ 10,050 Operating expenses: Depreciation $ 1,080 $ 790 Selling and administrative 5,050 3,900 Research 930 690 Miscellaneous 740 490 Total operating expenses $ 7,800 $ 5,870 Income before interest and taxes $ 3,050 $ 4,180 Interest expense 940 690 Income before taxes $ 2,110 $ 3,490 Provision for taxes 844 1,396 Net income $ 1,266 $ 2,094 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 Assets Current assets: Cash $ 11,800…