Question Content Area During the taking of its physical inventory on December 31, 20Y5, Beyrl’s Bike Shop incorrectly counted its inventory as $380,000 instead of the correct amount of $320,000. What is the effect on the balance sheet and income statement? Enter the amount as positive number. Assets, retained earnings, and net income would be fill in the blank 1 of 2 by fill in the blank 2 of 2$
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- Sc QUESTION 4 Inventory records for Eliza Company revealed the following: Date March 1 March 10 March 16 March 23 O $1,148. O $7,180. O $5,878. O $5,547. None of the above Eliza sold 1,840 units of inventory during the month. Ending inventory assuming FIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) I Click Save and Submit to save and submit. Click Save All Answers to save all answers. ! 1 F1 Q A 1 option N Beginning Inventory Purchase Purchase. Purchase @ 2 * F2 W Transaction S #3 X H command 80 F3 E D $ A GA 4 C a F4 R 20 FL 07 dº % Number of Units 1,000 5 ↓ F5 V T 570 376 520 MacBook Air 6 G F6 Y B & 7 Unit Cost $7.18 7 7.68 8.28 8.98 H F7 U +00 * 8 N DII J F8 ( a 9 DD M F9 K ) 0 0 Save All A 4 F10 < of COQuestion Content Area Based on the following data for the current year, what is the inventory turnover? Sales on account during year $507,225 Cost of goods sold during year 190,106 Accounts receivable, beginning of year 47,004 Accounts receivable, end of year 51,339 Inventory, beginning of year 36,189 Inventory, end of year 44,233 Do not round interim calculations. Round your final answer to one decimal place. a.1.2 b.28.9 c.4.7 d.2.7Question # 2Some of M and T Electronics’ merchandise is gathering dust. It is now December 31, 2012, and the current replacement cost of the ending inventory is $20,000 below the business’s cost of the goods, which was $100,000. Before any adjustments at the end of the period, the company’s Cost of goods sold account has a balance of $410,000.Requirements1. Journalize any required entries.2. At what amount should the company report for Inventory on the balance sheet?3. At what amount should the company report for Cost of goods sold?4. Which accounting principle or concept is most relevant to this situation?
- Current assets at 30 June 20-7 Martha's capital at 1 July 20-7 Gross profit for the year ending 30 June 20-8 Current assets at 30 June 20-8 TIP Parts a-e of this question require the skill of knowledge and understanding. You need to know the principles of inventory valuation and understand how this is applied to a given scenario. Part frequires the skill of analysis. You need to analyse the effect of the error. 13 Yee's payments for the year ended 31 December 20-8 included the following: Wages 2$ Insurance (for 12 months to 30 June 20-9) 2400 At 1 January 20-8, wages due amounted to $1300 and insurance prepaid amounted to $1140. At 31 December 20-8, wages due amounted to $1550. Write up the wages account and the insurance account as they would appear in Yee's ledger for the year ended 31 December 20-8. Balance the accounts and show the amounts transferred to the income statement. 14 Zeema's financial year ends on 30 September. She sublets part of her premises to Faith at an annual rent…Assuming a companys year-end inventory were overstated by $5,000, indicate the effect (overstated/understated/no effect) of the error on the following balance sheet and income statement accounts. A. Income Statement: Cost of Goods Sold B. Income Statement: Net Income C. Balance Sheet: Assets D. Balance Sheet: Liabilities E. Balance Sheet: EquityEffects of an Error in Ending Inventory Waymire Company prepared the partial income statements presented below for 2019 and 2018. During 2020, Waymires accountant discovered that ending inventory for 2018 had been understated by $6,500. Required: 1. Prepare corrected income statements for 2019 and 2018. 2. Prepare a schedule showing each financial statement item affected by the error and the amount of the error for that item (ignore the effect of income taxes). Indicate whether each error is an overstatement (+) or an understatement (-).
- Assuming a companys year-end inventory were understated by $16,000, indicate the effect (overstated/understated/no effect) of the error on the following balance sheet and income statement accounts. A. Income Statement: Cost of Goods Sold B. Income Statement: Net Income C. Balance Sheet: Assets D. Balance Sheet: Liabilities E. Balance Sheet: EquityLower of Cost or Market Garcia Company uses FIFO, and its inventory at the end of the year was recorded in the accounting records at $17,800. Due to technological changes in the market, Garcia would be able to replace its inventory for $16,500. Required: 1. Using the lower of cost or market method, what amount should Garcia report for inventory on its balance sheet at the end of the year? 2. Prepare the journal entry required to value the inventory at the lower of cost or market.Effects of an Inventory Error The income statements for Graul Corporation for the 3 years ending in 2019 appear below. During 2019, Graul discovered that the 2017 ending inventory had been misstated due to the following two transactions being recorded incorrectly. a. A purchase return of inventory costing $42,000 was recorded twice. b. A credit purchase of inventory' made on December 20 for $28,500 was not recorded. The goods were shipped F.O.B. shipping point and were shipped on December 22, 2017. Required: 1. Was ending inventory for 2017 overstated or understated? By how much? 2. Prepare correct income statements for all 3 years. 3. CONCEPTUAL CONNECTION Did the error in 2017 affect cumulative net income for the 3-year period? Explain your response. 4. CONCEPTUAL CONNECTION Why was the 2019 net income unaffected?
- Gross Profit Method: Estimation of Theft Loss You are requested by a client on September 28 to prepare an insurance claim for a theft loss that occurred on that day. You immediately take an inventory and obtain the following data: The inventory on September 28 indicates that an inventory of 15,000 remains after the theft. During the past year, net sales were made at 50% above the cost of goods sold. Required: 1. Compute the inventory lost during the theft. Round the gross profit percentage to 3 decimal places. 2. Next Level What concerns might you have about the inventory estimation under the gross profit method?Problem 12.1A (Static) Recording adjustments for accrued and prepaid items and unearned income. LO 12-2, 12-3 a.-b. Merchandise Inventory, before adjustment, has a balance of $7,800. The newly counted inventory balance is $8,300. c. Unearned Seminar Fees has a balance of $6,300, representing prepayment by customers for five seminars to be conducted in June, July, and August 20X1. Two seminars had been conducted by June 30, 20X1. d. Prepaid Insurance has a balance of $13,800 for six months' insurance paid in advance on May 1, 20X1. e. Store equipment costing $6,530 was purchased on March 31, 20X1. It has a salvage value of $530 and a useful life of five years. f. Employees have earned $280 that has not been paid at June 30, 20X1. g. The employer owes the following taxes on wages not paid at June 30, 20X1: SUTA, $8.40; FUTA, $1.68; Medicare, $4.06; and social security, $17.36. h. Management estimates uncollectible accounts expense at 1 percent of sales. This year's sales were $2,300,00.…PLease show the complete solution Cromwell Company began operations on January 1, 20x1. Financial statements for the years ended December 31, 20x1 and 20x2 contained the following errors: 20x1 20x2 Ending inventory P320,000 understated P300,000 overstated Depreciation expense 120,000 understated Insurance expense 200,000 overstated 200,000 understated Prepaid insurance 100,000 understated The reported net income for 20x1 is P648,000 and P894,000 for 20x2. In addition, on December 31, 20x2, a fully depreciated machinery was sold for P216,000 cash, but the sale was not recorded until 20x3. There were no other errors during 20x1 and 20x2, and no corrections have been made for any of the errors. Ignore income tax effects. REQUIRED: Compute the total effects of errors and indicate whether overstated or understated. Total effect of the errors on Elizabeth’s 20x1 net income Total effect of the errors on Elizabeth’s 20x2 net income Total effect…
