The following information applies to the questions displayed below.] During fiscal 2014, Respberry, Inc. wrote down its RB10 smartphone inventory by approximately $1,697,000,000 because its cost exceeded its net realizable value. Prepare the journal entry that the company would have made to record the above adjustment. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Larkspur is trying to determine value of its ending inventory as of Feb 28, 2017, company's year end. Accountant counted everything on the warehouse on Feb 28, ending inventory valuation of 46400. However, they didn't know how to treat the following transactions so they aren't recorded. First column asks, should it be included? Yes or no. Second column the amount

Indicate the assumption or principle that is most clearly violated using the following terms, chosen from the terms listed: 1. Dollar Saver has 20,000 Model 44G cell phones in inventory at a cost of $64 each. Due to the advancement of technology and newer models available, only 4 of Model 44G phones were sold last month. To avoid recognizing a loss on writing off this inventory, Dollar Saver has decided not to issue financial statements until at least half of the remaining Model 44G phones have been sold.   select an appropriate term                                                            2. Homer Bates, president of Bates Machinery, took an iPod Touch case out of inventory to use as a birthday present for his son. The cost was debited to Supplies Expense.   select an appropriate term                                                            3. Wilson, Inc. made no entry to record depreciation on its equipment for 2014.   select an appropriate term…

Rahul

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You have been hired as the new controller for the Ralston Company. Shortly after joining the company in 2024, you discover the following errors related to the 2022 and 2023 financial statements: a. Inventory at 12/31/2022 was understated by $6,400. b. Inventory at 12/31/2023 was overstated by $9,800. c. On 12/31/2023, inventory was purchased for $3,400. The company did not record the purchase until the inventory was paid for early in 2024. At that time, the purchase was recorded by a debit to purchases and a credit to cash. The company uses a periodic inventory system. Required: 1. Assuming that the errors were discovered after the 2023 financial statements were issued, analyze the effect of the errors on 2023 and 2022 cost of goods sold, net income, and retained earnings. (Ignore income taxes.) 2. Prepare a journal entry to correct the errors.

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