Excel Applications for Accounting Principles

4th Edition

ISBN: 9781111581565

Author: Gaylord N. Smith

Publisher: Cengage Learning

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Textbook Question

Chapter 14, Problem 4R

Suppose that an audit of Prime Sports Gear encountered the following two errors:

a. Inventory totaling $4,500 should have been written off as worthless at the end of the year. Year-end inventory should be only $195,600. Net income is reduced to $117,110.
b. Checks totaling $20,000 for some of the salaries payable at year-end had in fact been written and mailed out on December 31, 2013. Thus, both the cash account and the salaries payable account are overstated at year-end.

Correct both errors on the worksheet. Save your completed file as CASHFLOW4. Print the worksheet when done. What impact did each of these adjustments have on cash flow for 2013?

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Chapter 14, Problem 3R

Chapter 14, Problem 5R

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Chapter 14 Solutions

Excel Applications for Accounting Principles

Ch. 14 - The comparative balance sheet of Prime Sports...Ch. 14 - The comparative balance sheet of Prime Sports...Ch. 14 - In the space provided on the next page, prepare a...Ch. 14 - Suppose that an audit of Prime Sports Gear...Ch. 14 - Prob. 5R

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