Fonda Motorcycle Shop sells motorcycles, ATVs, and other related supplies and accessories. During the taking of its physical inventory on December 31, 20Y8, Fonda Motorcycle Shop incorrectly counted its inventory as $337,500 instead of the correct amount of $328,850.a. State the effect of the error on the December 31, 20Y8, balance sheet of Fonda Motorcycle Shop.b. State the effect of the error on the income statement of Fonda Motorcycle Shop for the year ended December 31, 20Y8.c. If uncorrected, what would be the effect of the error on the 20Y9 income statement?d. If uncorrected, what would be the effect of the error on the December 31, 20Y9, balance sheet?

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A substantlal portlon of Inventory owned by Prentiss Sporting Goods was recently destroyed when the roof collapsed during a ralnstorm. Prentiss also lost some of Its accounting records. Prentiss must estimate the loss from the storm for Insurance reporting and financial statement purposes. Prentiss uses the perlodic Inventory system. The following accounting information was recovered from the damaged records. Beginning inventory $196, eee 398, e00 Purchases to date of storm Sales to date of storm бее, вее The value of undamaged Inventory counted was $102,676. Hıstorically, Prentiss' gross margin percentage has been approximately 22 percent of sales. Required Estimate the following: a. Gross margin in dollars. b. Cost of goods sold in dollars. c. Ending Inventory. d. Amount of lost Inventory. a. Gross margin b. Cost of goods sold C. Estimated ending inventory d. Inventory lost

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Blue Company is a paints supply store. During the year, Blue Company sold 62 paint bottles. Calculate the value of ending inventory according to FIFO method. Purchases No of paint bottles purchased Cost/Unit April 1 40 8 May 3 20 9 June 20 20 10   a. RO 520 b. RO 556 c. RO 180 d. RO 144

Information on Monty Corp., which reports under ASPE, follows: July 1 Dec. 29 3 5 9 Monty Corp. sold to Sandhill Ltd. merchandise having a sales price of $9,200, terms 2/10, n/60. Ignore cost of goods sold entry. Sandhill returned defective merchandise having a sales price of $900. The merchandise was not saleable and was scrapped. Accounts receivable of $20,200 are factored with Pronghorn Corp. without recourse at a financing charge of 8%. Cash Is received for the proceeds and collections are handled by the finance company. Specific accounts receivable of $15,700 are pledged to Landon Credit Corp. as security for a loan of $10,700 at a finance charge of 3% of the loan amount plus 8% Interest on the outstanding balance. Monty will continue to make the collections. All the accounts receivable pledged are past the discount period and were originally subject to a 2% discount. Sandhill notifies Monty that It Is bankrupt and will be able to pay only 10% of its account. Prepare the entry to…

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Missouri River Supply Co. sells canoes, kayaks, whitewater rafts, and other boating supplies. During the taking of its physical inventory on December 31, 20Y2, Missouri River Supply incorrectly counted its inventory as $733,900 instead of the correct amount of $755,920. Enter all amounts as positive numbers. a.  State the effect of the error on the December 31, 20Y2, balance sheet of Missouri River Supply. Balance Sheet Items Understated/Overstated Amount Merchandise Inventory   $ Current Assets     Total Assets     Owner's Equity     b.  State the effect of the error on the income statement of Missouri River Supply for the year ended December 31, 20Y2. Income Statement Items Overstated/Understated Amount Cost of Merchandise Sold   $ Gross Profit     Net Income     c.  If uncorrected, what would be the effect of the error on the 20Y3 income statement? Income Statement Items Overstated/Understated Amount Cost of Merchandise Sold   $ Gross Profit…

During the taking of its physical inventory on December 31, 20Y4, Barry's Bike Shop incorrectly counted its inventory as $225,870 instead of the correct amount of $179,251. The effect on the balance sheet and income statement would be a. assets overstated by $46,619; retained earnings understated by $46,619; and net income statement understated by $46,619 b. assets overstated by $46,619; retained earnings understated by $46,619; and no effect on the income statement c. assets, retained earnings, and net income all overstated by $46,619 d. assets and retained earnings overstated by $46,619; and net income understated by $46,619