Explain how this error would affect the amounts

Assignment Help Accounting Basics
Reference no: EM13871706

Assume the 2015 ending inventory of Shea's Shrimp Shack was understated by $ 10,000. Explain how this error would affect the amounts reported for cost of goods sold and gross profit for 2015 and 2016.

Reference no: EM13871706

Previous Q& A

  Determining the size of dividends to be paid to shareholders

Determining the size of dividends to be paid to shareholders

  How will the forecasting methods be implemented

The Management Team wants to know What are the various methods that we should use? Who will do the forecasting? How will the forecasting methods be implemented?

  Identify cross-border differences in corporate hedging

Identify several cross-border differences in corporate hedging of translation exposure. What might account for these differences? Recommend general policies for deciding whether to hedge a translation exposure to currency risk.

  Presidential authority in a murder case

Presidential Authority in a Murder Case- Assume you are a Criminal Justice student working on a research project. You are assigned to research the arrest and conviction of a suspect charged with a murder that took place in a federal building

  Calculate the horizontal reaction force

Calculate the horizontal reaction force on the stop sign support. What, if anything, can you conclude about the fluid flow characteristics in the vertical direction for this situation?

  National strategy for suicide prevention

Referring specifically to the National Strategy for Suicide Prevention, pick a subpopulation (individuals with major depressive disorder, substance use disorders, traumatic brain injury, etc.).

  Fungible goods are a unit equivalent of any other unit

Fungible goods are a unit equivalent of any other unit.

  In what other ways can agency conflicts be reduced

How can corporate hedging of translation exposure reduce the agency conflict between managers and other stakeholders? In what other ways can agency conflicts be reduced?

  Write a function named fact

Write a function named "fact" that takes one integer arguments,call them "num" and returns as its values the factorial number

  Design a matlab application

Design a MATLAB application that has the following features under single-phase conditions:

Reviews

Write a Review

 

Similar Q& A

  The december 31 2007 balance sheet of butterfly wings

the december 31 2007 balance sheet of butterfly wings inc.showed long-term debt of 1.65 million and the december 31

  An employee earns 40 per hour and 15 times that rate for

an employee earns 40 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. assume that the

  Four flags is a retail department store on january 1 2012

four flags is a retail department store. on january 1 2012 four flags accountants used the following data to develop

  Tax consequences of the liquidation

In a liquidation subject to section 332, Rose distributes assets to Pheasant and Crystal in accordance with their ownership interests. Discuss the tax consequences of the liquidation for Rose, Pheasant, and Crystal.

  Nickel inc bought 600000 of 3-year 7 bonds as an investment

1 on january 1 2013 legion company sold 230000 of 4 ten-year bonds. interest is payable semiannually on june 30 and

  Compute sandy titers gross earnings and net pay

Sandy's federal income tax withholding is $95, and she has no voluntary deductions. Compute Sandy Titer's gross earnings and net pay for the pay period.

  What case law is relevant to the issues raised

Whether he return on a cash or accrual basis. Whether particular amounts are ordinary income or statutory income (including capital). Under what sections of the Acts the particular amounts are assessable. How the quiz show winnings are to be treated...

  Compute the effect on income before income taxes during the

on january 1 2013 nelson company leases certain property to queens company at an annual rental of 60000 payable in

  Cash dividends on preferred stock

The income statement for Roland Inc. shows income before income taxes $700,000, income tax expenses $210,000, and net income $490,000. If Roland declared $150,000 of cash dividends on preferred stock and has 100,000 shares of common stock outstand..

  When compared with a debt-to-assets ratio

Revel Company has average daily sales of $5,000, 90% of which are on credit. Receivables are collected 28 days after sales, on average. What is Revel's average accounts receivable balance?

  All inventories were sold to customers for 8000 the company

bhangoo inc. had the following transactions in its first month of operations1. the owner had invested 10000 cash in the

  Prepared a comparative balance sheet for 2012 and 2011

balance sheet data for otter creek company on december 21 the end of the fiscal year are shown below.nbspnbsp

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd