Prepare a schedule in excel to correct the net income

Assignment Help Accounting Basics
Reference no: EM132013944

Problem - Present your solution to the following problem in an Excel document.

The 2009 and 2010 financial statements of Daffney Company contain the following errors:

1. The ending inventory was overstated by $10,000 on December 31, 2009 and overstated by $7,000 on December 31, 2010.

2. A four-year insurance policy which cost $22,000 was charged to insurance expense when it was paid in advance on January 1, 2009.

3. Depreciation for equipment in the amount of $15,000 was not included in the 2009 financial statements.

4. A new roof and windows in the amount of $30,000 which are classified as capital expenditures were charged to expense in 2009 for a building. In turn, this caused depreciation in the amount of $5000, which was not recorded in the financial statements for 2010.

5. There were $10,000 of wages earned by employees in 2009 and not paid until 2010; these were recorded as an expense in 2009 instead of 2010.

Daffney Company reported net income of $100,000 in 2009 and $110,000 in 2010.

Please prepare a schedule in Excel to correct the net income for 2009 and 2010. Please start the schedule with the reported income for 2009 and 2010 and then work to a corrected figure. For this exercise, do not pay attention to income taxes.

Reference no: EM132013944

Questions Cloud

Biomass and trophic levels in a tundra : Explain the relationship between biomass and trophic levels in a Tundra.
What are examples of animals : What are examples of animals and their characteristics in a Tundra?
What are some examples of plants in a tundra : What are some examples of plants in a Tundra and their characteristics?
Test population of chickens : Imagine that you have a test population of chickens. You know from your previous research that there are two alleles (at the same locus) that govern feather
Prepare a schedule in excel to correct the net income : Please prepare a schedule in Excel to correct the net income for 2009 and 2010. Please start the schedule with the reported income for 2009 and 2010
Explain the risks and benefits to using hrt : Describe a patient who may benefit from HRT. Explain the risks and benefits to using HRT
Assign a code for anesthesia service : What is the necessary steps Olivia needs to follow to assign a code for this Anesthesia service.
How this individual demonstrates maladaptive behavior : Describe in detail the individual and his or her behavior. Explain how this individual demonstrates maladaptive behavior.
What can affect the function of enzymes : What can affect the function of enzymes? Why do enzymes change with ambient temperature?

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Horizontal analysis of income statement and balance sheet

Prepare a three-year, horizontal analysis of the income statement and balance sheet of your selected company. Discuss the importance and meaning of horizontal

  Simple balance sheet of assets and liabilities

Assume that Banc One receives a primary deposit of $1 million. The bank must keep reserves of 20 percent against its deposits. Prepare a simple balance sheet of assets and liabilities for Banc One immediately after the deposit is received.

  Analyze the performance of pepsico or marriotts company

Division Performance Evaluation Project Using Excel - In this assignment you will analyze the performance of PepsiCo or Marriott's company divisions

  Reebok co manufactures running shoes the selling price is

reebok co. manufactures running shoes. the selling price is 80 per pairunit and variable costs are 60 per pairunit. the

  What is the amount of gain that raymond recognize on sale

Raymond and Susan are married and 55 year old they sell their personal residence for 850,000, what is the amount of gain that Raymond and Susan should recognize

  Look up the annual report of pepsicola inc nyse pepcan you

look up the annual report of pepsicola inc. nyse pep.can you identify the major sources of funding used by the company

  What investment income should big report

What investment income should Big report for 20X1?$9,000$19,800$17,000$21,000

  Will all businesses have the same type of accounts

Will all businesses have the same type of accounts? Explain your answer.

  Sandysome companies common stocks pay cash dividends

SandySome companies' common stocks pay cash dividends, while others' do not. However, most bond issues do pay periodic interest. The preferred stock financing option also pays a dividend. Based on your readings, please respond to the following que..

  Summarize your position regarding the timing

Summarize your position regarding the timing of the recognition of revenue. Evaluate the evidence collected, including one alternative solution to recognize revenue.

  Ramirez company received their first electric bill in the

1. ramirez company received their first electric bill in the amount of 60 which will be paid next month. how will this

  Suppose asahi kasei had used straight line instead of

asahi kasei corporation has sales nearly the equivalent of 9 billion u.s. dollars. the company included the following

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