Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Whaley Distributors is a wholesale distributor of electronic components. Financial statements for the years ended December 31, 2009 and 2010, reported the following amounts and subtotals ($ in millions):In 2011 the following situations occurred or came to light:a. Internal auditors discovered that ending inventories reported on the financial statements the two previous years were misstated due to faulty internal controls. The errors were in the following amounts:2009 inventory Overstated by $12 million2010 inventory Understated by $10 millionb. A liability was accrued in 2009 for a probable payment of $7 million in connection with a lawsuit ultimately settled in December 2011 for $4 million.c. A patent costing $18 million at the beginning of 2009, expected to benefit operations for a total of six years, has not been amortized since acquired.d. Whaley's conveyer equipment was depreciated by the sum-of-the-years'-digits (SYD) basis since it was acquired at the beginning of 2009 at a cost of $30 million. It has an expected useful life of five years and no expected residual value. At the beginning of 2011, Whaley decided to switch to straight-line depreciation.
Required:
For each situation:
1. Prepare any journal entry necessary as a direct result of the change or error correction as well as any adjusting entry for 2011 related to the situation described. (Ignore tax effects.)
2. Determine the amounts to be reported for each of the five items shown above from the 2009 and 2010 financial statements when those amounts are reported again in the 2009-2011 comparative financial statements.
Rising Framing's cost formula for its supplies cost is $2,210 per month plus $10 per frame. For the month of January, the company planned for activity of 710 frames, but the actual level of activity was 705 frames. The actual supplies cost for the..
Make the appropriate journal entries (if any) to record the receipt of the $260 by XYZ Corp. assuming XYZ uses the allowance method.
Building an Income Statement, During the year, the Senbet Discount Tire Company had gross sales of $1.06 million. The firm's cost of goods sold and selling expenses were $525,000 and $215,000, respectively. Senbet alo had note payable of $800,000...
With 50 million shares outstanding and a stock price of $60, what was the dividend yield?
1. holey foods has a piece of equipment that it bought on january 1 2011 for 48000 which it sells to an equipment
jefferson company has two divisions jefferson bottles and jefferson juice. jefferson bottles makes glass containers
boyne inc. had beginning inventory of 13700 at cost and 28700 at retail. net purchases were 147850 at cost and 175000
In generating theories of accounting based upon what accountants actually do, it is assumed (often implicitly) that what is done by the majority of accountants is the most appropriate practice.
exercise 10-15 algorithmicrevision of depreciationa building with a cost of 765000 has an estimated residual value of
If there were 30,600 units of inventory on hand on December 31, 2007, how many units should be produced in January, 2008 in order for the company to meet its goals?
create a worksheet titled statement of changes in owner s equity that includes the information below. solve this
Determine the amount of net operating income that would result for a hospital whose payer mix and expected volume (100 cases) is as follows: Average cost per case is expected to be $2,200, and the average charge per case is $2,500. Calculate Gross pa..
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd