The inventory account included

Assignment Help Accounting Basics
Reference no: EM131018311

Moreland Ltd. Reported net sales of $10 million and net income of $3 million in 2014. Based on this information, which of the following is an example of a material misstatement on Moreland's 2014 financial statements?

Sales equal to $100,000 were recorded before goods were shipped to the customers.

Raw materials purchases of $500,000 were received before yearend but remain unaccrued pending receipt of the vendors' invoices.

The inventory account included $125,000 worth of obsolete inventory.

Reference no: EM131018311

Questions Cloud

What is the name given to the animals which eat both plants : What is the name given to the animals which eat both plants and other animals?
Old caucasian and hispanic female : Overview: Kayla, a now 26-year-old Caucasian and Hispanic female, comes in the week after the children's illness comOverview: Kayla, a now 26-year-old Caucasian and Hispanic female, comes in the week after the children's illness complaining of fatigu..
Allowance for doubtful accounts carried balances : On January 1, 2014 the Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $30,000 and $500, respectively.
The class about acromegaly : Please tell the class about acromegaly.  And to add to this topic, please restate Wolf's law.  Does Wolff's Law apply to your discussion of this condition?   If yes (or no), explain why.
The inventory account included : Raw materials purchases of $500,000 were received before yearend but remain unaccrued pending receipt of the vendors' invoices.
Bandstra coporation had a book balance in its cash account : At March 31, Bandstra Co. had a book balance in its cash account of $5,500. At the end of March the company determined that it had outstanding checks of $900, deposits in transit of $600, a bank service charge of $20, and an NSF check from a customer..
What are the biological and behavioral adaptations : What are the biological and behavioral adaptations that allowed for the increase of human brain size?How has our diet changed over the past 2 million years, and how do we know?
Determine the percent saturation of hemoglobin in tissue : Determine the percent saturation of hemoglobin in tissue at normal temperature and at 43 degree?
What is retained earnings where do retained earnings come : What are organizational Expenses? Give a few examples. What is retained earnings? Where do retained earnings come from. Is retained earnings the same thing as cash? What is cumulative preferred stock?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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