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During 2013, WMC Corporation discovered that its ending inventories reported on its financial statements were misstated by the following amounts:2011 . understated by . $120,0002012 . overstated by . 150,000WMC uses the periodic inventory system and the FIFO cost method.Required:1. Determine the effect of these errors on retained earnings at January 1, 2013, before any adjustments. Explain your answer. (Ignore income taxes.)2. Prepare a journal entry to correct the error.3. What other step(s) would be taken in connection with the error?
at january 1 2010 xyz company reported total assets of 400000 total liabilities of 150000 and total equity of 250000.
usaco a domestic corporation is a wholly-owned subsidiary of forco a foreign corporation. usacos only assets are cash
High-volume retailers generally use the retail method for valuing inventories Instead of the various cost methods. Identify and evaluate the conditions that may distort the results under the retail method.Compare the advantages of using the retail..
Discuss what is Accounting and why is it important? Be sure to include the different types of users of Accounting and their need for accounting.
1. the maturity date of a note receivableis the day the note is due to be repaid. is the day the note was signed. is
You have purchased a car for $6,500, you pay $500 deposit, and then monthly payments are $317.22. The interest rate is 24% per annum, compounded monthly . How many payments must you make?
Charley Company's Assembly Department has materials cost at $3 per unit and conversion cost at $6 per unit. There are 9,000 units in ending work in process, all of which are 70% complete as to conversion costs. How much are total costs to be assig..
Prepare a systems flowchart for the company's new on-line cash receipts procedures. Have the new cash receipts procedures as designed and implemented by Consolidated Electricity Company created any internal control structure problems for the compan..
contrast the advantages and disadvantages of the direct and indirect methods of preparing the statement of cash
Brooks can borrow $500,000 by issuing 5%, 10-year bonds at a price of 96. How much will Brooks actually receive in cash under this arrangement?
karas gas corporation is a successful oil and gas exploration business in the southwestern united states. at the
the corporation. uses the weighted-average process costing system that calculates normal rework as 2 of the units
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