Login
|
Create Account
+1-415-670-9189
info@expertsmind.com
Submit Homework/Assignment
Get quote & make Payment
Get Solution
inventory, Basic Statistics
An audit of the accounting records of Loch Ness Ltd. for the year ending 30 June 2012 discovered that the ending inventory balance was over-valued by $35,000. Upon further investigation, it was discovered that the ending inventory for the previous year was correctly counted and valued, but that the inventory balance as at 30 June 2010 was under-valued by $90,000.
The auditor, concerned at these errors, decides to carry out a thorough investigation (audit) as to the inventory values shown in the company’s financial statements during its six-year history. The following additional errors were detected:
(i) as at 30 June 2009, inventory was over-valued by $15,000
(ii) as at 30 June 2008, inventory was under-valued by $55,000
Required :
1. Determine the effects that these errors have had on the company’s profit figures in each year, beginning in the year ended 30 June 2008.
2. Determine the effect of the inventory errors on the company’s balance sheets over the total time period. Include in your answer the cumulative impact on the company’s retained profits/earnings.
Posted Date: 5/2/2012 11:51:01 PM | Location : United States
Ask an Expert
Related Discussions:-
inventory, Assignment Help, Ask Question on inventory, Get Answer, Expert's Help, inventory Discussions
Write discussion on inventory
Your posts are moderated
Write your message here..
Related Questions
Co-relation, Co-relation: Co-relation in this case studies the behavior how...
Co-relation: Co-relation in this case studies the behavior how each of the investment opportunity would react to any event vis – a vis each other. The same is measured in terms of
Demonstrate the potential risk from financing in eurodollars, You have the ...
You have the following information about rates in London for Eurocurrency loans of one-year duration, the exchange rate between the USD and euros, the currency in which you want fi
Frequcency, how can we construct a bivariate frequency distribution
how can we construct a bivariate frequency distribution
Index numbers, discuss the considerations to be born in mind when constract...
discuss the considerations to be born in mind when constracting index numbers
Capital budget, Capital budget The piece of a budget: a separate budget: d...
Capital budget The piece of a budget: a separate budget: dedicated to proposed additions to capital assets & the means of financing to those additions,
What is meant by the full cost of a product, What is meant by the full cost...
What is meant by the full cost of a product? Many organizations use the expression top dollars to mean the complete creating or technology cost of a product. To this organiz
Simulate a worm propagation considering no delay, You are required to simul...
You are required to simulate simple worm propagation in a medium-scale network by using discrete-time simulation technique. Assume that in an isolated network with IP address
Feature of accounting transaction, Classification feature of Accounting Tra...
Classification feature of Accounting Transaction. Under the classification accountant posts the entries into their respective ledgers in the Accounts Books. Every Account entry
Responsiblity accounting significance, What is significance of Responsiblit...
What is significance of Responsiblity accounting in divisional performance statement measurement?
Ashland multicomm services, Given all the evidence that you have collected ...
Given all the evidence that you have collected from all your surveys of 50 prospective customers, answer the question will full explanation. How many free premium channels should
Assignment Help
Accounting Assignment Help
Economics Assignment Help
Finance Assignment Help
Statistics Assignment Help
Physics Assignment Help
Chemistry Assignment Help
Math Assignment Help
Biology Assignment Help
English Assignment Help
Management Assignment Help
Engineering Assignment Help
Programming Assignment Help
Computer Science Assignment Help
IT Courses and Help
ExpertsMind Services
Online Tutoring
Projects Assistance
Exam Preparation
Coursework Help
Programming Courses
Engineering Courses
Why Us ?
~Experienced Tutors
~24x7 hrs Support
~Plagiarism Free
~Quality of Work
~Time on Delivery
~Privacy of Work