Customer Service Chat
Get quote & make Payment
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
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
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..
Court-ordered withholdings, Court-ordered withholdings Paycheck account...
Court-ordered withholdings Paycheck accounting also includes withholdings for items other than payroll taxation. For example, legal courts of law may purchase business employer
#title.- historigram, #question.differentiate between historigram and histo...
#question.differentiate between historigram and histogram.
Explain Book value, Explain Book value The net quantity at which an advant...
Explain Book value The net quantity at which an advantage or asset group appears on the books of account, as distinguished from its marketplace or intrinsic value where book value
SOURCES OF PRIMARY DATA, LIST OUT THE SOURCES OF PRIMARY AND SECONDARY DAT...
LIST OUT THE SOURCES OF PRIMARY AND SECONDARY DATA
What is Agency financial reporting system (afrs), What is Agency financial ...
What is Agency financial reporting system (afrs) The state-wide sales system managed by the Workplace of Economical Control. AFRS is the condition of Washington''s established sa
Identification of null and alternative hypotheses, A politician claims that...
A politician claims that the mean salary for managers in his state is more than national mean $82,000. The salaries (in dollars) for a random sample of 30 managers in the state ar
Calculate the probability , In the 2009 Season, the Toronto Blue Jays finis...
In the 2009 Season, the Toronto Blue Jays finished the season with a record of 75-87. In 47 of those games, both the offense and defense performed adequately, and in 42 of them, ne
Experimental design, What is the difference between multiple independent va...
What is the difference between multiple independent variables and multiple levels of independent variables are that multiple independent variables sk question #Minimum 100 words ac
Multiple Choice questions, Please see attachment.
Please see attachment.
Determining the sample size for a confidence interval, 1. In your own words...
1. In your own words explain the difference between a point estimate and an interval estimate of a parameter? Which is better? Why? 2. What information is necessary to calculat
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
Why Us ?
~24x7 hrs Support
~Quality of Work
~Time on Delivery
~Privacy of Work
Human Resource Management
Literature Review Writing Help
Follow Us |
T & C
Copyright by ExpertsMind IT Educational Pvt. Ltd.