Customer Service Chat
Get quote & make Payment
question from inventory, Basic Statistics
CASE STUDY 1 3 MARKS
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: 4/30/2012 10:32:26 PM | Location : United States
Ask an Expert
question from inventory, Assignment Help, Ask Question on question from inventory, Get Answer, Expert's Help, question from inventory Discussions
Write discussion on question from inventory
Your posts are moderated
Write your message here..
Define Annuity , Annuity A sequence of equivalent money payments made or o...
Annuity A sequence of equivalent money payments made or obtained at equivalent durations over a specific time period.
Index, Utility of index
Utility of index
Define why equipment show up on a profit and loss statement, Define why Equ...
Define why Equipment show up on a profit and loss statement? The buy of devices that will be used in a business is not revealed on the revenue and reduction declaration. Howeve
Cumulative frequency, how would we find cumulative frequency for the median...
how would we find cumulative frequency for the median of discrete series
Probability, the probability that you win a game is 0.3. if you play the ga...
the probability that you win a game is 0.3. if you play the game 20 times. what is the probability that you will win at least 8 times?
Historigram, what is historigram in statistics please give the problems and...
what is historigram in statistics please give the problems and there solution in statistics as soon as possible
Y-axis component of the centroid for an object, I would just like the formu...
I would just like the formula to find the y-axis of a centroid.
Moving average, #questionhow does one calculate a four period centered movi...
#questionhow does one calculate a four period centered moving average given the sales per quarter for 3 years ..
Values of income and intrest rate, Now imagine that consumption is given as...
Now imagine that consumption is given as: C = 400 + 0.9YD - 1,750i And as above: Y = PE = C + I + G + NX (Income identity)
Anti smoking pills , Company hopes to improve customer satisfaction, setti...
Company hopes to improve customer satisfaction, setting a goal of no more than 5% negative comments. A random survey of 350 customers found only 14 with complaints. Does this provi
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
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.