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..
Quantitative techniques and decision making, Let the national income model ...
Let the national income model be: Y= c+1+G C=20+0.6y I=0.2y G=20 Where y= income, C= consumption, I= investment and G=government expenditure find y, C and I from the model. By quan
Comparative analysis, what is the need
what is the need
Explain accounting methods, Define various methods in accounting, specifica...
Define various methods in accounting, specifications and procedures.
Diagrammatic and graphic presentation, distinguish between historigram and ...
distinguish between historigram and histogram
Joint probability, Two construction contracts are to be randomly assigned t...
Two construction contracts are to be randomly assigned to one or more of three firms. Numbering the firms I, II, and III, let X1 be the number of contracts assigned to firm I, and
Psy 1110 Ohio University, do you give the answers with the way you figured ...
do you give the answers with the way you figured the problem out?..
Federal income tax, Federal income tax Another part of paycheck account...
Federal income tax Another part of paycheck accounting involves the staff's got earnings tax. A company is necessary to hold the got earnings tax that and personnel are expecte
Calculate the probability of monthly return income, 1. It is often a good i...
1. It is often a good idea to start by visualizing the data. Time series data should have "time" on the horizontal axis. What are you going to have on the vertical axis? If you use
Cost accounting , is direct costing variable, relevant or prime costing
is direct costing variable, relevant or prime costing
Paasche` quantity index calculationca, Base year price 10,12,18,20 and quan...
Base year price 10,12,18,20 and quantity 49,25,10,5 respectively. current yr quantity 50,20,12& 2
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
Terms & Conditions
Copyright by ExpertsMind IT Educational Pvt. Ltd.