User Account

All Pages

Boss motorcycle shop sells motorcycles

Assignment Help Accounting Basics
Reference no: EM131125254

1. Boss Motorcycle Shop sells motorcycles, ATVs, and other related supplies and accessories. During the taking of its physical inventory on December 31, 2010, Boss Motorcycle Shop incorrectly counted its inventory as $195,750 instead of the correct amount of $188,200.

a. State the effect of the error on the December 31, 2010, balance sheet of Boss Motorcycle Shop.

b. State the effect of the error on the income statement of Boss Motorcycle Shop for the year ended December 31, 2010.

Reference no: EM131125254

Questions Cloud

Are there any flaws in the accountants assumption : During 2010, the accountant discovered that the physical inventory at the end of 2009 had been understated by $11,900.
Managing variability in relation to managing the average : In managing process flows, one considers the average flow rates and the average flow times, as well as the variability in the flow times and flow rates. Discuss the importance of managing variability in relation to managing the average?
Determining the information technology : Determining the information technology (IT) management strategy that will work best for an organization requires that an assessment of the current state of the organization is conducted.
Estimate the temperature of the pan for your first treatment : Estimate the temperature of the pan for your first and second treatments and describe the effects of temperature on the protein, fat, and water of your sample. Include the name of the cut of steak you used.
Boss motorcycle shop sells motorcycles : State the effect of the error on the income statement of Boss Motorcycle Shop for the year ended December 31, 2010.
The least-cost crash program : Reconsider Problem 2, assuming a fixed overhead cost of $30 per day but no project deadline. What is the least-cost crash program? What if the overhead cost was $40? What if it was $60?
Describe how internet has increased social network : Briefly explain and describe how internet has increased social network among the human population
Important strategists such as classical china : Important strategists such as classical China's Sun Tzu and early modern Europe's Clausewitz stressed that wise leaders must understand conflicts as they unfold. It is not enough to be involved in strife;
Montana white water corporation sells canoes : State the effect of the error on the income statement of Montana White Water for the year ended December 31, 2010.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd