Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2013, its fiscal-year end, based on a physical count, was determined to be $326,000. Capwell's unadjusted trial balance also showed the following account balances: Purchases, $620,000; Accounts payable; $210,000; Accounts receivable, $225,000; Sales revenue, $840,000.
The internal audit department discovered the following items:
Goods valued at $32,000 held on consignment from Dix Company were included in the physical count but not recorded as a purchase.
Purchases from Xavier Corporation were incorrectly recorded at $41,000 instead of the correct amount of $14,000. The correct amount was included in the ending inventory.
Goods that cost $25,000 were shipped from a vendor on December 28, 2013, terms f.o.b. destination. The merchandise arrived on January 3, 2014. The purchase and related accounts payable were recorded in 2013.
One inventory item was incorrectly included in ending inventory as 100 units, instead of the correct amount of 1,000 units. This item cost $40 per unit.
The 2012 balance sheet reported inventory of $352,000. The internal auditors discovered that a mathematical error caused this inventory to be understated by $62,000. This amount is considered to be material.
Goods shipped to a customer f.o.b. destination on December 25, 2013, were received by the customer on January 4, 2014. The sales price was $40,000 and the merchandise cost $22,000. The sale and corresponding accounts receivable were recorded in 2013.
Goods shipped from a vendor f.o.b. shipping point on December 27, 2013, were received on January 3, 2014. The merchandise cost $18,000. The purchase was not recorded until 2014.
Determine the correct amounts for 2013 ending inventory, purchases, accounts payable, sales revenue, and accounts receivable.
What was the effect of the error in ending inventory on 2012 before-tax income?
Discuss how your understanding of the balance sheet and income statement may be applied to your current or future position.
identify and explain four 4 key attributes of larry frymires leadership style.identify and explain four 4 major
babuca corporation has provided the following production and total cost data for two levels of monthly production
Write an essay (only one page)discussing Gregoire's views. What types of structural and functional changes in organizations may be necessary to help Gregoire overcome histraditional view?
Identify the primary components of the conceptual framework for business organizations and explain the purpose of each component.
The ABC Company wished to invest a sum of money today in an investment that grows at the rate of 12% per year, so that it may withdraw $1,000 at the end of every year for the next ten years
The machine will have a 12-year useful life and no salvage value. Instructions (a) Calculate the cash payback period. (b) Calculate the machine's internal rate of return. (c) Calculate the machine's net present value using a discount rate of 10%.
Which of the following is the best theoretical justification for consolidated financial statements?
Prepare the sales revenues section of the income statement based on this information.
find the break even point ohio company manufactures a single product that sells for 168 per unit and whose total
at december 31 2007 norbett company had 500000 shares of common stock issued and outstanding 400000 of which had been
a firms internal control environment is influenced bymanagements operating style.organizational structure.personnel
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd