User Account

All Pages

Compute the gross profit percentage for all four quarters

Assignment Help Accounting Basics
Reference no: EM13872258

Partial income statements for Murphy & Murphy (M & M) reported the following summarized amounts:

After these amounts were reported, M & M's accountant determined that the inventory at the end of Quarter 2 was understated by $ 3,000. The inventory balance at the end of the other three quarters was accurately stated.

Required:

1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory error.

2. Compute the gross profit percentage for all four quarters both (a) before the correction and (b) after the correction. Does the pattern of gross profit percentages lend confidence to your corrected amounts? Explain. Round your answer to the nearest percentage.

Reference no: EM13872258

Questions Cloud

Who manages the database and what skills do they need : Storage location - Would this be on site? What about virtual? Explain reasoning. Based on storage location, what would the client have to buy, setup? Who manages the database? What skills do they need
Define and discuss each type of managed care organization : Define and discuss each type of managed care organization
What should be reported as total intangible assets : The adjusted trial balance of the Laventhal Corporation as of December 31, 2014. What should be reported as total intangible assets on Laventhal's December 31, 2014 balance sheet?
Find an optimal solution to the linear program : Find an optimal solution to the linear program and General Improving Search Algorithm to find a better solution
Compute the gross profit percentage for all four quarters : Restate the partial income statements to reflect the correct amounts, after fixing the inventory error. Compute the gross profit percentage for all four quarters both (a) before the correction and (b) after the correction. Does the pattern of gross p..
Determines what happens to demand while others believe : determines what happens to demand while others believe demand determines
What kind of decision-making bias do think this represents : When asked by an employee if the drop in sales is due to the cut in the marketing budget, she says, "No!" and insists there must be a different explanation. What kind of decision-making bias do you think this represents, and why? What steps would ..
Reseach topic-tobacco use and health effects : The reseach topic is "tobacco use and health effects" 5 pages with 5 sources and it must be cited the sources must be from this website : http://libraries.wright.edu
Analyze how production and cost functions in the short run : Analyze how production and cost functions in the short run

Reviews

Write a Review

Accounting Basics Questions & Answers

  Which of the following journal entries correctly records

1.cost accounting systems used by manufacturing companies are based on thea periodic inventory system.b perpetual

  Prepare a regression analysis separating the costs

Use the functions within an eletronic spreadsheet to prepare a regression analysis separating the costs into fixed and variable components. Do individual data points appear to fit well into the regression model?

  Non-for-profit financial reporting review

Select one (1) not-for-profit organization in an area of interest to you and review the financial statements and audit report for the organization. The financial statements and audit report of the not-for-profit organization should be readily and ..

  You have been with zaird amp associates for approximately

you have been with zaird amp associates for approximately three months and are completing your work on the bizcaz

  What are the tax consequences of the incorporation to david

David organize white Corporation with a transfer of land (basis of $200,00, fair market value of $600,000) that is subject to a mortgage of $150,000. A month before the incorporation, David borrowed $100,000 for personal purpose and gave the bank ..

  Computing the incremental net income

Starr Company has already manufactured 50,000 units of Product A at a cost of $50 per unit. The 50,000 units can be sold at this stage for $1,250,000. Calculate the Incremental Net Income if processed further.

  The standard cost card shows that a finished product

the following direct materials data pertain to the operations of stone wealth manufacturing company for the month of

  For the last nine years mr and mrs orchard live in a

for the last nine years mr. and mrs. orchard live in a residence located on eight acres. in january of the current year

  Question 11 during 2010 von co sold inventory to its

question 11. during 2010 von co. sold inventory to its wholly-owned subsidiary lord co. the inventory cost 30000 and

  Compute the cost to produce one football helmet

Total the dollar amounts in each of the columns. (b) Compute the cost to produce one football helmet.

  Magpie corporation uses the total cost concept of product

magpie corporation uses the total cost concept of product pricing. below is cost information for the production and

  Prepare the asset section of a classified balance sheet

Prepare the asset section of a classified balance sheet for Hasbro, Inc. Using Hasbro's 2013 Net Sales Revenue of $ 4,080 (million) and its Net Fixed Assets of $ 230 (million) at December 30, 2012, calculate the fixed asset turnover ratio for 2013. H..

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: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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