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During 2013, WMC Corporation discovered that its ending inventories reported on its financial statements were misstated by the following amounts:
2011 . understated by . $120,0002012 . overstated by . 150,000WMC uses the periodic inventory system and the FIFO cost method.Required:1. Determine the effect of these errors on retained earnings at January 1, 2013, before any adjustments. Explain your answer. (Ignore income taxes.)2. Prepare a journal entry to correct the error.3. What other step(s) would be taken in connection with the error?
Euker's legal counsel has determined that under Euker's property and casualty insurance policy, Euker is entitled to insurance recovery for the fair value of the manufacturing plant in excess of the deductible, and that such recovery is probable.
1.which of the following would not be classified as inventory?a. raw materialsb. office suppliesc. finished goodsd.
For consolidation purposes, does the direction of the transfers (upstream or downstream)affect the balances to be reported here? Prepare a consolidated income statement for the year ending December 31, 2011.
John Fillmore's lifelong dream is to own his own fishing boat to use in his retirement. Jack has recently come into an inheritance of $400,000.
the zeron corporation wants to purchase a new machine for its factory operations at a cost of 950000. the investment is
a sales budget has been prepared for june. management wants the amount of ending inventory each month to be equal to 10
Which of the following is not a condition that must be satisfied before interest capitalization can begin on a qualifying asset?
refer to the following lease amortization schedule. the 10 payments are made annually starting with the inception of
paris company buys a building on a plot of land for 100000 paying 20000 cash and signing a 20-year mortgage note for
What components of stockholders' equity do each of the companies disclose and do the companies have preferred stock shares outstanding? If so, what special features do these shares contain?
you have the following information for mchugh inc. for the month ended october 31 2010. mchugh uses a periodic method
golden sales has bought 135000 in fixed assets on january 1st associated with sales equipment. the residual value of
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