User Account

All Pages

Determine the retained earnings and working capital

Assignment Help Financial Accounting
Reference no: EM132894122

You discovered the following errors in connection with your examination of the financial statement of UCP Corporation.

  • Purchase of merchandise on account on December 28, 2019 amounting 120,000 was not recorded until it was paid on January 5, 2020. The merchandise was properly included in the ending inventory in 2019.
  • Sale of merchandise on account on December 31, 2019 amounting to 160,000 was not recorded until it was collected in January 15, 2020. The merchandise was not included in its 2019 ending inventory.
  • On December 31, 2020, footings and extensions on their inventory balance was overstated by 400,000.

The following data were extracted from the financial statement of UCP Corporation:

                                           2019.                  2020

Net Income.                 400,000.            320,000
Working Capital.            360,000.             520,000
Retained earnings, end    400,000.           720,000

Problem a: Based on the result of your analytical procedure and your audit, determine the following:

1. Net Income in 2019
2. Working Capital, end of 2019
3. Retained Earnings, end of 2019
4. Net Income in 2020
5. Working Capital, end of 2020
6. Retained earnings, end of 2020

Reference no: EM132894122

Questions Cloud

What is the differences in current and long-term assets : What is the differences in current and long-term assets and current and long-term liabilities? What is the balance sheet and types of accounts listed?
Financial markets and economy overall : The derivatives market is virtually one of the fastest growing markets in the world. Which role do they play in financial markets and the economy overall?
Develop a competitive advantage : How positioning products important in retail to develop a competitive advantage? Use the elements and sub elements of the marketing mix to develop your answer.
Identify the hotel company covid : Research, in detail, the new processes that are covered under the program. Outline all the changes that were made and match those up with the affected operating
Determine the retained earnings and working capital : Determine the Retained earnings, end of 2020. Purchase of merchandise on account on December 28, 2019 amounting 120,000 was not recorded.
Bilateral and trade agreements between china and nigeria : What are the Bilateral and Trade Agreements between China and Nigeria? Support your arguments with specific examples.
Discuss at least one tax-related advantage of home : Discuss at least one tax-related advantage of home or rental property ownership that you would share with Holly and Jim.
Ethical theory an action itself : Critically evaluate the claim that "in ethical theory an action itself may not be the only factor in our assessment of that action" (Wilkens, 2011, p. 18)
Conduct a benchmarking study of price waterfall : A manufactured-good firm finds that its market share has been slipping in a geographic market. It chooses to conduct a benchmarking study of its price waterfall

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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