How would this have impacted the income statement

Assignment Help Accounting Basics

Reference no: EM133609928

Question: Sharon is the head cost accountant for Blindz, Inc., a factory that produces contemporary window blinds for personal residences. She is reviewing the work of Tara, a new accountant at the company. Tara has been finalizing the process costing numbers and has arrived at an ending inventory balance of $49,677. After closer review, Sharon realizes that this number included a sale in the amount of $2,400 with a cost of $989. The sale was Free on Board (FOB) shipping point and had been loaded onto the carrier by the close of the year but had not yet reached the buyer. If Sharon had not caught Tara's error, then how would this have impacted the income statement (ignoring income taxes)?

Reference no: EM133609928

Questions Cloud

How differences affect the relationship nora has with men : What are differences that you see between Dr. Rank and Torvald in their personality? How might these differences affect the relationship Nora has with both men?

What might you have done differently to address any concerns : Why do you think this is? Do the authors address this concern well enough? What might you have done differently to address any concerns?

Prepared a new charge sale invoice for the sale : Approved Rosemont's credit and shipped the back ordered shoulder pad sets. Prepared a new charge sale invoice (Doc. No. 6) for the sale to Rosemont

Why is olympics successful precedent for professionalization : Why are the Olympics (according to Branch) a successful precedent for the professionalization of an amateur sports system? Do you agree?

How would this have impacted the income statement : Reached the buyer. If Sharon had not caught Tara's error, then how would this have impacted the income statement (ignoring income taxes)

Why might nurturing healthy attachment/relationships become : Why might nurturing healthy attachment/relationships become more challenging when the child is neuro-diverse (i.e., those with special needs and disabilities)?

What role has e-commerce played in kiehls strategy so far : What role has e-commerce played in the Kiehl's strategy so far? What role would you recommend it play over the next five years as Kiehl's pursues its goals?

How harker builds an argument to persuade his audience : Your essay should not explain whether you agree with Harker's claims, but instead, explain how Harker builds an argument to persuade his audience.

Calculate the net book value of the equipment : Calculate the net book value of the equipment. What you paid for equipment minus how much it has been depreciated up to Year 3 is how you would calculate

User Account

All Pages