User Account

All Pages

What is the correct profit for the year ended december

Assignment Help Accounting Basics
Reference no: EM132765992

Examination of the records of Dream High Company for the year ended December 31, 2020 revealed the following:

  • During 2020, Dream High received P40,000 as cash advance from a customer for merchandise to be manufactured and shipped during 2021. The P40,000 was credited to sales revenue.
  • Inventory on January 1, 2020 was overstated by P71,000.
  • Inventory on December 31, 2020 was understated by P96,000.
  • Profit (before adjustments) reported on the 2020 profit or loss was P658,000.

Problem 1: What is the correct profit for the year ended December 31, 2020?

Reference no: EM132765992

Questions Cloud

What was the cost of the merchandise destroyed by fire : The branch in turn prices merchandise for sales purposes at 25% above billed price. What was the cost of the merchandise destroyed by fire
Find what total amount should reported as current liability : Bonds payable, due December 31, 2021- P3,400,000. On December 31, 2020, what total amount should be reported as current liabilities?
What is the total shareholders equity of good doctor on dec : Good Doctor Company was registered at the Securities, What is the total shareholders' equity of Good Doctor on December 31, 2021?
How much is the gross profit for the year : How much is the gross profit for the year? Increase in accounts receivable- P100,000. Collections on accounts- P800,000. Cash sales- P120,000
What is the correct profit for the year ended december : What is the correct profit for the year ended December 31, 2020? During 2020, Dream High received P40,000 as cash advance from a customer for merchandise
How much of the note payable is classified as current : How much of the note payable is classified as current in the December 31, 2020 financial statements that were issued on March 31, 2021?
What is the amount of noncurrent asset : What is the amount of noncurrent asset for 2020? Mortgage payable (P500,000 due in 6 months)- P5,500,000. Accounts payable- P562,165.
How happy pets company would use during the conduct : Describe data items, information and knowledge, providing a clear example of how HPC would use each of these during the conduct of its business.
What effect would have on the carrying value of investment : Vaughn Company did not amortize the discount, What effect would have on the carrying value of the investment and on net income, respectively?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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