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In Exhibit the accurately stated ending inventory for the year 2009 is USD 35000. As a result Allen has a gross margin of USD 135000 as well as net income of USD 50000. The statement of retained earnings demonstrates beginning retained earnings of USD 120000 and an ending retained earnings of USD 170000. When the ending inventory is overstated by USD 5000 as published on the right in Exhibit 44 the gross margin is USD 140000 and net income is USD 55000. The statement of retained earnings after that has ending retained earnings of USD 175000. The ending inventory overstatement of USD 5000 origins a USD 5000 overstatement of net income and a USD 5000 overstatement of retained earnings. The balance sheet would illustrate both an overstated inventory and overstated retained earnings. Because of the error in ending inventory both the stockholders and creditors may overestimate the profitability of the business.
Explain the Recording employer's payroll taxes Debited to an expense account-Payroll Tax Expense. Credited to individual Tax Payable accounts These amounts are then sent
I need help in a project on 'accounting process' . It should begin with a storyline in which a buisness have to be chosen(i have chosen a tyres dealer). Then transactions taking
i dont get how it is done
Q. Financial accounting versus managerial accounting An accounting information system offers data to help decision makers both outside and inside the business. Decision makers
a) Recoginize Trigon Corporation's critical success factors and primary objectives. b)What types of information may be helpful in evaluating these objectives?
Q. Inventories and revenue recognition? Management make a decision which inventory costing method or methods (LIFO, FIFO, and so on.) to use. As well, management should determi
Assume we are selling a device for 6000 and the company need to replace that device with a new device which is a bit more than the prior price say 7000.Then,how we can account this
what is peacemeal districbution ..
The analysis focused primarily on the role, structure and funding arrangements for the International Accounting Standards Board (IASB), an entity that has been responsible for majo
#quthe books of deven verma could not be tallied.the accountant transferred the difference of Rs.1270 in the suspense account on the debit side the following mistakes were found la
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