Dijon Mustard Ltée. reported the following comparative income statement for the years ended September 30, 2013, and
Question:
Dijon's shareholders are thrilled by the company's boost in sales and net income during 2014. Then they discover that the 2013 ending inventory was understated by $10,000. How well did Dijon really perform in 2014, as compared with 2013?
Transcribed Image Text:
Dijon Mustard Ltée. Income Statement For the Years Ended September 30 2014 2013 Sales revenue Cost of goods sold $194,000 $158,000 $ 23,000 97,000 Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold $16,000 86,000 102,000 (23,000) (21,000) 99,000 95,000 20,000 $ 75,000 79,000 79,000 20,000 S 59,000 Gross profit Net income
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 61% (13 reviews)
Dijon Mustard Lte Income Statement Corrected for the Years Ended September 30 2014 2013 Sales reve...View the full answer
Answered By
Mugdha Sisodiya
My self Mugdha Sisodiya from Chhattisgarh India. I have completed my Bachelors degree in 2015 and My Master in Commerce degree in 2016. I am having expertise in Management, Cost and Finance Accounts. Further I have completed my Chartered Accountant and working as a Professional.
Since 2012 I am providing home tutions.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-0133472264
5th Canadian edition
Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin
Question Posted:
Students also viewed these Accounting questions
-
Hanson's Furniture Outlet reported the following comparative income statement for the years ended June 30, 2014 and 2013. During 2014, Hansons Furniture Outlet discovered that the 2013 ending...
-
Healthy Bite Mart reported the following comparative income statement for the years ended November 30, 2014 and 2013. During 2014, Healthy Bite Mart discovered that the 2013 ending inventory, as...
-
By the Bay Marine Supply reported the following comparative income statements for the years ended November 30,2016, and 2015: By the Bay's president and shareholders are thrilled by the company's...
-
A space-filling curve is a continuous curve in the unit square that passes through every point. Write a recursive Turt le client that produces these recursive patterns, which approach a space-filling...
-
The Food and Drug Administration (FDA), charged with implementation of the Federal Food, Drug and Cosmetic Act, refused to approve the cancer-treatment drug Laetrile on the ground that it failed to...
-
Spike "Spitball" Weaver, a hard-throwing pitcher, was approaching the end of his major league baseball career. After becoming a free agent at the end of the Year 1 baseball season, he signed a...
-
The Tsai-Wu interaction parameter \(F_{12}\) is determined from biaxial failure stress data. One way to generate a biaxial state of stress is by using a uniaxial \(45^{\circ}\) off-axis tension test....
-
Pak Co.s August 31 inventory of raw materials is $16,000. Raw materials purchases in September are $60,000, and factory payroll cost in September is $68,000. Overhead costs incurred in September are:...
-
Submit an annotated outline that includes thematic headings you have drawn from the literature on your topic. The outline must include at least four of the peer-reviewed research articles you found. ...
-
Liz Viera has opened Pizza and More, a wholesale grocery and pizza company. The following transactions occurred in March: Required 1. Journalize the transactions. 2. Record to the accounts receivable...
-
Vacation Properties began March with concession inventory of $36,000. The business made net purchases of $79,500 for concessions and had net sales of $150,000 before a breakin when its concession...
-
Allstate Sporting Goods started April with an inventory of 10 sets of golf clubs that cost a total of $1,500. During April, Allstate purchased 20 sets of clubs for $3,200. At the end of the month,...
-
What are spontaneous liabilities?
-
Two equal charges are situated on the x axis at 40.0 cm on either side of the origin as shown in the figure below. Location A is on the perpendicular bisector at a distance of 27.0 cm from the origin...
-
1. The following information pertains to Henry Enterprises for 2023: Cost of goods manufactured Direct labor Direct materials inventory, beginning of year Direct materials inventory, end of year...
-
Given the force between two or more points as: F= 2 x 9, (r-r) 4RE-P Point charges 125nC and -90nC are located at (2, -4, -6) and (4, 7, -3), respectively. (a) Determine the force on a 15nC point...
-
Provided below is the activities to be completed in order to accomplish a project. Activities 1-2 Duration in weeks Optimistic time Most likely time Pessimistic time 1 1-3 1-4 2-5 3-5 2 132132 4-6...
-
The car starts from rest and travels along a straight track such that it accelerates at 8 , 9 m / / s 2 2 for 1 9 seconds, and then decelerates at - 3 , 8 m / / s 2 2 until the it stops. How far has...
-
Write each value in exact form. Do not use a calculator. a. i. sin 45 ii. cos 45 iii. tan 45 b. i. cosec 45 ii. sec 45 iii. cot 45
-
A. Select a recent issue (paper or online) of Report on Business Magazine, Canadian Business Magazine (online only), Bloomberg Businessweek, Fast Company, The Economist, or another business magazine....
-
GW Photography reported net income of $100,000 for 2012. Included in the income statement were depreciation expense of $6,300, patent amortization expense of $4,000, and a gain on sale of equipment...
-
Barnish Corporation issued the following statement of cash flows for 2012. (a) Compute free cash flow for Barnish Corporation. (b) Explain why free cash flow often provides better information than...
-
Strawn Corporation had these transactions during 2012. (a) Purchased a machine for $30,000, giving a long-term note in exchange. (b) Issued $50,000 par value common stock for cash. (c) Issued...
-
1. Discuss one form of radiation you encounter in your daily life and why you use it. 2. What are some of the reported effects of that type of radiation on the human body? [Sources of information...
-
What is a plan on how you intend to be successful in future semesters. The plan should be a source of motivation to do well in college, both professionally and personally. Include tips that you can...
-
Question 1. From the research for this terms Crisis Management Team Assignment - Taylor swift and Ticket Master Crisis a. Explaining, with some detail, three (3) specific things that the leader(s) in...
Study smarter with the SolutionInn App