Identify the errors in the following schedules of the cost of merchandise sold for the ended May
Question:
Identify the errors in the following schedules of the cost of merchandise sold for the ended May 31, 20Y4
Transcribed Image Text:
Cost of merchandise sold: Merchandise inventory, May 31, 20Y4.... Cost of merchandise purchased: $ 148,300 Purchases.. Purchases returns and allowances.. $1,110,000 55,000 Purchases discounts.. Freight in.. Total cost of merchandise purchased. 30,000 (22,000) Merchandise available for sale... 1,173,000 Merchandise inventory, June 1, 20Y3... Cost of merchandise sold. $1,321,300 91,300 $1,230,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (8 reviews)
In this problem the main error is that the opening stock has been reduced w...View the full answer
Answered By
SHIVKUMAR RP
I am a qualified Chartered Accountant by profession with a long career in corporate sector. I have been involved in mentoring my juniors teaching various aspects of accounting for 20 years. Besides that, I have taught many students at college at my house. I have worked with various types of companies like textile company, shipping company, stock broker company and steel manufacturing company. I have been involved in every aspect of accounting from data entry to finalisation. Besides that, I have being involved in income tax calculation of corporate company and individuals. Besides that, I have been involved in working and filing of indirect taxes , like VAT(value added tax ) and GST, (goods and services tax) for more than a decade for a Rs 600 crore company in India.
I have also involved in assessments with both direct and indirect tax authorities in India.
Due to my practical experience, I will be able to explain to students in a better way.
Thanks
0.00
0 Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
Question Posted:
Students also viewed these Business questions
-
Identify the errors in the following schedule of cost of merchandise sold for the current year ended July 31,2010: Cost of merchandise sold: Merchandise inventory, July 31, 2010 Purchases Plus:...
-
Identify the errors in the following trial balance. All accounts have normal balances. Bluefin Co. Unadjusted Trial Balance For the Month Ending August 31, 2012 Debit Credit Balances Balances 45,000...
-
Identify the errors in the following income statement: Keepsakes Company Income Statement For the Year Ended February 29, 2012 Revenue from sales: Sales...... $7,200,000 Add: Sales returns and...
-
Elena, a student in F-1 immigration status from Romania, is on the basketball team. She arrived in the U.S. on June 18, 2023 on a full athletic scholarship that includes $10,000 for her room and...
-
List the contents of a typical survey report.
-
What are the most significant differences between the AICPA and the PCAOB standard unmodified opinion audit reports?
-
Hawkeye Gymnastics Equipment, Inc., reported the following financial statements for 2006: Compute the amount of Hawkeye's acquisition of plant assets. Hawkeye sold no plant assets. HAWKEYE GYMNASTICS...
-
Many years ago, Minnow Bait and Tackle issued preferred stock. The stock pays an annual dividend equal to $6.80. If the required rate of return on similar-risk investments is 8 percent, what should...
-
The following information pertains to Springfield Inc.: Selling price per unit Variable costs per unit Total fixed costs Tax rate $50 $30 $212,500 40% The pretax break-even point in sales dollars is:
-
Erica and Bob participate in a friendly Hackathon that allows each to solve one question a day out of the three offered. There will be one easy, one medium and one hard question, with points awarded...
-
Based on the following data, determine the cost of merchandise sold for July: Merchandise inventory, July 1 .................... $ 190,850 Merchandise inventory, July 31 ..................... 195,350...
-
United Rug Company is a small rug retailer owned and Operated by Pat Kirwan. After the accounts have been adjusted on December 31, the following selected account balances were taken from the ledger:...
-
Harold and Maude are married and live in a common law state. Neither has made any taxable gifts and Maude owns (holds title) all their property. She dies with a taxable estate of $25 million and...
-
Required information [The following information applies to the questions displayed below.] Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock,...
-
Find x. Round your answer to the nearest tenth of a degree I 23 13
-
1. Geologists usually define a fossil as: naturally preserved remains or traces of animals or plants from the geologic past. Which part of this definition is pretty straightforward, and which part is...
-
FIGURE P5.40 To pendicular to the (x, y) plane. Determine the deflection of point C in the z direction, if R and L are large compared with the diameter of the member. 5.40. The semicircular member in...
-
Let f(x, y, z) = 2x - 2xy + 4xz + 3y - 2yz + z. == (a) Find the matrix A corresponding to f. (b) Determine whether A is positive definite. (c) Based on (b), what are the possible behaviors of f at...
-
Condensed financial data of Wanwright Company are shown below. Wanwright reports under ASPE. Additional information: 1. New plant assets costing $141,000 were purchased for cash during the year. 2....
-
Use Stokes' Theorem to evaluate f(y+sin x) dx+(z+cos y) dy+rdz, where C is the rve r(t) = (sint, cost, sin 2t), t = [0, 2].
-
Statement of Financial Accounting Concepts No. 5 identifies four characteristics that an item must have before it is recognized in the financial statements. What are these four characteristics?
-
Statement of Financial Accounting Concepts No. 5 identifies four characteristics that an item must have before it is recognized in the financial statements. What are these four characteristics?
-
Statement of Financial Accounting Concepts No. 5 identifies four characteristics that an item must have before it is recognized in the financial statements. What are these four characteristics?
-
An all-equity firm is considering the purchase of a depreciable asset that costs $680,000 and would be fully depreciated over six years using the straight-line method. The asset is expected to...
-
A firm owns three department stores. Each store has a debt-equity ratio of 16 percent and makes interest payments of $44,000 at the end of each year. The cost of the firm's levered equity is 18...
-
Belgian Bite Corp. is considering a project that has the following cash flow data. What is the project's IRR? Year 0 1 2 3 Cash flows $1,100 $450 $470 $490
Study smarter with the SolutionInn App