Assume that the John Henry Company had $ 1 , 0 0 0 , 0 0 0
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Question:
Assume that the John Henry Company had $ of sales during each of and and it purchased merchandise costing $ during each of those years. Its beginning inventory for was $ and its ending inventory for was However, it made an ean heat caused its ending inventory to appear on its financial statements at $ rather than thecorrect $ The company has a December year end.Required: SHOW YOUR WORK. Calculate the correct amount of the companys gross margin gross proff for and calculate the correct amount of the company\'s gross margin gross profit for What is the effect of the emror on John Henry, Capital at December ie is the capital account overstated, understated, or correctly stated? Explain.
Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
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