Identify the errors in the following incomestatement: The Plautus Company Income Statement For the Year Ended October
Question:
Identify the errors in the following incomestatement:
Transcribed Image Text:
The Plautus Company Income Statement For the Year Ended October 31, 2006 Revenue from sales: $4,200,000 101,500 Cost of merchandise sold -. .. . -... Income from operations .- Operating expenses: $4,301,500 2,093,000 $2,208,500 203,000 7,500 122,000 332,500 $1,876,000 Other expense Interest revenue.. Gross profit. 66,500 $1,809,500
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (8 reviews)
1 Sales returns and allowances and sales discounts should be deducted from not added to sales 2 Sale...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 978-0324188004
21st Edition
Authors: Carl s. warren, James m. reeve, Philip e. fess
Question Posted:
Students also viewed these Accounting questions
-
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...
-
Identify the errors in the following trial balance. All accounts have normalbalances. Burgoo Co. Unadjusted Trial Balance For the Month Ending March 31, 2010 Debit Balances Credit Balances Cash...
-
In programming challenge 8 of chapter 3, you created an application that converts celsius temperatures to fahrenheit. recall that the formula for performing this conversion isf = 1.8 * c + 32in the...
-
Today is June 7, 2007. Freddie Mac is issuing a 10-year Bermudan note on June 15 2007 under the terms described in Table 12.1410. A Bermudan security is like a callable security, but with call dates...
-
The Durham Insurance Company sells a five-year term insurance policy with face value of $100,000 to a 47-year-old man for a monthly premium of $63. The mortality table is given below. d. What is the...
-
Should organizations rely solely on recruiting through the Internet? Why or why not?
-
A tank full of water has the shape of a paraboloid of revolution as shown in the figure; that is, its shape is obtained by rotating a parabola about a vertical axis. (a) If its height is 4 ft and the...
-
Below are extracted information for XYZ Limited for its first - year account ending 3 1 December 2 0 2 1 : Equipment ( NCA ) 2 0 , 0 0 0 Utilities Expense 2 , 1 0 0 Cash 5 , 0 0 0 Accounts Receivable...
-
Which life cycle model would you follow for developing software for each of the following applications? Mention the reasons behind your choice of a particular life cycle model. Clearly Justify your...
-
In 2003, Best Buy Co. reported net sales of $20,946 million. Its gross profit was $5,236 million. What was the amount of Best Buys cost of merchandise sold?
-
Two items are omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them byletter. $500,000 15,000 8,000 Sales Sales returns...
-
In addition to his day job as an engineer, Luis Garcia runs a small ethnic grocery store. The shop stocks food items from southeast Asian countries and caters to the large population of people from...
-
Mavis purchased an e-bike for her delivery service for $1079. She earned $1366 making deliveries but had to spend $336 for repairs and maintenance. She sold it for $860. What was her holding period...
-
A municipality has issued a long-term municipal bond which indicates that the state legislature will provide support if the bond goes into default. What type of municipal bond offers this protection?
-
Three years ago, a company purchased a delivery truck for $50,000. The company has recorded a total of $34,000 of depreciation expense over the three years of using the truck (the net book value of...
-
Harbor Realty had the following account balances taken from their adjusted trial balance for year ending Dec. 31, 20Y1: Depreciation Expense: $7,045 Fees Earned: $806,648 Rent Revenue: $63,645...
-
The data given is from McCabe Resources Company's balance sheet prepared for 2015. Cash 25000 Marketable Securities 9000 Accounts receivable 43000 Inventories 65000 Prepaid insurance 3000 Building...
-
A method for determining the optimal combination of resources and activities in making a product is called ______ ______.
-
Troy is a qualified radiologist who operates a successful radiology practice from purpose- built rooms attached to his house. Troy works in the practice three days a week, and the other two days he...
-
Show that the black root rule for red-black trees is not essential. That is, if one allows trees with a red root, insertion and deletion still occur in O(log(n)) time.
-
Suppose you invest 52%, 28%, and 20% of your wealth into a stock, the market, and a risk-free asset, respectively. The beta of the stock is 1.1. What is the beta of the portfolio?
-
An investment of $21745, earning compound interest, grows by $2278 in one year. At this rate of growth, how long will it take for the original investment to double?
-
On September 12, 3,400 shares of Denver Company's common stock are acquired at a price of $58 per share plus a $170 brokerage commission. On October 15, an $1.20-per-share dividend was received on...
Study smarter with the SolutionInn App