If the ending merchandise inventory of Year 1 is mistakenly understated by $ 3,000, what is the
Question:
a. Year 1’s net income?
b. Year 1’s balance sheet?
c. Year 2’s net income?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (16 reviews)
a Year 1s net income will be under...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
Question Posted:
Students also viewed these Accounting questions
-
Assume that in year 1, the ending merchandise inventory is understated by $40,000. If this is the only error in years 1 and 2, indicate which items will be understated, overstated, or correctly...
-
Use the following company information to calculate net cash provided or used by investing activities: (1) Equipment with a book value of $87,500 and an original cost of $150.000 was sold at a loss of...
-
A firm is expected to earn $50 and $82 net income for the next two years, respectively. At the end of the two-year period, the firm will be liquidated. The $82 expected earnings in year 2 include...
-
During its first year, the company spent approximately $300,000 to catch 500 crocodiles. Of these, 300 crocodiles were sold and shipped to customers at a selling price of $1,000 per crocodile....
-
Demand for car washes at Jenny's Car Wash has been as follows: Compare the performance of at least three exponential smoothing models using the bias and MAD as the performance criteria. Make the...
-
The controller for Wallaby plc is attempting to determine the amount of cash and cash equivalents to be reported on its December 31, 2019, statement of financial position. The following information...
-
It is desired to have \($9,000\) available 12 yr from now. If \($5,000\) is available for investment at the present time, what discrete annual rate of compound interest on the investment would be...
-
Salina Sports Wear has designed a new athletic suit. The company plans to produce and sell 30,000 units of the new product in the coming year. Annual fixed costs are $600,000, and variable costs are...
-
Selected cost data for Aerial Co for the year are as follows: Estimated overhead cost for the year Estimated direct labor cost for the year Actual manufacturing overhead cost for the year Actual...
-
A brand manager for ColPal Products must determine how much time to allocate between radio and television advertising during the next month. Market research has provided estimates of the audience...
-
Explain the consistency principle. How can the consistency principle relate to inventory costing?
-
If there is an error that understates the ending inventory of $ 255,000 of Year 1 by $ 3,500, what is the effect on net income? What will be the impact on the net income of Year 2?
-
Lemke Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the years 2014 and 2015. Instructions (a) Prepare a pension...
-
In finance, what does the word "maturity" mean? Explain.
-
Is SAP EWM categorized as business intelligence software or transactional applications, delineating its functional role within enterprise resource planning (ERP) systems and warehouse management...
-
"What are the definitions of the terms risk bearer, provider, payer, and practitioner relationship?"
-
A housing target of less than 30% of your income; a debt target of less than 20% of your income; a savings target of at least 10% of your income: what are these targets called?
-
what a Paralegal can do. Include these categories at a minimum: draft legal documents and pleadings, establish a client fee, establish the relationship between legal practitioner (LP/Paralegal) and...
-
List three categories of metallurgical processes.
-
Identify Thank You mission, strategy and core competencies. Identify strategy changes that have taken place at Thank You since its founding in 2008. Your answer must in text references and must be...
-
Toowoomba Irrigation Ltd began operations in the southeast Queensland region in July 2015. During the annual audit for the year ended 30 June 2020, it was discovered that errors had been made in the...
-
From the following adjusted trial balance titles of a worksheet, identify in which column each account will be listed on the last four columns of the worksheet: (ID) Income Statement Dr. Column (IC)...
-
From the following adjusted trial balance titles of a worksheet, identify in which column each account will be listed on the last four columns of the worksheet: (ID) Income Statement Dr. Column (IC)...
-
Complete the followingtable. Which Financial Category Normal Balance Statement(s) Found Account Accounts Payable Prepaid Rent Office Equipment Depreciation Expense B. Reel, Capital B. Reel,...
-
BRAND SELF COLLATERAL What is your brand name? What is your logo (YOU MUST DESIGN IT What is your brand slogan (the phrase that defines your brand and yourself) What are celebrity spokesperson is...
-
Amidst the burgeoning complexity of contemporary business landscapes, how do advanced organizations employ sophisticated design principles and ergonomic considerations to optimize physical workspaces...
-
JavaScript Assignment 1: Personal Web site This assignment is linked to your final project. Thus far, you have completed a total of 4 sections as part of the Final Project. You have created a basic...
Study smarter with the SolutionInn App