A company reported ending inventory of $86,000 in Year 1. It was discovered in Year 2...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A company reported ending inventory of $86,000 in Year 1. It was discovered in Year 2 that the correct value of the ending inventory was $81,000 for Year 1, and a correction was made. Complete the following table based on this information. Assume the company uses the perpetual inventory system. Do not enter dollar signs or commas in the input boxes. Enter a negative sign as appropriate for the Profit(Loss) line item. Item Reported Correct Amount $86,000 $81000 $130,000 $125000 $596,000 $591000 $197,000 $192000 $1,100,000 $1100000 $550,000 $555000 $6,000 $-11000 Inventory Current Assets Total Assets Owner's Equity, Year 1 Sales Cost of Goods Sold Profit (Loss) for Year 1 X A company reported ending inventory of $86,000 in Year 1. It was discovered in Year 2 that the correct value of the ending inventory was $81,000 for Year 1, and a correction was made. Complete the following table based on this information. Assume the company uses the perpetual inventory system. Do not enter dollar signs or commas in the input boxes. Enter a negative sign as appropriate for the Profit(Loss) line item. Item Reported Correct Amount $86,000 $81000 $130,000 $125000 $596,000 $591000 $197,000 $192000 $1,100,000 $1100000 $550,000 $555000 $6,000 $-11000 Inventory Current Assets Total Assets Owner's Equity, Year 1 Sales Cost of Goods Sold Profit (Loss) for Year 1 X
Expert Answer:
Answer rating: 100% (QA)
SOLUTION Based on the given information we can complete ... View the full answer
Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
Students also viewed these accounting questions
-
1. a) Fill in the missing numbers in the inventory schedule using the weighted-average cost inventory valuation method. This company uses the perpetual inventory system. Do not enter dollar signs or...
-
For each transaction, indicate in which journal it should be recorded. Sales Journal Cash Receipts Journal Purchases Journal Cash Payments Journal General Journal Returned products to a supplier....
-
For the year ended December 31, 2022, Lily Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries Electricians' wages Total Deductions: FICA...
-
Consider again examples 9.2 and 9.3 , and once again assume that there are two states of the world for each random variable, denoted by V L j , V H j and n L , n H . Denote the probabilities for...
-
The window of a large vacuum chamber is fabricated from a material of prescribed spectral characteristics. A collimated beam of radiant energy from a solar simulator is incident on the window and has...
-
A 1200-kg airplane starts from rest and moves forward with a constant acceleration of magnitude 5.00 m/s2 along a runway that is250 m long. (a) How long does it take the plane to reach a speed of...
-
What three functions do administrative agencies perform that are normally kept separate under the American system of government? What traditional justifications are put forth in favor of combining...
-
A manufacturer of disposable washcloths/wipes told a retailer that sales for this product category closely correlated with sales of disposable diapers. The retailer thought he would check this out...
-
Answer the question by showing the calculation procedure. Verified the answer by using the MATLAB coding. Submit all the answers (calculation procedure & MATLAB code) to MS Team. For all of the...
-
FREE-CASH-FLOWS-BASED VALUATION. In Problem, we projected financial statements for Wal-Mart Stores, Inc. (Walmart) for Years +1 through +5. The data in Exhibits 13 (see pages 985987) include the...
-
Analyze the straight-line, units-of-production, double-declining-balance, and units-of-production depreciation / amortization methods Spectacular Condo Corp. purchased exercise equipment for its...
-
Find \(\mathrm{Y}(s)\) in signal flow graph shown in Fig. P3.15. R(s) O G H U(s) 1 G W(S) -H 2 1 -o Y(s)
-
For \(G(s)=\sqrt{s}\) consider the following statements (i) \(|\mathrm{G}(j \omega)|=\sqrt{\omega}\) (ii) \(\square \mathrm{G}(j \omega)=45^{\circ}\). Select the correct answer (a) (i) and (ii) both...
-
Develop root locus plots for the systems shown in Fig. D5.2 (a) and (b) for K ranging from 0 to \(\infty\). Find asymptotic angles, centroid, approximate break away/entry points, angles of departure...
-
The transfer function of a certain system is given by \(G(s)=\frac{s}{(1+s)}\). The Nyquist plot of the system is (a) Im (0 = (0=0 Re (b) Im 00=0 (0) = 0 Re
-
Consider the system shown in Fig. P 5.2 (a). (a) Sketch root loci as \(\mathrm{K}\) varies from 0 to \(\infty\). (b) Find the range of \(\mathrm{K}\) for which system exhibits underdamped and...
-
An array is a collection of variables that are stored in orderin consecutive positions in the computer's memory. Depending on theprogramming language, the array index starts at 0 (C language) or...
-
A fast-food restaurant averages 150 customers per hour. The average processing time per customer is 90 seconds. a. Determine how many cash registers the restaurant should have if it wishes to...
-
When does a lessor record an immediate profit at the commencement of a lease?
-
Goddard Company has used the FIFO method of inventory valuation since it began operations in 2010. Goddard decided to change to the average cost method for determining inventory costs at the...
-
Describe the purpose of each of the five primary financial statements.
-
Prove that the dual function of Eq. (16.12) is concave Data From Equation (16.12) 19S See https://www.gams.com/ 20 See http://cvxr.com/
-
Consider the problem min x1+x2 s.t. h(x) = x2 x3 = 0, - - h2(x) = x2 = 0,
-
Consider the discrete optimization problem The feasible set consists of a finite collection of m points in Rn, and we have one inequality constraint. Dualize the inequality and show that the dual...
Study smarter with the SolutionInn App