Question: below in the screenshot , you have data for a compnay's years ended July 31. 1/ When preparing the year end inventory, staff members counted

below in the screenshot , you have data for a compnay's years ended July 31.

1/ When preparing the year end inventory, staff members counted items costing $5000 twice. the company's accountant included that overstatement in the year 2020 year- end Inventory account. Staff counted the inventory correctly on July 31, 2021.

what is the balance in retained earnings at the end of these 2 years using the original ( incorrect) statements of income and the corrected statements if income? please show detailed calculation . thanks below in the screenshot , you have data for a compnay's

below in the screenshot , you have data for a compnay's

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Two ropes are connected to a steel cable that supports a hanging weight as shown in Fig. 5.59. (a) Draw a free-body diagram showing all of the forces acting at the knot that connects the two ropes to...

P6.8A) (LO 4, 5) The records of Atlas Ltd, show the following data for the years ended July 2019 2020 $320,000 220,000 64,000 $300,000 209,000 64,000 24,000 40,000 9,000 19,000 2021 Statement of...

P6.8A) (LO 4, 5) The records of Atlas Ltd, show the following data for the years ended July 2019 2020 $320,000 220,000 64,000 $300,000 209,000 64,000 40,000 9,000 24,000 19,000 2021 Statement of...

While preparing for the year end on July 31, 2020, the following errors, reflected in the data above, occurred: 1. When counting the year-end inventory, staff members counted items costing $5,000...

While preparing for the year end on July 31,2020 , the following errors, reflected in the data above, oceurred: 1. When counting the year-end inventory, staff members counted items costing $5.ooo...

Hello Ruchi, I hope you have been doing good! I have attached the instructions word document and the excel workbook for part 5. This is the continuation from part 4. Please let me know if you have...

ACC412/313/314 INSTRUCTION: YOU HAVE 45 MINUTES ALLOTTED TIME OR THIS TEST. USE MS EXCEL AS SOLUTION SHEET. You are a member of the staff of the accounting firm of RDB & Co, CPA's and have completed...

I would love some help with this analytical measure!! (Below is any information you should need) (Instructions) Perform analytical measures for Columbia Sportswear for the most current year. Complete...

I would love some help with this analytical measure!! (Instructions) Perform analytical measures for Columbia Sportswear for the most current year. Complete the Liquidity, Solvency and Profitability...

You, CA, are the audit senior of Ball Construction Corporation (BC), a small public company. It is September 19, 2013, and the year-end audit fieldwork has just been completed. The audit partner,...

The 6-8 split is common in bowling. To make this split, a bowler stands dead center and throws the ball hard and straight directly toward the right of the 6 pin. The distance from the ball at the...

Answer the seven questions in the opening section of this chapter. a. Who really is my client - the company, the management, current shareholders, future shareholders, the public? b. In the event I...

2 . The company provided the data of PP \ &E in a cash - generating unit ( CGU ) as follows:

One of the many duties of the office manager at Bluefield Process Safety is to ensure all of the office supplies remain available by performing inventory. According to office data from 2014, the...

Develop skills for building positive relationships.

Describe techniques for resolving conflicts.

Give feedback effectively and receive it appropriately.