Question: Hello i need help with an accounting question. QUESTION ONE. A. Having gone through the principles II class, imagine you are an intern at Floro

Hello i need help with an accounting question.

QUESTION ONE.

A. Having gone through the principles II class, imagine you are an intern at Floro agro florists and its end year. The Warehouse Manager is overwhelmed with work and realizes that you can just be the perfect person to help him with inventory related issues after he realizes a glitch in some year's records. The information for the years in question has been provided as follows;

201820192020

Current Assets1,0001,2501,750 Non-Current Assets5,0006,2508,750 Total Assets6,0007,50010,500 Long term Liabilities2,0002,5003,500 Revenue1,0001,2501,750 Cost of Sales40% on cost for all the Years

Assume that ending Inventory was overstated by K1, 500 in 2018 and Understated by K10, 000 ends of 2019. Requireda. Calculate the Cost of goods sold for the years 2018, 2019, and 2020 (6 Marks) b. Calculate the Owners Equity value for the years 2018, 2019 and 2020 (3 Marks) c. Calculate the correct values for the below listed items in 2018 and 2019 indicating the effect with an explanation. (21 Marks) i. Current Assets ii. Non-current Assets iii. Total Assets iv. Long term Liabilities v. Owners Equity vi. Revenue vii. Cost of sales viii. Gross Profit

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!