The inventory at the end of the year was understated by $8,750. (a) Did the error cause
Question:
(a) Did the error cause an overstatement or an understatement of the gross profit for the year?
(b) Which items on the balance sheet at the end of the year were overstated or understated as a result of the error?
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 58% (17 reviews)
a Gross profit for the ...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Question Posted:
Students also viewed these Accounting questions
-
The inventory at the end of the year was understated by $12,750. (a) Did the error cause an overstatement or an understatement of the gross profit for the year? (b) Which items on the balance sheet...
-
The inventory at the end of the year was understated by $14,750. (a) Did the error cause an overstatement or an understatement of the gross profit for the year? (b) Which items on the balance sheet...
-
The inventory at the end of the year was understated by $23,950. (a) Did the error cause an overstatement or an understatement of the gross profit for the year? (b) Which items on the balance sheet...
-
The statement of financial position of Kingbird Limited follows for the current year, 2020: KINGBIRD LIMITED Statement of Financial Position December 31, 2020 Current assets $135,660 Current...
-
What are the five elements of an effective professional judgment process?
-
What is a fully distributed database management system?
-
Correlation and Causation What is meant by the statement that correlation does not imply causation?
-
The Ad Guys Inc. provides advertising services for clients across the nation. The Ad Guys is presently working on four projects, each for a different client. The Ad Guys accumulates costs for each...
-
For this question, use the following financial statements: Income Statement Balance Sheet Sales $16,400 Current assets $11,200 Debt $13,600 Costs 11,200 Fixed assets taxable income $5,200 Total...
-
New York City's Taxi & Limousine Commission has mandated that all licensed city cab owners install new information systems in their cabs. The new state-of-the-art system connects the cabs to a...
-
Jefferson Products, Inc., is considering purchasing a new automatic press brake, which costs $300,000 including installation and shipping. The machine is expected to generate net cash inflows of...
-
Fargo Co. sold merchandise to Keepsakes Company on December 31, FOB shipping point. If the merchandise is in transit on December 31, the end of the fiscal year, which company would report it in its...
-
Landmark Properties owns and operates an apartment building and prepares annual financial statements based on a March 31 fiscal year-end. Required Journalize the adjusting entry for each of (a) and...
-
Compute the summations of the following: 2 i(i+1) j=1
-
Using the information below, complete (i) the operating cash flow section of the Statement of Cash Flows and (ii) the note to the accounts for Noosa Ltd. Your presentation must be consistent with the...
-
I can not get the rotate and add tests to pass in my AVL Tree program. Both of the ways to write the rotate methods that I put in the code block do not work. Please tell me what I can do to pass...
-
Find the exact value of the expression by using appropriate identities. Do not use a calculator. tan 81+tan 54 1-tan 81 tan 54 ES T- tes tan 81+ tan 54 1-tan 81 tan 54 =
-
Given the following function: int next(int x) { return(x+1); } what is the output of the following statement? cout < < next(next(5)) < < endl;
-
What are the tools and techniques used for continuous improvement?
-
What is an access control list?
-
Use a pressure inerting procedure with nitrogen to reduce the oxygen concentration to \(1 \mathrm{ppm}\). The vessel has a volume of \(3.78 \mathrm{~m}^{3}\) and is initially contains air, the...
-
Give an example of a transaction that results in: (a) A decrease in an asset and a decrease in a liability. (b) A decrease in one asset and an increase in another asset. (c) A decrease in one...
-
Give an example of a transaction that results in: (a) A decrease in an asset and a decrease in a liability. (b) A decrease in one asset and an increase in another asset. (c) A decrease in one...
-
Give an example of a transaction that results in: (a) A decrease in an asset and a decrease in a liability. (b) A decrease in one asset and an increase in another asset. (c) A decrease in one...
-
130 g of water is placed in a 10-g aluminum cup. Both the water and cup start at temperature 40 C. 30 g of ice at an initial temperature of 0 C is added to the water. The ice is allowed to melt and...
-
A small plastic ball of mass 5.86 10-3 kg and charge +0.178 C is suspended from an insulating thread and hangs between the plates of a capacitor (see the drawing). The ball is in equilibrium, with...
-
Assume that the firm invests $170,000 today and $200,000 three years from now to get $75,000 at Year 1, $80,000 at Year 2, $75,000 at Year 3, $140,000 at Year 4, $165,000 at Year 5, and $155,000 at...
Study smarter with the SolutionInn App