Waymire Company prepared the partial income statements presented below for 2009 and 2008: Required: 1. Prepare corrected
Question:
Required:
1. Prepare corrected income statements for 2009 and 2008.
2. Prepare a schedule showing each financial statement item affected by the error and the amount of the error for that item. Indicate whether each error is an overstatement (+) or an understatement().
Transcribed Image Text:
2009 2008 $538,200 $483,700 Sales revenue Cost of goods sold Beginning inventory Purchases Cost of goods available $39,300 343,200 32,100 292,700 for sale $382,500 46,800 $324,800 39,300 Ending inventory Gross margin Operating expenses Income before taxes 335,700 $202,500 167,200 35,300 285,500 $198,200 151,600 $ 46,600
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 46% (15 reviews)
1 2009 2008 Sales revenue 538200 483700 Cost of goods so...View the full answer
Answered By
David Muchemi
I am a professional academic writer with considerable experience in writing business and economic related papers. I have been writing for my clients who reach out to me personally after being recommended to me by satisfied clients.
I have the English language prowess, no grammatical and spelling errors can be found in my work. I double-check for such mistakes before submitting my papers.
I deliver finished work within the stipulated time and without fail. I am a good researcher on any topic especially those perceived to be tough.
I am ready to work on your papers and ensure you receive the highest quality you are looking for. Please hire me to offer my readily available quality service.
Best regards,
4.60+
27+ Reviews
61+ Question Solved
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-0324787351
1st Edition
Authors: Rich Jones, Mowen, Hansen, Heitger
Question Posted:
Students also viewed these Managerial Accounting questions
-
Waymire Company prepared the partial income statements presented below for 2011 and 2010. During 2012, Waymires accountant discovered that ending inventory for 2010 had been overstated by $8,200....
-
Waymire Company prepared the partial income statements presented below for 2019 and 2018. During 2020, Waymire's accountant discovered that ending inventory for 2018 had been understated by $6,500....
-
Indicate whether each account is an asset, a liability, or a stockholders equity account, and whether it would have a normal debit or credit balance. (a) Accounts Receivable. (b) Accounts Payable....
-
If Jody's records show $2,000 in investment by owner, $10,000 in net income, $5,000 in assets and $1,000 in owner's drawings. What is Jody's ending owner's equity on a statement of changes in owner's...
-
Access the FASB Accounting Standards Codification at the FASB website (asc.fasb.org). Determine the specific citation for accounting for each of the following items: 1. Reporting most changes in...
-
In Uganda, GDP per person is $2,280 per year, and in Japan it is $42,338. What do you think is likely to happen to each countrys GDP per person if they both increase their physical capital per person...
-
The roof of a refrigerated truck compartment is of composite construction, consisting of a layer of foamed urethane insulation \(\left(t_{2}=50 \mathrm{~mm}, k_{i}=0.026 \mathrm{~W} / \mathrm{m}...
-
A 5.0-m 3 tank is charged with 75.0 kg of propane gas at 25C. Use the SRK equation of state to estimate the pressure in the tank: then calculate the percentage error that would result from the use of...
-
Choose a company whose business is some what. It can be a company that you have worked for, have dealt with, or are just interested in. Identify a business process in this company that can benefit...
-
1. Set up an expanded accounting equation spreadsheet using the following accounts: Assets Liabilities Owner's Equity Cash Accounts Payable I freedman, Capital Supplies L freedman, Withdawals...
-
Examining the recent financial statements of McLelland Clothing, Inc., you note the following: Sales ............. $754,693 Cost of goods sold ....... 528,600 Average inventory ........ 76,900...
-
Compass, Inc., purchased 1,000 bags of insulation from Glassco, Inc. The bags of insulation cost $4.25 each. Compass paid Turner Trucking $260 to have all 1,000 bags of insulation shipped to its...
-
Assume that a particular professional baseball team has 10 pitchers, 6 infielders, and 9 other players. If 3 players names are selected at random from the teams roster, determine the probability...
-
Do you feel all persons should have equal access to medical care regardless of their ability to pay?
-
Compute the absolute maximum shear and moment produced in a simply supported beam by two concentrated live loads of 20 kips spaced \(10 \mathrm{ft}\) apart. The beam span is \(30 \mathrm{ft}\).
-
A \(10-\mathrm{kg}\) dog jumps up in the air to catch a ball. The dog's center of mass is normally \(0.20 \mathrm{~m}\) above the ground, and he is \(0.50 \mathrm{~m}\) long. The lowest he can get...
-
If your company opted to pursue a strategy of related diversification, what industries or product categories could your company diversify into that would allow it to achieve economies of scope? Name...
-
For the DOS, test whether education is associated with depression. To simplify the problem, we dichotomize both variables; use no and major/minor for depression diagnosis and at most and more than 12...
-
Consider the closed loop system of Problem 10.3. Identify the system in LPWM-GBPF domain for double the value of \(m\) keeping the time interval \(T\) same and new choices for \(h_{0}\) and...
-
Parkin Industries, a U.S. company, acquired a wholly-owned subsidiary, located in Italy, at the beginning of the current year, for 200,000. The subsidiary's functional currency is the euro. The...
-
Julie Ray Murray had worked as an accountant for Accounting Center and Tax Services for eight years when her boss, Phillip Roberts, asked her to sign a noncompete agreement. Under the agreement,...
-
The consolidated 2011 and 2010 balance sheets for Corcoran Inc. and Subsidiaries follow. Required: 1. Calculate the percentage that Corcorans total assets increased by during 2011 (in percent- age...
-
Financial statements for Remington Inc. follow. Required: 1. Prepare common size income statements and balance sheets for Remington to be used in vertical analysis (in percentage terms, rounded to...
-
The following consolidated income statements and balance sheets are available for Azimio Products: Required: 1. Explain why income from operations decreased in 2010 and 2011 while sales increased. 2....
-
1-ABC Company had packaging costs of $170000 when 12500 packages were shipped. Packaging costs were $190000 when 19500 packages were shipped.Compute the total shipping cost when 15000 units are...
-
The Kuwait Finance House (KFH) had the following transactions during the month of July 2015: 1) A customer deposited KD 2,000 cash and KD 5,000 check drawn on another bank to his saving account. 2)...
-
On January 1, 2022, Maxim Corp. invested $550,500 in Darcy Inc. for 25% of its outstanding shares. Maxim also has representation on the Board of Directors. Darcy shares are not traded in an active...
Study smarter with the SolutionInn App