Business, 26.11.2019 06:31 SoccerHalo

In 2016, the controller of sytec corporation discovered that $42,000 of inventory purchases were incorrectly charged to advertising expense in 2015. in addition, the 2015 year-end inventory count failed to include $30,000 of company merchandise held on consignment by erin brothers. sytec uses a periodic inventory system. other than the omission of the merchandise on consignment, the year-end inventory count was correct. the amounts of the errors are deemed to be material. required: 1. determine the effect of the errors on retained earnings at january 1, 2016. explain your answer. (ignore income taxes.) 2. prepare a journal entry to correct the errors. 3. what other step(s) would be taken in connection with the correction of the errors?

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 21:30

You invest all the money you earned during your summer sales job (a total of $45,000) into the stock of a company that produces fat and carb-free cheetos. the company stock is expected to earn a 14% annual return; however, 5 years later it is only worth $20,000. turns out there wasn't as much demand for fat and carb-free cheetos as you had hoped. what is the annual rate of return on your investment?

Answers: 1

Answer

Business, 22.06.2019 13:20

Suppose your rich uncle gave you $50,000, which you plan to use for graduate school. you will make the investment now, you expect to earn an annual return of 6%, and you will make 4 equal annual withdrawals, beginning 1 year from today. under these conditions, how large would each withdrawal be so there would be no funds remaining in the account after the 4th withdraw?

Answers: 3

Answer

Business, 22.06.2019 14:30

Bridge building company estimates that it will incur $1,200,000 in overhead costs for the year. additionally, the company estimates 50,000 direct labor hours will be spent building custom walking bridges for the year at a total direct labor cost of $600,000. what is the predetermined overhead rate for bridge building company if direct labor costs are to be used as an allocation base?

Answers: 3

Answer

Business, 22.06.2019 17:00

Zeta corporation is a manufacturer of sports caps, which require soft fabric. the standards for each cap allow 2.00 yards of soft fabric, at a cost of $2.00 per yard. during the month of january, the company purchased 25,000 yards of soft fabric at $2.10 per yard, to produce 12,000 caps. what is zeta corporation's materials price variance for the month of january?

Answers: 2

Answer

You know the right answer?

In 2016, the controller of sytec corporation discovered that $42,000 of inventory purchases were inc...

Questions