Business, 24.11.2021 21:50 tommyaberman
g You have been hired as the new controller for the Ralston Company. Shortly after joining the company in 2021, you discover the following errors related to the 2019 and 2020 financial statements: Inventory at December 31, 2019, was understated by $7,400. Inventory at December 31, 2020, was overstated by $10,400. On December 31, 2020, inventory was purchased for $4,400. The company did not record the purchase until the inventory was paid for early in 2021. At that time, the purchase was recorded by a debit to purchases and a credit to cash. The company uses a periodic inventory system. Required: 1. Assuming that the errors were discovered after the 2020 financial statements were issued, analyze the effect of the errors on 2020 and 2019 cost of goods sold, net income, and retained earnings. (Ignore income taxes.) 2. Prepare a journal entry to correct the errors.
Answers: 1
Business, 21.06.2019 22:30
True or false: on january 1, year one, the epstein corporation buys a plot of land with a four-story office building. the company believes the building is worth $1.9 million and has an estimated life of twenty years (with no anticipated residual value). the straight-line method is used. the land has an assessed value of $100,000. because the seller was interested in a quick sale, epstein was able to buy this land and building for $1.7 million. depreciation expense to be recognized in year one is $80,750.
Answers: 3
Business, 22.06.2019 03:00
If you were running a company, what are at least two things you could do to improve its productivity.
Answers: 1
Business, 22.06.2019 12:20
Consider 8.5 percent swiss franc/u.s. dollar dual-currency bonds that pay $666.67 at maturity per sf1,000 of par value. it sells at par. what is the implicit sf/$ exchange rate at maturity? will the investor be better or worse off at maturity if the actual sf/$ exchange rate is sf1.35/$1.00
Answers: 2
Business, 22.06.2019 21:30
Which is the most compelling reason why mobile advertising is related to big data?
Answers: 1
g You have been hired as the new controller for the Ralston Company. Shortly after joining the compa...
Mathematics, 03.11.2020 01:50
Mathematics, 03.11.2020 01:50
Mathematics, 03.11.2020 01:50
Chemistry, 03.11.2020 01:50
Engineering, 03.11.2020 01:50
Biology, 03.11.2020 01:50
Health, 03.11.2020 01:50
Mathematics, 03.11.2020 01:50
Mathematics, 03.11.2020 01:50
Physics, 03.11.2020 01:50
English, 03.11.2020 01:50