In 2021, the controller of sytec corporation discovered that $42,000 of inventory purchases were incorrectly charged to advertising expense in 2020. in addition, the 2020 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.
1. determine the effect of the errors on retained earnings at january 1, 2021. (lgnore income taxes.) 2. prepare a journal entry to correct the errors.
Answers: 1
Business, 21.06.2019 23:30
Renaldo scanlon is a financial consultant. he earns $30 per hour and works 32.5 hours a week. what is his straight-time pay?
Answers: 1
Business, 22.06.2019 17:00
During which of the following phases of the business cycle does the real gdp fall? a. trough b. expansion c. contraction d. peak
Answers: 2
Business, 22.06.2019 18:00
Bond j has a coupon rate of 6 percent and bond k has a coupon rate of 12 percent. both bonds have 14 years to maturity, make semiannual payments, and have a ytm of 9 percent. a. if interest rates suddenly rise by 2 percent, what is the percentage price change of these bonds?
Answers: 2
Business, 22.06.2019 20:00
River corp's total assets at the end of last year were $415,000 and its net income was $32,750. what was its return on total assets? a. 7.89%b. 8.29%c. 8.70%d. 9.14%e. 9.59%
Answers: 3
In 2021, the controller of sytec corporation discovered that $42,000 of inventory purchases were inc...
Mathematics, 23.09.2020 19:01
French, 23.09.2020 19:01
Mathematics, 23.09.2020 19:01
History, 23.09.2020 19:01
History, 23.09.2020 19:01
Mathematics, 23.09.2020 19:01