Business, 18.07.2020 21:01 damonsmith201615
During 2021, WMC Corporation discovered that its ending inventories reported in its financial statements were misstated by the following material amounts: 2019 understated by $ 136,000 2020 overstated by 166,000 WMC uses a periodic inventory system and the FIFO cost method. Required: 1. Determine the effect of these errors on retained earnings at January 1, 2021, before any adjustments. (Ignore income taxes.) 2. Prepare a journal entry to correct the errors.
Answers: 1
Business, 22.06.2019 21:30
The year-end financial statements of calloway company contained the following elements and corresponding amounts: assets = $34,000; liabilities = ? ; common stock = $6,400; revenue = $13,800; dividends = $1,450; beginning retained earnings = $4,450; ending retained earnings = $8,400. based on this information, the amount of expenses on calloway's income statement was
Answers: 1
Business, 22.06.2019 23:20
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Answers: 3
Business, 23.06.2019 00:10
During the current year, luis university received a $50,000 gift from an alumna who specified that it must be used to pay travel costs for faculty to attend health care conferences in foreign countries. during the year the university spent $8,000 to support travel to a health care conference in italy. the $8,000 disbursement will cause a net decrease in which class of net assets?
Answers: 1
Business, 23.06.2019 00:50
Janis owns and operates a store in a country experiencing a high rate of inflation. in order to prevent the value of money in her cash register from falling too quickly, janis sends an employee to the bank four times per day to make deposits in a interest-bearing account that protects the store's revenues from the effects of inflation. this is an example of the (menu costs/ unit of account costs/ shoesleather costs) of inflation. pick one
Answers: 3
During 2021, WMC Corporation discovered that its ending inventories reported in its financial statem...
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