User Account

All Pages

Compute the gross profit percentage for each quarter

Assignment Help Accounting Basics
Reference no: EM13872185

Spears & Cantrell announced inventory had been overstated by $ 30 at the end of its second quarter. The error wasn't discovered and corrected in the company's periodic inventory system until after the end of the third quarter. The following table shows the amounts that were originally reported by the company.

Required:

1. Restate the income statements to reflect the correct amounts, after fixing the inventory error.

2. Compute the gross profit percentage for each quarter (a) before the correction and (b) after the correction, rounding to the nearest percentage. Do the results lend confidence to your corrected amounts? Explain. 

Reference no: EM13872185

Questions Cloud

Explain the variable growth model : Can you explain the variable growth model and try to solve this problem: Jia's Fashions recently paid a $2 annual dividend. The company is projecting that its dividends will grow by 20 percent next year, 12 percent annually for the two years after th..
What is the value of the firms common stock : Can you explain the constant growth model and try to solve the following problem: A firm has experienced a constant annual rate of dividend growth of 9 percent on its common stock and expects the dividend per share in the coming year to be $2.70. The..
What is the repo rate : The European Cental Bank engages in a term repo operation with Banking4EU. Specifically, the central bank buys 150mn Euros of bonds which Banking4EU agrees to repurchase for $151mn in three months' time. What is the repo rate?
Increase in the fluid in a syringe : Find the pressure increase in the fluid in a syringe when a nurse applies a force of 42 N to the syringe's circular piston, which has a radius of 1.1 cm.
Compute the gross profit percentage for each quarter : Restate the income statements to reflect the correct amounts, after fixing the inventory error. Compute the gross profit percentage for each quarter (a) before the correction and (b) after the correction, rounding to the nearest percentage. Do the re..
Find the order of magnitude of the density : Find the order of magnitude of the density of the nucleus of an atom. What does this result suggest concerning the structure of matter? Model a nucleus as protons and neutrons closely packed together.
Create an admin page : Create an admin page that provides the following functionalities- Add a new book to the appropriate table. Item should have data for each of the fields in your table. Delete an existing book from the appropriate table
Prepare entry to record the remittance of the sales taxes : Prepare the entry to record the remittance of the sales taxes on October 5 if a 2% discount is allowed for payments received by the State Revenue Department by October 10.
Average radius of the pipe : Then they release a dye in the water at point A and find that it takes 88.8s to reach point B. What is the average radius of the pipe within thehill?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd