Controller discovered that ending inventories

Assignment Help Financial Accounting
Reference no: EM131219547

In 2016, Winslow International, Inc.’s controller discovered that ending inventories for 2014 and 2015 were overstated by $200,000 and $500,000, respectively. Determine the effect of the errors on retained earnings at January 1, 2016. (Ignore income taxes.)

Reference no: EM131219547

Questions Cloud

Calculate the number of units of the faucet-model : Pure Water Products produces two types of water filters. One attaches to the faucet and cleans all water that passes through the faucet. The other is a pitcher-filter that only purifies water meant for drinking. Calculate the number of units of the f..
What impact has affirmative action had employment practices : Discussions of affirmative action and its offshoot of reverse discrimination generally raise more heat than light. As a starting point, please read the case of Taxman v. Board of Education (see link below) that no matter what your personal views pres..
The average fixed cost per unit-average total cost per unit : At an activity level of 8,800 units, Pember Corporation's total variable cost is $146,520 and its total fixed cost is $219,296. For the activity level of 8,900 units, compute the following values. (a) The total variable cost; (b) the total cost; (c) ..
Other items affected the stockholders equity account : The accounts of Garfield Company with increases or decreases that occurred during the past year are as follows: Except for net income, an investment of $3000 by the owner, and a dividend paid of $11000, no other items affected the stockholder's equit..
Controller discovered that ending inventories : In 2016, Winslow International, Inc.’s controller discovered that ending inventories for 2014 and 2015 were overstated by $200,000 and $500,000, respectively. Determine the effect of the errors on retained earnings at January 1, 2016. (Ignore income ..
Prepare schedule computing equity income to be recognized : On July 1, 2011, Gibson Company acquired 75,000 of the outstanding shares of Miller Company for $12 per share. This acquisition gave Gibson a 35 percent ownership of Miller and allowed Gibson to significantly influence the investee’s decisions. Prepa..
Support services but serve markets in different industries : On January 1, 2014, Ridge Road Company acquired 25 percent of the voting shares of Sauk Trail, Inc. for $4,100,000 in cash. Both companies provide commercial Internet support services but serve markets in different industries.  How much of Ridge Road..
Following are preacquisition financial balances : Following are preacquisition financial balances for Padre Company and Sol Company as of December 31. Also included are fair values for Sol Company accounts. Determine the value that would be shown in Padre’s consolidated financial statements for each..
Opened a factory to process and package landscape mulch : This year Amber opened a factory to process and package landscape mulch. At the end of the year, Amber’s accountant prepared the following schedule for allocating manufacturing costs to the mulch inventory, but her accountant is unsure of what costs ..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Margin of safety and the degree of operating leverage

What information provided by a variable costing income statement is used in computing the break-even point? Is this information on an absorption costing income statement? Explain your answer? Define and explain the relationships between margin of saf..

  Preparation of schedule of cost of goods manufactured

Preparation of schedule of cost of goods manufactured LO P2 Given the following selected account balances of Delray Mfg. Sales $ 1,168,000 Raw materials inventory, Dec. 31, 2014 42,000 Work in process inventory, Dec. 31, 2014 60,000 Finished goods in..

  Prepare a schedule of cost of goods manufactured

Prepare a Schedule of Cost of Goods Manufactured and Cost of Goods Sold. (The schedules may be in the appendix). Explain why some cost items have been excluded from the schedules. (Hint: See the reminder from your manager above!)

  What is the amount of prepaid insurance

How much of the premium should be reported as expense on the 2009 income statement and what is the amount of prepaid insurance which should be reported on the balance sheet at December 31, 2009?

  Great responses class

Great responses class! There are many descriptions about how HIPAA or the Health Insurance Portability and Accountability Act affect business organizations. As a Human Resource Manager how would you explain this importance of this Act to new employee..

  Standard cost system

Bovine Incorporated has a standard cost system in which it applies manufacturing overhead to products on the basis of standard machine-hours (MHs). The company's cost formula for variable overhead is $7.33 per MH. The company had budgeted its fixed m..

  Questions related to accounts basics

Multiple Choice questions on accounts basics and When a change in accounting principle occurs

  Prepare the consolidated financial statements for peony

Prepare the consolidated financial statements for Peony at December 31, 20X6 using the direct method - Prepare a consolidated income statement for Chee Co. for the year ended December 31, 20X8.  Be sure to show your supporting calculations.

  Contractual restrictions and legal restrictions

Ocean view Wholesale Merchandise had 20,000 shares of 6%, $20 par value preferred stock and 15,000 shares of $25 par value common stock outstanding throughout 2014. In full up to 2010, $18,000 in 2011, $4,000 in 2012, and $15,000 in 2013; common stoc..

  Question eastman publishing company is supposing publishing

question eastman publishing company is supposing publishing a paperback textbook on spreadsheet applications for

  How can a business earn large profits

How can a business earn large profits but have a small balance in Retained Earnings and how can a business lose money for many years and still have plenty cash?

  Discuss it from many different perspectives

Perspectives for Keiretsus could be: from the point of view of the Japanese economy, benefits and risks, from the perspective of the companies, from the perspectives of the employees, etc. Be creative, don't take the easy path.

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!

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