Solution-Describe the effect of the errors on the income

Describe the effect of the errors on the income statement

Reference no: EM13299111

Our task is to prepare an income statement and a balance sheet ingood formatafter adjusting for the two errors below.

A physical count of inventory indicates $70,500 on hand.

There's a check for $5,000 from a customer that has not been recorded in the working trial balance. The sale was never recorded in the first place, so the transaction relating to this sale is missing.

In addition:

Describe the effect of the errors on the income statement and balance sheet.

Is this company profitable? How do you determine whether or not this is the case?

Is the company in a solid financial position?

Reference no: EM13299111

Questions Cloud

How many joules of kinetic energy did this ball have : The speed of the fastest-pitched baseball was 45.0 m/s , and the ball's mass was 145g. How many joules of kinetic energy did this ball have

Professional organizations of the human resources profession : Research the main professional organizations of the human resources profession, such as the Society for Human Resource Management

What would the total interest cost compared : What if interest rates on the 8 percent loan go up to 13 percent in year 2 and 18 percent in year 3? What would the total interest cost compared to the 10 percent, three-year loan?

Derive an equation for the undrained shear strength of clay : if a clay slope at a construction site fails derive an equation for the undrained shear strength of the clay given that the shear reistance along L of the slope can be given as: (SuH0)/ sin beta

Describe the effect of the errors on the income statement : Describe the effect of the errors on the income statement and balance sheet and is this company profitable? How do you determine whether or not this is the case?

How much external financing will tobin supplies company have : How much external financing will Tobin Supplies Company have to seek? Assume there is no increase in liabilities other than that which will occur with the external financing.

What is the relationship between drag forces for two plates : Two different fluids flow over two identical flat plates with the same laminar free-stream velocity. Both fluids have the same viscosity, but one is twice as dense as the other. What is the relationship between the drag forces for these two plates

Research on safexpress and map their transportation network : Research on Safexpress and map their transportation network in india. Describe the No. of Hubs & Spokes used by them and how a small parcel will move from Chandigarh to Pune in their system

Find the amount of each of the first 359 payments : If Mr. Johnson sold the house just after his 36th payments for $200,000.00, how large a check did he receive?

User Account

All Pages

Describe the effect of the errors on the income statement

Reference no: EM13299111

Reference no: EM13299111

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Cost accounting assignment

Prepare the journal entries

Advise as to the liability of all the parties

Prepare revenues budget

Effect of exchange rate changes on cash and cash

Corporate governance

Cost-benefit analysis

Non-annual interest rates and annuities

Job costing in service organizations

Accounting for bad debt expense

Accounting and partnership problems

Development of relevant cash flows

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT