User Account

All Pages

Determine corrected net incomes

Assignment Help Accounting Basics
Reference no: EM131782267

Question - Correction of errors

Vance Company reported net incomes for a three-year period as follows:

2009, $186,000; 2010, $189,000; 2011, $180,000.

In reviewing the accounts in 2012 after the books for the prior year have been closed, you find that the following errors have been made in summarizing activities:

2009 2010 2011

Overstatement of ending inventory $42,000 $51,000 $24,000

Understatement of accrued advertising expense 6,600 12,000 7,200

Instructions

(a) Determine corrected net incomes for 2009, 2010, and 2011.

(b) Give the entry to bring the books of the company up to date in 2012, assuming that the books have been closed for 2011.

Reference no: EM131782267

Questions Cloud

What is true about the journal entry to record the issuance : South Beach Apparel issued 14,000 shares of $3 par value for $15 per share. What is true about the journal entry to record the issuance
Determine a company culture : Determine a company’s culture. What is the company’s mission or purpose? What are the company’s core values?
Identify the key issues that the organisation faces : Identify the key issues that the organisation (or SBU) faces and give your recommendations. Describe briefly the background information of the organisation.
Calculate the net present value of this investment : generate net cash inflows of $20,000 per year in each of the 8 years. Apneas cost of capital is 15%. Calculate the net present value (NPV) of this investment
Determine corrected net incomes : Question - Correction of errors, Determine corrected net incomes for 2009, 2010, and 2011
Describe the standard library modules : Find where the Python executables and standard library modules are installed on your system.
How would you motivate rest of room service team to work : If you were the manager overseeing Maria's room service department, how would you motivate rest of room service team to work at her level of customer service?
Problem on the interactive execution : Interactive Execution. Start the Python interactive interpreter. You can invoke it by typing in its full pathname or just its name (python or python.exe).
Desserts as part of exporting company products : Lulu’s Dessert used the U.S. Export-Import Bank services to help with knowledge and market segmentation for her desserts as a part of exporting company products

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