User Account

All Pages

Determine effect of errors on beginning retained earnings

Assignment Help Accounting Basics
Reference no: EM133078194

Question - The following errors regarding a company's inventory balances for the current year were discovered:

Beginning and ending physical inventories were understated by P20,000 and P35,000, respectively.

Purchases in transit with terms FOB shipping point were not yet recorded amounting to P47,000. These were purchased on December 27 of the current year but were only received on January 2 of the next year.

Required - Determine the effect of these errors on beginning retained earnings of the next year.

Reference no: EM133078194

Questions Cloud

M/616/2722 Introduction to Finance assignment : M/616/2722 Introduction to Finance Assignment Help and Solution, OTHM Level 4 Diploma in Business Management - Assessment Writing Service
Calculate the break-even point in sales dollars : The fixed costs consist of rent, salaries, etc. and are $5,000 per month. Calculate the break-even point in sales dollars
Organization business strategies : How did the execution of these theories align with your organization's business strategies? What kind of organizational structure does the organization use?
Advertising gender-neutral bathrooms : Diversity has many advantages and disadvantages within an organization. If you worked for a company that began advertising gender-neutral bathrooms,
Determine effect of errors on beginning retained earnings : Beginning and ending physical inventories were understated by P20,000 and P35,000, respectively. Determine effect of errors on beginning retained earnings
How much is the premiums tax payable on the transaction : He paid premiums in 2018 amounting to 500,000. How much is the premiums tax payable on the transaction
M/616/0694 Research and Academic Writing Assignment : M/616/0694 Research and Academic Writing Assignment Help and Solution, OTHM Level 4 Diploma in Business Management - Assessment Writing Service
What is the increase or decrease in unit costs for Vinyl : What is the increase or decrease in unit costs for Vinyl arising from the change from the traditional absorption costing approach to ABC
Capital budgeting and financial analysis : Write an annotated bibliography of each article. Discuss how a manager would use the concepts in the articles you reviewed in managerial decisions.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Which is not a planning consideration

Which of the following is not a planning consideration? Business environment. / Reports to be issued. / Materiality level. / Fees.

  Which inventory costing method provide highest net income

Your boss has just contacted you about an inventory decision. Which inventory costing method will provide the highest net income for the company

  What is the budgeted total manufacturing overhead for year

What is the budgeted total manufacturing overhead for the year? What is the budgeted total selling and administrative expenses for the quarter?

  What is the implied yield on the june futures contract

What is the implied yield on the June futures contract? How many futures contracts will be needed to hedge potential losses in bond proceeds

  Discuss the use of adjusting entries in the preparation of

discuss the use of adjusting entries in the preparation of accurate financial

  Income statement for the year ended march

This material also is included in AF's Registration Document 2010-11,dated June 15, 2011 and is available at www.airfranceklm.com.

  Prepare monthly cash budgets for January and February

The company has a cash balance of $40,000 and a loan balance of $30,000 at January 1. Prepare monthly cash budgets for January and February

  Post the name of your company in the sec 10-k company

You will be asked to select a company that is publically traded. You must research and secure the SEC 10-K Annual Report for the most recent year. Post the name of your company in the SEC 10-K company for my approval in the week 1 Discussion

  Find gain should be recognized in reed income tax return

Joan Reed exchanged commercial real estate that she owned for other commercial real estate plus cash of $50,000. The following additional information pertains to this transaction.

  What is ander share of the year

On January 2, Year 1, What is Ander's share of the year 1 loss allowable to him as a deduction on his personal income tax return for year 1?

  What industry statistics can a business use for comparison

What industry statistics can a business use for comparison? Discuss debt ratio management for both business and personal applications

  Calculate total equivalent units and costs per equivalent

Calculate the total equivalent units and costs per equivalent unit for each of the following: materials, labour, and overhead for the year.

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