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Question -
You have been asked to audit the financial statements of Williams Company and report on your findings.
After examining the beginning and ending inventory counts and calculations for the current year, you find the following: Beginning inventory is overstated by $2,700.
Ending inventory is overstated by $13,000.
Management of the company wants to know the effect that the errors will have on certain financial statement items.
Required -
Ignoring income taxes, determine the effect that the errors will have on the following:
Cost of good: over or understated and what is the amount of the error?
Ending inventory: over or understand and what is the amount of the error?
If sales are $572,800, compute the amount of the adjusting entry to record the estimated uncollectible accounts receivable
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gregory inc. acquired 24 of the outstanding common stock of handerson inc. on december 31 2012. the purchase price was
There were no beginning inventories. If 22,000 units were produced last year, what were the sales for last year
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