User Account

All Pages

Examining the financial statements of don john corporation

Assignment Help Financial Accounting
Reference no: EM133149351

Question - You are examining the financial statements of DON JOHN CORPORATION which ends on December 31. DON JOHN CORP. uses the physical inventory system of accounting for inventory.

During your examination, you discovered the errors below.

1. Goods received in January 2020 were recorded as purchase on account in December 2019. The goods were included in the 2019 ending inventory.

2. The inventory at December 31, 2019 is understated as a result of errors in physical count.

3. Goods received in December 2019 were recorded as purchases when paid in 2020. The goods were excluded from the 2019 ending inventory.

4. The inventory at December 31, 2019 is overstated as a result of the inclusion of goods acquired on consignment.

5. Goods received in January 2020 were recorded as purchase on account in December 2019. The goods were excluded from the 2019 ending inventory.

6. Goods received in December 2019 were recorded as purchases when paid in 2020. The goods were included in the 2019 ending inventory.

Reference no: EM133149351

Questions Cloud

Define capital budgeting : Define Capital Budgeting. Why is it important in project selection? List the most commonly used capital budgeting techniques
Susans consulting company-build methodology : Describe the process the Project Management Office should use when reviewing changes to the methodology,
Provide post from accounting perspective : Work in global IT firm with over 20 years of experience in IT - Provide me an original post of 500 to 600 words from accounting perspective
What is the monthly payment for a car : What is the monthly payment for a car purchased at 24500 when terms are 4 years loan 3.99% interest rate. No money down
Examining the financial statements of don john corporation : You are examining the financial statements of DON JOHN CORPORATION which ends on December 31. DON JOHN CORP. uses the physical inventory system
What is reverse innovation : 1. What is Reverse innovation? 2. What is open innovation?
Five behaviours which are morally acceptable in canada : Cultural relativism comes out of the observation that different societies have different moral values. The saying "When in Rome, do as the Romans do" is an exp
Compute controllable variance : The budgeted overhead at this predicted activity follows. At period-end, total actual overhead was $97.500, Compute controllable variance
What is the estimation of goodwill : If the fair value of Narineh Inc. assets equal to $2,100,000. What is the estimation of goodwill if Patrick is willing to pay for excess earnings

Reviews

Write a Review

Financial Accounting Questions & Answers

  Calculate the acquisition analysis

Calculate the acquisition analysis - Prepare the consolidation worksheet entries for the preparation by Zack Ltd of its consolidated financial statements

  Determine the amounts of the missing items

Determine the amounts of the missing items, identifying them by letter. (Suggestion: First determine the amount of increase or decrease in stockholders' equity during theyear.)

  Prepare a memo for the owner business

Prepare a memo for this owner's business regarding the security and privacy consideration they should take when hosting a web site

  Decreases partner basis in partner partnership interest

Barbara and Bill formed an equal partnership, B&B, a general partnership, on January 1, 2015. Barbara contributed $100,000 in exchange for her one-half interest. Bill contributed land worth $100,000 that had an adjusted basis to him of $30,000 in exc..

  Question given the subsequent list of accounts determine

question given the subsequent list of accounts determine total assetsaccounts receivable - 5000capital stock -

  How much in dollars do sell to break even

Assume a retailer (local supermarket) buys your product for $ .89. His business requires all products are with a 35 percent markup on cost. Calculate selling

  Recordadjusting entries in general journal for max smart

Record the above adjusting entries in the General Journal. Narrations are not required. Explain the purpose of adjusting and reversing entries

  How much is the loan payment if payments are scheduled

Returning to the original ten-year 8 percent loan, how much is the loan payment if these payments are scheduled for quarterly rather than monthly payments?

  What will be callies initial capital balance

Callie is admitted to the Adams & Beal Partnership under the bonus method. Callie contributes cash of $20,000 and non-cash assets with a market value of $30,000 and book value of $15,000 in exchange for a 20% ownership interest in the new partners..

  What is the amount of total debt allowed

What is the amount of total debt allowed? What is the maximum mortgage payment (PITI) calculated using total debt-to-income ratio only?

  How do prepare all the journal entries necessary to record

How do Prepare all the journal entries necessary to record the transactions when they occurred and any adjusting journal entries relative to the transactions

  Illustrate what will be the effect of the lease on ltt

The office building was acquired by Lakeside at a cost of $1 million and was expected to have a useful life of 15 years with no residual value. Illustrate what will be the effect of the lease on LTT's earnings for the first year (ignore taxes)?

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