Solution-Examining the financial statements of don john

Examining the financial statements of don john corporation

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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

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Examining the financial statements of don john corporation

Reference no: EM133149351

Reference no: EM133149351

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