Reference no: EM132884074
Problem - As controller of Lerner Company, which uses a periodic inventory system, you discover the following errors in the current year:
1. Merchandise with a cost of $17,500 was properly included in the final inventory, but the purchase was not recorded until the following year.
2. Merchandise purchases are in transit under terms of FOB shipping point. They have been excluded from the inventory, but the purchase was recorded in the current year on the receipt of the invoice of $4,300.
3. Goods out on consignment have been excluded from inventory.
4. Merchandise purchases under terms FOB shipping point have been omitted from the purchases account and the ending inventory. The purchases were recorded in the following year.
5. Goods held on consignment from Talbert Supply Co. were included in the inventory.
Required - For each error, indicate the effect on the ending inventory and the net income for the current year and on the net income for the following year.
|
What are the chief characteristics of form of business
: Riki, the owner of Simply Sushi, is a sole proprietor. What are the chief characteristics, advantages, and disadvantages of this form of business organization?
|
|
Prepare a schedule of adjustments as of December
: Prepare a schedule of adjustments as of December 31, 2019, to the initial amounts in inventory, accounts payable, and sales
|
|
How motivational theory are related to employee performance
: Determine how motivational theory and performance management principles are related to employee performance at a given company.
|
|
How both job satisfaction and organizational commitment
: Evaluate your selected company in light of both motivational theory and performance management principles to determine if it is a place you would like to work.
|
|
Indicate the effect on the ending inventory
: For each error, indicate the effect on the ending inventory and the net income for the current year and on the net income for the following year
|
|
Driving forces behind ehr adoption
: What have been the driving forces behind EHR adoption? What are some potential barriers to EHR adoption?
|
|
How proper balance between security and civil liberties
: How proper balance between security and civil liberties. Include an explanation of what trade-offs might be involved. Justify your position
|
|
Describe the components of ehrs
: Describe the components of EHRs. Describe information found in an EHR. Describe the core functions of an EHR.
|
|
Compare the positions of two sport-related companies
: Provide, quantify and compare the positions of two sport-related companies in terms of liquidity, activity, financial leverage, and profitability.
|