Internal auditors of development technologies

Assignment Help Financial Accounting

Reference no: EM13774505

In 2013, the internal auditors of Development Technologies, Inc., discovered that (a) 2012 accrued wages of $2 million were not recognized until they were paid in 2013 and (b) A $3 million purchase of merchandise in 2013 was recorded in 2012 instead. The physical inventory count at the end of 2012 was correct. Ignoring income taxes, what journal entries are needed in 2013 to correct each error?

Reference no: EM13774505

Questions Cloud

Producing discrete products at a controlled rate : The type of processing structure that is used for producing discrete products at a controlled rate is

Element of the project-laying the facility : What are the differences in the ways project managers, accountants, and financial comptrollers perceive the expenses of a project?

Determine the number of shares outstanding : A corporation has 46,555 shares of $22 par value stock outstanding that has a current market value of $242 per share. If the corporation issues a 5-for-1 stock split, determine the number of shares outstanding.

Development of anti-cancer compounds : On the use of organometallic chemistry in the development of anti-cancer compounds

Internal auditors of development technologies : In 2013, the internal auditors of Development Technologies, Inc., discovered that (a) 2012 accrued wages of $2 million were not recognized until they were paid in 2013 and (b) A $3 million purchase of merchandise in 2013 was recorded in 2012 instead...

What characteristics does patricia hearst possess : What characteristics does Patricia Hearst possess that could sway a jury against her? As a result, what characteristics should the prosecuting attorney look for when selecting a jury

Create a journal entry from this transaction : Received a check as payment in full of the November 24 invoice from customer Robert Wise (11330). The $25,500 invoice on this sale was number U2000. Remember, the wholesale division of Uptight Tools offers credit terms of 2/15, n/30 to all retail cus..

System safety is different than industrial safety : Explain 2 ways that system safety is different than industrial safety. After an accident occurs why do you think additional training is often the first response to a corrective action? Discuss if you think other actions should be considered.

Direct materials price-quantity variances for metal and wood : Winners Trophy Company produces trophies. The company's direct materials standards for it's deluxe trophy include 1 pound of metal and $0.45 per ounce of wood for the base. Standard prices for the year were $3 per pound of metal and $0.45 per ounce o..

User Account

All Pages