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1. The following information will be used for all 5 of the following computational questions. In reviewing the books of Elder Retailers Inc., the auditor discovered certain errors that had occurred during 2013 and 2014. No errors were corrected during 2013. The errors are summarized below: (A)Beginning merchandise inventory (January 1, 2013) was understated by $8,640. (B)Merchandise costing $2,400 was sold for $4,000 to R.D. Mince on December 29, 2013, but the sale was recorded in 2014. The merchandise was shipped F.O.B. shipping point and was not included in ending inventory. Elder uses a periodic inventory system. (C)A two-year fire insurance policy was purchased on May 1, 2013, for $5,760. The entire amount was debited to Prepaid Insurance. No adjusting entry was made in 2013 or 2014. What is the required entry to record the correction to Inventory for Circumstance A?
2. What is the required entry to record the correction to Sales for Circumstance B?
3. What is the required entry to record the correction to Insurance Expense for Circumstance C?
4. What is the required entry to record the correction to Retained Earnings for Circumstance C?
5. What is the required entry to record the correction to Prepaid Insurance for Circumstance C?
The fair value of the options, estimated by an appropriate option pricing model, is $4 per option. No forfeitures are anticipated. Ignoring taxes, what is the effect on earnings in the year after the options are granted to executives?
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the following transactions occurred during julya. received 1900 cash for services provided to a customer during july.b.
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Assume that no costs other than the call premium would be incurred to call and refund the bonds, and also assume that the yield curve is horizontal, with rates expected to remain at current levels on into the future. What is the difference between..
Lewis has 80 pounds of straw and 40 hats in beginning inventory and wants to have 50 pounds of straw and 60 hats in ending inventory. How many units should Lewis Hats produce in April?
lockhart corporation is a calendar-year corporation. at the beginning of 2013 its election to be taxed as an s
for each of the following transactions for new idea corporation give the accounting equation effects of the adjustments
Explain the components of cost-volume profit analysis. What does each of the components mean?
Prepare a schedule to show the equity income Tinker should recognize for 2011 related to this investment.
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