Reference no: EM132725665
Question - Sasa Company reported net income for a two-year period as follows:
2X14 120,000
2X15 180,000
In an audit of the statement for the year ended December 31, 2X14, the following errors were discovered:
Advances to the supplier in 2X14 were recorded as purchases, but the merchandise was received in the following year, P20,000.
Advances from the customer in 2X14 recorded as sales in 2X14, but the goods were delivered in the following year, P50,000.
On December 31, 2X14, the ending inventory was overstated by P25,000.
Required - Solve for the following:
1. Adjusted
a. Net income for 2X14
b. Net income for 2X15
c. Retained earnings 2X14
d. Retained earnings 2X15
2. Give the effect of each error in the 2X14 net assets.
3. Prepare an adjusting entries assuming errors were discovered in:
a. 2X14
b. 2X15
c. 2X16
Itm 618 business intelligence and analytics assignment
: ITM 618 Business Intelligence and Analytics Assignment Help and Solution, Ted Rogers School - Assessment Writing Service
|
Calculate the final preparation A using the LCNRV method
: The cost to sell product A is $ 3 per unit and the cost to complete product A order ready for sale is $ 7 per unit. Calculate the final preparation A
|
Hedge the effects of fluctuations in currency values
: What derivative securities can be used to hedge the effects of fluctuations in currency values on the cash flows of the firms and investors?
|
Find and solve current tax liability for the year ended june
: Entertainment expenses (non-deductible) for $50,000. Use a current tax worksheet to calculate the current tax liability for the year ended 30 June 2020.
|
Prepare an adjusting entries assuming errors were discovered
: On December 31, 2X14, the ending inventory was overstated by P25,000. Prepare an adjusting entries assuming errors were discovered
|
Complete failure for employee empowerment
: Employee empowerment could be viewed in both positive and negative perspective.
|
Find deferred tax item that will recorded by polly limited
: The financial records of Trek Limited, If the company tax rate is 30%, the deferred tax item that will be recorded by Polly Limited at 30 June 2020 is
|
Determine the amount of the ending inventory balance
: Determine the amount of the ending inventory balance that would appear on the December 31, year 1, balance sheet
|
What amount of depreciation expense should be reported
: Pail Corporation, What amount of DEPRECIATION EXPENSE should be reported on the 12/31/19 consolidated Income Statement?
|