What accounts will be affected by this understatement

Assignment Help Accounting Basics
Reference no: EM13125729

It is discovered in 2011 that ending inventory from 2009 is understated. What accounts will be affected by this understatement, and how will they be affected? This is a situation that really happens. Start with the 2009 inventory being understated, and track the changes through the inventory account to 2011.

Reference no: EM13125729

Questions Cloud

When making an alcoholic beverage : When making an alcoholic beverage, such as beer and wine, Brix is a measurement used to assess the amount of sugar present in the fermentation matrix or grape juice.
Confidence interval-true average number of seats per flights : Create a 90% confidence interval for the true average number of unoccupied seats per flight. interpret this interval in the context of the problem.
Graduated cylinder : Prepare the molar enthalpy vs. concentration profile of ammonium chloride-water solution by preparing different amounts (mass) of ammonium chloride to be dissolved in the same volume of water.
Compute the average absorbance and use this value : Calculate the average absorbance and use this value for an absorbance point on your graph. Use the printed graph from above, find the average Absorbance of the unknown on the y-axis
What accounts will be affected by this understatement : It is discovered in 2011 that ending inventory from 2009 is understated. What accounts will be affected by this understatement, and how will they be affected? This is a situation that really happens. Start with the 2009 inventory being understated..
Define empirical values based on relative frequency : Can you cite published examples for one or more countries or regions? Can you think of other cases where the expected probabilities do not quite agree with the empirical values based on relative frequency?
What is the average velocity of sulfur dioxide molecules : At a certian temperature and pressure, chlorine molecules hav an average velocity of 0.0610m/s. What is the average velocity of sulfur dioxide molecules under the same conditions.
Probability that less than twenty programmers had experience : What is the porbability that less than 20 programmers have had experience in computer programming before being hired.
What developmental theories did you find,were applicable : Based on your course readings what developmental theories did you find that were applicable? Explain how the life-span perspective provides a way of better understanding the research reviewed.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How should clyde treat the payment

Clyde agreed to surrender his Red stock in exchange for $600,000. clyde's basis in his shares was $143,000 and he held the shares for 17 years. the agreement made no explicit allocation of any of the $600,000 to clyde's agreement not to compete ag..

  Journalize the selected transactions

Journalize the following selected transactions completed during the current fiscal year:

  What are the implications of bps strategy

What are the implications of BP's strategy in terms of public perception and how may this impact upon their performance?

  Journal entry-stockholders section of balance sheet

The stockholders' equity section of Hiller Corporation's balance sheet at December 31, 2005, appears below: Prepare the journal entries to record the above stock transactions.

  Assumptions-principles and constraints of accounting

Please help me explain the following concepts: A conclusion stating how you think sound financial reporting depends on principles, assumptions, and constraints. Refer to the U.S. GAAP in your response.

  Which statements is true about nestor hobby activity

Which of the following statements is TRUE about Nestor's hobby activity?

  Are there any associated implications for the profession

Many people believe that an auditor cannot be truly independent when the client pays the audit fees. Can you think of any possible solutions or approaches that might reduce this apparent lack of independence?

  Effect of the intra-entity sale

Senior sold all of these goods in 2011. How should Perez report the effect of the intra-entity sale on its 2011 income statement?

  Relational database model

Identify the different entities and their associated attributes that would be found in your potential relational database model for your sales database, pertaining to the hotel industry.

  What is the apr and ear of your investment

You bought a stock three months ago for $73.82 per share. The stock paid no dividends. The current share price is $76.09.

  Eitf reporting implications for reporting

Assess how a company's accounting and financial reporting is likely to be impacted by the work being done by the EITF on this issue.

  Prepare a schedule translating the trial balance

Prepare a schedule translating the trial balance from Norwegian kroner into U.S. dollars.  Assume the kroner is the functional currency.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd