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In Exhibit the accurately stated ending inventory for the year 2009 is USD 35000. As a result Allen has a gross margin of USD 135000 as well as net income of USD 50000. The statement of retained earnings demonstrates beginning retained earnings of USD 120000 and an ending retained earnings of USD 170000. When the ending inventory is overstated by USD 5000 as published on the right in Exhibit 44 the gross margin is USD 140000 and net income is USD 55000. The statement of retained earnings after that has ending retained earnings of USD 175000. The ending inventory overstatement of USD 5000 origins a USD 5000 overstatement of net income and a USD 5000 overstatement of retained earnings. The balance sheet would illustrate both an overstated inventory and overstated retained earnings. Because of the error in ending inventory both the stockholders and creditors may overestimate the profitability of the business.
The process of adjusting the bond interest expense account for any premium or discount is called amortization of the premium or discount
State the steps of Merchandise inventory 1) TRANSFER THE BEGINNING INVENTORY FIGURE Debit INCOME SUMMARY for beginning inventory amount. Credit MERCHANDISE INVENTORY fo
Q. Explain about Percentage of completion method? The percentage-of-completion method makes out revenue based on the estimated stage of completion of a long-term project. To ca
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After adjustments and the closing of revenue and expense accounts at February 28, 2015, the end of the first full year of operations, the income summary account has a credit balanc
On January 1, 2012, Magnus Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1
At the reception it is decrypted and actual data is obtained. Explain the different methods of encryption technique
Given this information: Lead-time demand = 600 pounds Standard deviation of lead-time demand = 52 pounds (Assume normality.) Acceptable stockout risk during lead time = 4
Q. Example of physical inventory? Taking a physical inventory may perhaps disrupt the normal operations of a business. Therefore the count should be administered as quickly and
OBJECTIVES OF FINANCIAL STATEMENT ANALYSIS Financial Statements are analyzed by dissimilar users for dissimilar purposes. Some of the purposes are as under- 1. To recognize
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