ABCP 17.16 Beta Co has total assets of $650.000 and profit for the year of $150,000 recorded in the financial statements for the year ended 31 December 20X3. Inventory costing $50,000, with a resale value of $75,000, was received into the warehouse on 2 January 20X4 and included in the inventory value that was recorded in the financial statements at 31 December 20X3. What would the total assets figure in the statement of financial position, and the adjusted profit for the year figure, be after adjusting for this error? Total assets (SOFP) $700,000 $600,000 $725,000 Profit for year $200,000 $100,000 $225,000 $75,000

ABCP 17.16 Beta Co has total assets of $650.000 and profit for the year of $150,000 recorded in the financial statements for the year ended 31 December 20X3. Inventory costing $50,000, with a resale value of $75,000, was received into the warehouse on 2 January 20X4 and included in the inventory value that was recorded in the financial statements at 31 December 20X3. What would the total assets figure in the statement of financial position, and the adjusted profit for the year figure, be after adjusting for this error? Total assets (SOFP) $700,000 $600,000 $725,000 Profit for year $200,000 $100,000 $225,000 $75,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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