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34 the Tollowing data as well as his computed balance of P2.350,000 as the gross sales of the company. As the external auditor of the firm, vou are tasked to compute whether the gross sales presented to you is understated or overstated as compared to your audited amount. How much is the understatement or overstatement? (Place 0 if there is no misstatement. If the amount represents an overstatement, place a - sign before the amount. No need to provide description.) * WITH 100,00011 Below is the data provided by a company regarding its receipts and disbursements. 000,00S 31-Dec 1-Jan Accounts Receivable 225,000 215,000 Notes Receivable 100,000 120,000 Accounts Payable 130,000 1 10,000 Notes Payable 180,000 270,000 Prepaid Insurance 40,000 25,000 eldavey wollot s s97 Cash Sales 480,000 Collections of A/Rnet of 40,000 discounts 1,500,000 90,000 Collections of nots receivable 90,000 LecciApe alder Bank ban- 1 year. Dated Dec 31 50,000 Purchase returns and allow ances 130,000 Cash Purchases Payments of A/P net of 15,000 discounts Payments of Notes Payable 1,400,000 300.000 200,000 Insurance Other Expenses 620,000 Sales Retums and Allowances 00.000 000.00 C00,000.01 0.000 55,000

34 the Tollowing data as well as his computed balance of P2.350,000 as the gross sales of the company. As the external auditor of the firm, vou are tasked to compute whether the gross sales presented to you is understated or overstated as compared to your audited amount. How much is the understatement or overstatement? (Place 0 if there is no misstatement. If the amount represents an overstatement, place a - sign before the amount. No need to provide description.) * WITH 100,00011 Below is the data provided by a company regarding its receipts and disbursements. 000,00S 31-Dec 1-Jan Accounts Receivable 225,000 215,000 Notes Receivable 100,000 120,000 Accounts Payable 130,000 1 10,000 Notes Payable 180,000 270,000 Prepaid Insurance 40,000 25,000 eldavey wollot s s97 Cash Sales 480,000 Collections of A/Rnet of 40,000 discounts 1,500,000 90,000 Collections of nots receivable 90,000 LecciApe alder Bank ban- 1 year. Dated Dec 31 50,000 Purchase returns and allow ances 130,000 Cash Purchases Payments of A/P net of 15,000 discounts Payments of Notes Payable 1,400,000 300.000 200,000 Insurance Other Expenses 620,000 Sales Retums and Allowances 00.000 000.00 C00,000.01 0.000 55,000

FINANCIAL ACCOUNTING
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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How much is the understatement or overstatement?

34 the Tollowing data as well as his computed balance of P2.350,000 as the gross sales of the company. As the external auditor of the firm, vou are tasked to compute whether the gross sales presented to you is understated or overstated as compared to your audited amount. How much is the understatement or overstatement? (Place 0 if there is no misstatement. If the amount represents an overstatement, place a - sign before the amount. No need to provide description.) * WITH 100,00011 Below is the data provided by a company regarding its receipts and disbursements. 000,00S 31-Dec 1-Jan Accounts Receivable 225,000 215,000 Notes Receivable 100,000 120,000 Accounts Payable 130,000 1 10,000 Notes Payable 180,000 270,000 Prepaid Insurance 40,000 25,000 eldavey wollot s s97 Cash Sales 480,000 Collections of A/Rnet of 40,000 discounts 1,500,000 90,000 Collections of nots receivable 90,000 LecciApe alder Bank ban- 1 year. Dated Dec 31 50,000 Purchase returns and allow ances 130,000 Cash Purchases Payments of A/P net of 15,000 discounts Payments of Notes Payable 1,400,000 300.000 200,000 Insurance Other Expenses 620,000 Sales Retums and Allowances 00.000 000.00 C00,000.01 0.000 55,000
Transcribed Image Text:34 the Tollowing data as well as his computed balance of P2.350,000 as the gross sales of the company. As the external auditor of the firm, vou are tasked to compute whether the gross sales presented to you is understated or overstated as compared to your audited amount. How much is the understatement or overstatement? (Place 0 if there is no misstatement. If the amount represents an overstatement, place a - sign before the amount. No need to provide description.) * WITH 100,00011 Below is the data provided by a company regarding its receipts and disbursements. 000,00S 31-Dec 1-Jan Accounts Receivable 225,000 215,000 Notes Receivable 100,000 120,000 Accounts Payable 130,000 1 10,000 Notes Payable 180,000 270,000 Prepaid Insurance 40,000 25,000 eldavey wollot s s97 Cash Sales 480,000 Collections of A/Rnet of 40,000 discounts 1,500,000 90,000 Collections of nots receivable 90,000 LecciApe alder Bank ban- 1 year. Dated Dec 31 50,000 Purchase returns and allow ances 130,000 Cash Purchases Payments of A/P net of 15,000 discounts Payments of Notes Payable 1,400,000 300.000 200,000 Insurance Other Expenses 620,000 Sales Retums and Allowances 00.000 000.00 C00,000.01 0.000 55,000
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