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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
How much is the understatement or overstatement?

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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