Bacolod Co. reported the following Net Income: 650,000 500,000 300,000 The following are the misstatements discovered in 2019. 2016 2017 2018 2016 Inventory Overstated 2017 Inventory Understated 2018 Inventory Overstated 13,000 35,000 35,000 5,000 8,000 2017 Accrued Salaries Understated 2017 Interest Income Understated Advanced Rent Payments for 2019 recorded in 2018 as rent expense Depreciation per year of machinery acquired 17,000 25,000 in 2016. Amount was not recorded since the machine was omitted in the books of the company. Payment for Insurance in 2016 covering 4- year period Fully Depreciated Equipment Sold 2018 but recorded in 2019 was fully expensed in 2016 in 80,000 19,000

Bacolod Co. reported the following Net Income: 650,000 500,000 300,000 The following are the misstatements discovered in 2019. 2016 2017 2018 2016 Inventory Overstated 2017 Inventory Understated 2018 Inventory Overstated 13,000 35,000 35,000 5,000 8,000 2017 Accrued Salaries Understated 2017 Interest Income Understated Advanced Rent Payments for 2019 recorded in 2018 as rent expense Depreciation per year of machinery acquired 17,000 25,000 in 2016. Amount was not recorded since the machine was omitted in the books of the company. Payment for Insurance in 2016 covering 4- year period Fully Depreciated Equipment Sold 2018 but recorded in 2019 was fully expensed in 2016 in 80,000 19,000

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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