P6-7A The records of Alyssa Company show the following amounts in its December 31 financial statements: 2013 2012 Total assets Owner's equity Cost of goods sold Profit 2014 $925,000 750,000 550,000 90,000 $900,000 700,000 550,0000 80,000 Alyssa Company made the following errors in determining its ending inventory: $850,000 650,000 500,000 52.6666 70,000 5600 1. The ending inventory account balance at December 31, 2012, included $20,000 of goods held on consignment for Gillies Company. 2. The ending inventory account balance at December 31, 2013, did not include goods sold and shipped on December 30, 2013, FOB destination. The selling price of these goods was $40,000 and the cost of these goods was $32,000. The goods arrived at the destination on January 4, 2014. All purchases and sales of inventory were recorded in the correct fiscal year. Instructions 2. Owner's equity 3. Cost of goods sold 4. Profit (a) Calculate the correct amount for each of the following for 2014, 2013, and 2012: 1. Total assets (b) Indicate the effect of these errors (overstated, understated, or no effect) on cash at the end of 2012, 2013 and 2014

P6-7A The records of Alyssa Company show the following amounts in its December 31 financial statements: 2013 2012 Total assets Owner's equity Cost of goods sold Profit 2014 $925,000 750,000 550,000 90,000 $900,000 700,000 550,0000 80,000 Alyssa Company made the following errors in determining its ending inventory: $850,000 650,000 500,000 52.6666 70,000 5600 1. The ending inventory account balance at December 31, 2012, included $20,000 of goods held on consignment for Gillies Company. 2. The ending inventory account balance at December 31, 2013, did not include goods sold and shipped on December 30, 2013, FOB destination. The selling price of these goods was $40,000 and the cost of these goods was $32,000. The goods arrived at the destination on January 4, 2014. All purchases and sales of inventory were recorded in the correct fiscal year. Instructions 2. Owner's equity 3. Cost of goods sold 4. Profit (a) Calculate the correct amount for each of the following for 2014, 2013, and 2012: 1. Total assets (b) Indicate the effect of these errors (overstated, understated, or no effect) on cash at the end of 2012, 2013 and 2014

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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P6-7A The records of Alyssa Company show the following amounts in its December 31 financial statements: 2014 2013 2012 $925,000 750,000 550,000 $900,000 700,000 550,000 80,000 $850,000 650,000 500,000 526o 70,000 Total assets Owner's equity Cost of goods sold Profit 90,000 Alyssa Company made the following errors in determining its ending inventory: 1. The ending inventory account balance at December 31, 2012, included $20,000 of goods held on consignment for Gillies Company. 2. The ending inventory account balance at December 31, 2013, did not include goods sold and shipped on December 30, 2013, FOB destination. The selling price of these goods was $40,000 and the cost of these goods was $32,000. The goods arrived at the destination on January 4, 2014. All purchases and sales of inventory were recorded in the correct fiscal year. Instructions (a) Calculate the correct amount for each of the following for 2014, 2013, and 2012: 1. Total assets 2. Owner's equity 3. Cost of goods sold 4.…
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TB MC Qu. 8-111 (Static) A company has the following information available... A company has the following information available that was used to report inventory using the dollar-value LIFO method. Year 12/31/2023 12/31/2024 Year-End Cost $ 250,000 259,000 Cost Index 1.00 1.06 For the year ended 12/31/2024, the company reported inventory of $274,540 (= $259,000 x 1.06). Which of the following statements is correct? Multiple Choice The amount reported for ending inventory should be calculated as $250,000 + ($9,000 ÷ 1.06). The amount reported for ending inventory should be calculated as $259,000+ 1.06. The amount reported for ending inventory is correct. Proy 16 of 16 HH Ch Next
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Errors in Inventory Count Bow Corp. accidentally overstated its 2015 ending inventory by $750. Assume that ending 2016 inventory is accurately counted. The error in 2015 will have what effect on Bow Corp.? Oa. 2015 net income is understated by $750 Ob. 2015 net income is overstated by $750. Oc, 2016 net income is understated by $750. Od. Both b and c are correct.
12/Ibri company has an Inventory of RO 68,000 and RO 134,000 of Cost of goods sold in its unadjusted trial balance during the year 2018. The physical inventory count came to RO 61,000. What is the adjusting journal entry to be used to record the above? a. Merchandise inventory RO 7,000 Dr/ Cost of goods sold RO 7,000 Cr b. Cost of goods sold RO 7,000 Dr / Merchandise inventory RO 7,000 Cr c. Cost of goods sold RO 68,000 Dr / Merchandise inventory RO 68,000 Cr d. Merchandise inventory RO 61,000 Dr/ Cost of goods sold RO 61,000 Cr
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28) A company uses the conventional retail inventory method to account for inventory. The following information relates to current year's operations: Beginning inventory and purchases. Net markups Net markdowns Net sales What amount should be reported as cost of goods sold for the year? 300235 299884 301400 none Cost $ 319,0001 Retail $ 534,000 46,000 36,000 512,000
Computing and Evaluating Inventory Turnover for Two CompaniesAbercrombie & Fitch Co. (ANF) and TJX Companies (TJX) report the following information in their respective January 2016 10-K reports relating to their 2015 and 2014 fiscal years. Abercrombie & Fitch TJX Companies $ millions Sales Cost of Goods Sold Inventories Sales Cost of Goods Sold Inventories 2015 $3,444 $1,336 $462 $29,834 $20,924 $3,846 2014 3,744 1,430 461 29,078 20,777 3,218 Compute the 2015 inventory turnover for each of these two retailers.Round answers to two decimal places. Inventory turnover rate ANF Answer TJX Answer