Kindly Show solution #4 and 5 of this problem. Thank you and godbless PROBLEM 1 (ERROR CORRECTION)Koshu Co., a calendar year entity, contained the following independent errors at the end of eachreporting period: (Amounts in thousands)202050 under201940 under12 under68 under25 under2018Accounts PayableDepreciation ExpenseMerchandise Inventory20 over16 under33 over45 under97 overAccrued Income33 over56 underUnearned Income14 under85 over27 over45 underAdvances to Suppliers105 underAdvances from CustomersAccounts ReceivableAccrued ExpensePrepaid Expense82 over71 under68 under85 under92 over78 under27 under17 over19 over18 under12 underCompute for the following:a. Net adjustments on 2018 and 2020 Profitsb. Effects of errors on the 2019 and 2020 Accumulated Profitsc. Net adjustments to 2018 and 2019 Working Capitald. Adjusted total 2018 and 2020 Total Assets assuming unadjusted balances of total assetsof 2018 and 2020 were P890 and P920, respectivelye. Effects of errors on 2018 and 2019 Total Liabilities

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PROBLEM 1 (ERROR CORRECTION) Koshu Co., a calendar year entity, contained the following independent errors at the end of each reporting period: (Amounts in thousands) 2020 50 under 2019 2018 Accounts Payable Depreciation Expense Merchandise Inventory 40 under 12 under 68 under 25 under 20 over 16 under 97 over 33 over Accrued Income 33 over 45 under Unearned Income 56 under 105 under 14 under 85 over 27 over Advances to Suppliers Advances from Customers Accounts Receivable Accrued Expense Prepaid Expense 45 under 71 under 68 under 85 under 82 over 92 over 78 under 27 under 19 over 18 under 12 under 17 over Compute for the following: a. Net adjustments on 2018 and 2020 Profits b. Effects of errors on the 2019 and 2020 Accumulated Profits Net adjustments to 2018 and 2019 Working Capital d. Adjusted total 2018 and 2020 Total Assets assuming unadjusted balances of total assets of 2018 and 2020 were P890 and P920, respectively e. Effects of errors on 2018 and 2019 Total Liabilities

PROBLEM 1 (ERROR CORRECTION) Koshu Co., a calendar year entity, contained the following independent errors at the end of each reporting period: (Amounts in thousands) 2020 50 under 2019 2018 Accounts Payable Depreciation Expense Merchandise Inventory 40 under 12 under 68 under 25 under 20 over 16 under 97 over 33 over Accrued Income 33 over 45 under Unearned Income 56 under 105 under 14 under 85 over 27 over Advances to Suppliers Advances from Customers Accounts Receivable Accrued Expense Prepaid Expense 45 under 71 under 68 under 85 under 82 over 92 over 78 under 27 under 19 over 18 under 12 under 17 over Compute for the following: a. Net adjustments on 2018 and 2020 Profits b. Effects of errors on the 2019 and 2020 Accumulated Profits Net adjustments to 2018 and 2019 Working Capital d. Adjusted total 2018 and 2020 Total Assets assuming unadjusted balances of total assets of 2018 and 2020 were P890 and P920, respectively e. Effects of errors on 2018 and 2019 Total Liabilities

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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