Please do not give solution in image format thanku Question 12Dank Ltd reported cost of goods sold as follows:Beginning inventoryCost of goods purchasedCost of goods available for saleEnding inventoryCost of goods soldMiller made two errors:(1) 2021 ending inventory was overstated by $8,000.(2) 2022 ending inventory was overstated by $4,000.Total assetsShareholders' equityCost of goods soldNet earningsRequired:Assuming the errors had not been corrected, indicate the dollar effect that the errors had on the itemsappearing on the financial statements listed below. Also indicate if the amounts are overstated (0) orunderstated (U).Amount2021$ 64,000874.000938,00054,000$884.000$$$$2021Overstated/Understated2022$ 54,000871.000925,00065,000$860.000Amount$$2022Overstated/Understated

Cost of goods sold = Beginning inventory + Purchases - Ending inventory The cost of goods sold…

Question 12 Dank Ltd reported cost of goods sold as follows: Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Miller made two errors: (1) 2021 ending inventory was overstated by $8,000. (2) 2022 ending inventory was overstated by $4,000. Total assets Shareholders' equity Cost of goods sold Net earnings 2021 $ 64,000 874,000 938,000 54,000 $884.000 Required: Assuming the errors had not been corrected, indicate the dollar effect that the errors had on the items appearing on the financial statements listed below. Also indicate if the amounts are overstated (O) or understated (U). Amount $ 2021 Overstated/ Understated 2022 $ 54,000 871.000 925,000 65,000 $860.000 Amount $ $ $ $ 2022 Overstated/ Understated

Question 12 Dank Ltd reported cost of goods sold as follows: Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Miller made two errors: (1) 2021 ending inventory was overstated by $8,000. (2) 2022 ending inventory was overstated by $4,000. Total assets Shareholders' equity Cost of goods sold Net earnings 2021 $ 64,000 874,000 938,000 54,000 $884.000 Required: Assuming the errors had not been corrected, indicate the dollar effect that the errors had on the items appearing on the financial statements listed below. Also indicate if the amounts are overstated (O) or understated (U). Amount $ 2021 Overstated/ Understated 2022 $ 54,000 871.000 925,000 65,000 $860.000 Amount $ $ $ $ 2022 Overstated/ Understated

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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