Swifty Suppliers reported cost of goods sold for 2017 of $ 880,000 and retained earnings of $ 1,360,000 at December 31, 2017. Swifty later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $ 40,000 and $ 72,600, respectively.
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- During 2016, Jose Corporation transferred inventory from its home office to itsLaguna Branch at a billed price of P110,000. The inventory originally cost thecompany P90,000. The home office reported sales and cost of goods sold ofP1,400,000 and P590,000, respectively. The Laguna branch reported sales and costof goods sold of P675,000 and P300,000, respectively. All of the inventory had beensold by year – end. What is the cost of goods sold to be reported in the 2016 combined statement of comprehensive income?In its May 31, 2017, annual report, Beyonce Ltd. (Beyonce) reported that it had an inventory of $175,000 and accounts payable of $104,000 on May 31, 2016, and inventory of $196,000 and accounts payable of $122,000 on May 31, 2017. Beyonce's income statement for the year ended May 31, 2017, reported the cost of goods sold of $1,220,000. Required: Calculate the amount of cash that Beyonce paid to suppliers for purchases of inventory during fiscal 2017. Assume that accounts payable pertain only to the purchase of inventory on credit.Cheyenne Suppliers reported cost of goods sold for 2017 of $650,000 and retained earnings of $1,490,000 at December 31, 2017. Cheyenne later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $37,000 and $67,800, respectively. Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings. Corrected amounts $ Torbeel COGS $ Retained Earnings
- *Question included in picture.The following information is available for Sandhill Co. for three recent fiscal years. 2017 2016 2015 Inventory $562,019 $571,288 $327,592 Net sales 1,955,632 1,697,750 1,304,721 Cost of goods sold 1,522,434 1,280,731 939,086 Calculate the inventory turnover, days in inventory, and gross profit rate for 2017 and 2016. (Round inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%.) 2017 2016 Inventory Turnover times times Days in Inventory days days Gross Profit Rate % %The Cullumber Supply Company reported the following information for 2017. Prepare a common-size income statement for the year ended June 30, 2017. (Round answers to 1 decimal place, e.g. 52.7%.) Cullumber Supply CompanyIncome Statement for the Fiscal Year Ended June 30, 2017($ thousands) % of Net Sales Net sales $2,111,000 enter percentages of net sales % Cost of goods sold 1,464,000 enter percentages of net sales % Selling and administrative expenses 312,200 enter percentages of net sales % Nonrecurring expenses 27,600 enter percentages of net sales % Earnings before interest, taxes, depreciation, and amortization (EBITDA) $307,200 enter percentages of net sales % Depreciation 117,000 enter percentages of net sales % Earnings before interest and taxes (EBIT) 190,200 enter percentages of net sales % Interest expense 118,600 enter percentages of net sales % Earnings before taxes (EBT)…
- Shindig Company is preparing its 2013 year-end financial statements. prior to any adjustments, inventory is valued at P7,600,000. The following information has been found relating to certain inventory transactions Goods valued at P 1,000,000 are on consignment with a customer. These goods are not included in the year-end inventory figure. Goods costing P250,000 were received from a vendor on January 5, 2014. The related invoice was received and recorded on January 12, 2014. The goods were shipped on December 31, 2013, terms FOB shipping point. Goods costing P 850,000 were shipped on December 31, 2013, and were delivered to the customer on January 2, 2014. The terms of the invoice were FOB shipping point. The goods were included in ending inventory for 2013 even though the sale was recorded in 2013. A P350,000 shipment of goods to a customer on December 31, 2013 terms FOB destination, was not included in the year-end inventory. The goods cost P260,00 and were delivered to the customer…Presented below are selected accounts of Novak Company at December 31, 2017. Inventory (finished goods) $ 53,500 Cost of Goods Sold $2,192,400 Unearned Service Revenue 95,200 Notes Receivable 41,000 Equipment 257,100 Accounts Receivable 161,020 Inventory (work in process) 36,000 Inventory (raw materials) 182,280 Cash (not including restricted cash) 43,800 Supplies Expense 65,490 Debt Investments (trading) 39,500 Allowance for Doubtful Accounts 11,290 Customer Advances 53,200 Licenses 16,890 Restricted Cash for Plant Expansion 58,300 Additional Paid-in Capital 88,040 Treasury Stock 22,320 The following additional information is available. 1. Inventories are valued at lower-of-cost-or-market using LIFO. 2. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $47,568. 3. The short-term investments have a fair value of $29,730. 4. The notes receivable are due April 30, 2019, with interest receivable every April 30. The notes bear interest at 6%.…Duke Company’s records show the following account balances at December 31, 2021: Sales revenue $ 16,200,000 Cost of goods sold 9,600,000 General and administrative expense 1,060,000 Selling expense 560,000 Interest expense 760,000 Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are material in amount. $360,000 in restructuring costs were incurred in connection with plant closings. Inventory costing $460,000 was written off as obsolete. Material losses of this type are considered to be unusual. It was discovered that depreciation expense for 2020 was understated by $56,000 due to a mathematical error. The company experienced a negative foreign currency translation adjustment of $260,000 and had an unrealized gain on debt securities of $240,000. Required:Prepare a single, continuous multiple-step statement of comprehensive income for 2021. The company’s effective tax rate on all items…
- Swifty Enterprises reported cost of goods sold for 2025 of $1,453, 700 and retained earnings of $5,392, 600 at December 31, 2025. Swifty later discovered that its ending inventories at December 31, 2024 and 2025, were overstated by $102, 820 and $37,880, respectively. Determine the corrected amounts for 2025 cost of goods sold and December 31, 2025, retained earnings. Corrected cost of goods sold $enter a dollar amount Corrected 12/31/25 retained earnings $enter a dollar amountAt December 31, 2016, McGlaggen Corporation reported current assets of $638,000 and current liabilities of $384,000. The following items may have been recorded incorrectly. McGlaggen uses the periodic method. 1. Goods purchased costing $10,000 were shipped f.o.b. destination by a supplier on December 26. McGlaggen received and recorded the invoice on December 31, 2016 but the goods were not included in McGlaggen's physical count of inventory because they were not received until January 2, 2017. 2. Freight-in of $4,000 was debited to advertising expense on December 28, 2016. 3. Goods purchased costing $11,000 were shipped f.o.b. shipping point by a supplier on December 28. McGlaggen received and recorded the invoice on December 29, but the goods were not included in McGlaggen's physical count of inventory because they were not received until January 4, 2017. 4. Goods held on consignment from Brown Company were included in McGlaggen's physical count of inventory at $13,000. a)…Ayayai Hardware Limited reported the following amounts for its cost of goods sold and Inventory: Cost of goods sold Ending inventory 2018 Ending inventory $169,200 Cost of goods sold 37,400 2017 Ayayai made two errors: (1) ending inventory for 2018 was overstated by $2,000 and (2) ending inventory for 2017 was understated by $4,100. Assume that neither error has been found or corrected. $152,900 Calculate the correct ending inventory and cost of goods sold amounts for each year. $ 29,400 2018 tA $ LA 2017
