* What is the effect of the errors on the working capital of 2020? Put a negative sign if the answer is overstated. Example overstated by 5000 is -5000. Bee Company's net income for 2018, 2019, and 2020 were P100,000; P145,000; and P185,000,respectively. The following items were not properly handled: a. Rent of P6,500 for 2021 was received from a lessee on December 31, 2020, and was recorded as outright income in 2020. b. Salaries payable at the end of the following years were omitted: December 31, 2017 2,500 5,500 December 31, 2018 December 31, 2019 7,500 December 31, 2020 4,700 c+ The following unused office supplies were omitted in the accounting records: December 31, 2017 3,500 December 31, 2018 6,500 December 31, 2019 3,700 December 31, 2020 7,100 Your answer

* What is the effect of the errors on the working capital of 2020? Put a negative sign if the answer is overstated. Example overstated by 5000 is -5000. Bee Company's net income for 2018, 2019, and 2020 were P100,000; P145,000; and P185,000,respectively. The following items were not properly handled: a. Rent of P6,500 for 2021 was received from a lessee on December 31, 2020, and was recorded as outright income in 2020. b. Salaries payable at the end of the following years were omitted: December 31, 2017 2,500 5,500 December 31, 2018 December 31, 2019 7,500 December 31, 2020 4,700 c+ The following unused office supplies were omitted in the accounting records: December 31, 2017 3,500 December 31, 2018 6,500 December 31, 2019 3,700 December 31, 2020 7,100 Your answer

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Description: *What is the effect of the errors on the workingcapital of 2020? Put a negative sign if the answer isoverstated. Example overstated by 5000 is -5000.Bee Company's net income for 2018, 2019, and 2020 were P100,000; P145,000; andP185,000,respectively.

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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Concept explainers

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.

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Question

*
What is the effect of the errors on the working
capital of 2020? Put a negative sign if the answer is
overstated. Example overstated by 5000 is -5000.
Bee Company's net income for 2018, 2019, and 2020 were P100,000; P145,000; and
P185,000,respectively. The following items were not properly handled:
a.
Rent of P6,500 for 2021 was received from a lessee on December 31, 2020, and was
recorded as outright income in 2020.
b. Salaries payable at the end of the following years were omitted:
December 31, 2017
2,500
5,500
December 31, 2018
December 31, 2019
7,500
December 31, 2020
4,700
c+ The following unused office supplies were omitted in the accounting records:
December 31, 2017
3,500
December 31, 2018
6,500
December 31, 2019
3,700
December 31, 2020
7,100
Your answer

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In 2021, Winslow International, Inc.’s controller discovered that ending inventories for 2019 and 2020 were overstated by $220,000 and $520,000, respectively.Determine the effect of the errors on retained earnings at January 1, 2021. (Ignore income taxes.)
please dont provide answer in image format thak you