a.
Concept Introduction:
Prior period adjustments: The adjustments that a business has to make if they find an error after the release of financial statements of a year is prior period adjustments. These adjustments must be determined if the corrections to past years' financial statements are necessary to carry out necessary entries in the current year.
Whether the net income has been higher or lower in 2021 with computation and the amount of net income reported by T Company for the year 2022.
b.
Concept Introduction:
Prior period adjustments: The adjustments that a business has to make if they find an error after the release of financial statements of a year is prior period adjustments. These adjustments must be determined if the corrections to past years' financial statements are necessary to carry out necessary entries in the current year.
The amount to be reported by T Company as its inventory a
c.
Concept Introduction:
Prior period adjustments: The adjustments that a business has to make if they find an error after the release of financial statements of a year is prior period adjustments. These adjustments must be determined if the corrections to past years' financial statements are necessary to carry out necessary entries in the current year.
the retained earnings statement portion of the statement of
d.
Concept Introduction:
Prior period adjustments: The adjustments that a business has to make if they find an error after the release of financial statements of a year is prior period adjustments. These adjustments must be determined if the corrections to past years' financial statements are necessary to carry out necessary entries in the current year.
The amount to be reported by T Company as its inventory a retained earnings balances at the beginning and at the end of the year 2022.
Want to see the full answer?
Check out a sample textbook solution
Chapter 15 Solutions
Pearson eText Intermediate Accounting -- Instant Access (Pearson+)
- Gerald Books Ltd. currently has $720,000 in accounts receivable and generated $5,600,000 in sales (all on credit) during the year that just ended. The firm's days sales outstanding (DSO) is how many days? Use 365 days as the length of a year in all calculations. Gerald Books Ltd.'s CFO is unhappy with its DSO and wants to improve collections next year. Sales are expected to grow by 10% next year, and the CFO wants to lower the DSO to the industry average of 28 days. How much accounts receivable is the firm expected to carry next year? provide answerarrow_forwardGive me Answerarrow_forwardCash conversion cyclearrow_forward
- What is the beginning and ending amounts of equity ?arrow_forwardEliza had a commercial warehouse destroyed in a hurricane. The old warehouse was purchased for $310,000, and $94,000 of depreciation deductions had been taken. Eliza received insurance proceeds of $610,000. Although the new warehouse was larger and more modern than the old one, it qualified as replacement property. Eliza acquired the new property 11 months after the hurricane for $660,000. What is the amount of Eliza's realized gain, recognized gain, and the basis in the new property?arrow_forwardFinancial accountingarrow_forward
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education