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Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
النسخة 22الرقم المعياري الدولي: 978-0077862275Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
النسخة 22الرقم المعياري الدولي: 978-0077862275 تمرين 3
Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Inventory on December 31, 2014, is understated by $56,000, and inventory on December 31, 2015, is overstated by $20,000.
Required
1. For each key financial statement figure-( a ), ( b ), ( c ), and ( d ) above-prepare a table similar to the following to show the adjustments necessary to correct the reported amounts.
Analysis Component
2. What is the error in total net income for the combined three-year period resulting from the inventory errors Explain.
3. Explain why the understatement of inventory by $56,000 at the end of 2014 results in an understatement of equity by the same amount in that year.
Required
1. For each key financial statement figure-( a ), ( b ), ( c ), and ( d ) above-prepare a table similar to the following to show the adjustments necessary to correct the reported amounts.
Analysis Component
2. What is the error in total net income for the combined three-year period resulting from the inventory errors Explain.
3. Explain why the understatement of inventory by $56,000 at the end of 2014 results in an understatement of equity by the same amount in that year.
التوضيح
موثّق
موثّق
Balance sheet
Balance sheet refers to t...
Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
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