Current Attempt in Progress Flint Enterprises Ltd. reported cost of goods sold for 2023 of $2.3 million and retained earnings of $4.4 million at December 31, 2023. Flint later discovered that its ending inventories at December 31, 2022 and 2023, were overstated by $160.000 and $42.000, respectively. Determine the correct amounts for 2023 cost of goods sold and December 31, 2023 retained earnings. Corrected cost of goods sold Corrected 12/31/23 retained earnings $ $

Current Attempt in Progress Flint Enterprises Ltd. reported cost of goods sold for 2023 of $2.3 million and retained earnings of $4.4 million at December 31, 2023. Flint later discovered that its ending inventories at December 31, 2022 and 2023, were overstated by $160.000 and $42.000, respectively. Determine the correct amounts for 2023 cost of goods sold and December 31, 2023 retained earnings. Corrected cost of goods sold Corrected 12/31/23 retained earnings $ $

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 13PA: Company Elmira reported the following cost of goods sold but later realized that an error had been...

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Company Elmira reported the following cost of goods sold but later realized that an error had been made in ending inventory for year 2021. The correct inventory amount for 2021 was 32,000. Once the error is corrected, (a) how much is the restated cost of goods sold for 2021? and (b) how much is the restated cost of goods sold for 2022?
Current Attempt in Progress The following comparative information is available for Pharoah Company for 2027. Sales revenue Cost of goods sold Operating expenses (including depreciation) Depreciation Cash paid for inventory purchases (a) Your Answer Correct Answer (Used) Your answer is correct. Net income LIFO LIFO 13230 $77,400 34,200 24,300 9,000 28,800 FIFO $77,400 26,100 24,300 Determine net income under each approach. Assume a 30% tax rate. 9,000 28.800 FIFO 18900
Bienvenu Enterprises reported cost of goods sold for 2020 of $1,400,000 and retained earnings of $5,200,000 at December 31, 2020. Bienvenu later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $110,000 and $35,000, respectively. Determine the corrected amounts for 2020 cost of goods sold and December 31, 2020, retained earnings.
Whispering Enterprises reported cost of goods sold for 2020 of $1,515,400 and retained earnings of $4,687,300 at December 31, 2020. Whispering later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $107,670 and $36,850, respectively.Determine the corrected amounts for 2020 cost of goods sold and December 31, 2020, retained earnings. Corrected cost of goods sold $enter a dollar amount Corrected 12/31/20 retained earnings $enter a dollar amount
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 amount
Current Attempt in Progress Sheridan Inc. reported the following for 2023: Sales Revenue Cost of Goods Sold Selling and Administrative Expenses Loss on Disposal of Equipment Unrealized Gain-OCI $1,512,000 874,000 216,000 (12,300) 14,400 Prepare a statement of comprehensive income. Ignore income tax and EPS. Assume Sheridan follows IFRS.
Current Attempt in Progress In its income statement for the year ended December 31, 2025, Carla Vista Inc. reported the following condensed data. Operating expenses Cost of goods sold Interest expense Income tax expense $ 730,000 1,265,000 80,000 54,000 Interest revenue Loss on disposal of plant assets Sales revenue Sales discounts $ 42,000 25,000 2,358,000 144,000 Prepare a multiple-step income statement. (List Other revenue and gains before Other expenses and losses.) CARLA VISTA INC. Income Statement
Lancer Company's preliminary income statement for 2021 and its reported income statement for 2020 are given below. 2021 2020 1,350,000 (648,0001 702,000 (172,500) (162.000 367.500 Sales Revenues 1,320,000 (630.000 690,000 Cost of Goods Sold Gross Profit Depreciation Other Expenses (172,500) (153.000 364.500 Net Income Lancer's records reveal the following information: (1) Lancer neglected to record S8,000 of supplies expense at the end of 2020, so the supplies inventory was overstated at the end of 2020. Consequently, the supplies expense computed for 2021 included the additional amount of supplies used in 2020. (2) On 1/1/19, Lancer purchased a machine for $120,000. Although the machine was expected to have an eight-year life, it was erroneously expensed in recording the purchase. The appropriate depreciation method for this machine is double-declining-balance with no residual. (3) At the end of 2021, Lancer decided to change its inventory costing method from the FIFO costing method…
In its income statement for the year ended December 31, 2022, Pharoah Company reported the following condensed data. Operating expenses Cost of goods sold Interest expense (a) (b) Prepare a single-step income statement. Revenues $776,000 1,236,000 72,000 Net Sales Interest revenue Loss on disposal of plant assets Net sales Pharoah Company Income Statement For the Year Ended December 31, 2022 69 $ 29,000 17,000 2,218,000 KNUT
Current Attempt in Progress - Your answer is partially correct. The following information is available for Crane Corp. for the year ended December 31, 2027. Other revenues and gains Other expenses and losses Cost of goods sold Sales discounts Net Sales Sales Revenue Less Sales Returns and Allowances Sales Discounts Prepare a multiple-step income statement for Crane Corp. Cost of Goods Sold Gross Profit Operating Expenses Other Expenses and Losses Income from Operations Other Revenues and Gains Net Income /(Loss) $23,700 eTextbook and Media 3,020 287,400 3,530 Sales revenue Operating expenses Sales returns and allowances CRANE CORP. Income Statement For the Year Ended December 31, 2027 $754,000 217,890 10,500 10500 3530 i 232200 23700 754000 QUROSO 740470 287400 i 453070 217890 i 3020 255900
The following comparative information is available for crane company 2025 LIFO Sales revenue $93,000 Cost of goods sold 36.000 Operating expenses (including depreciation) 27.000 Depreciation Cash paid for inventory purchases 11.000 17.180 FIFO $93.000 32.600 27.000 11.000 17,180 Net cash Provided by activities LIFO and FIFO Calculate the quality earnings ratio under each approach LIFO and FIFO Please don't provide answer in image format thank you
The following items were taken from the financial statements of Sheridan, Inc., over a three-year period: Item Net Sales Cost of Goods Sold Gross Profit (a) Compute the amount and percentage change from 2024 to 2025. (Round percentages to 1 decimal place, e.g. 1 Item Net Sales Cost of Goods Sold 2026 2025 2024 $363,515 $333,500 $290,000 244,080 226,000 200,000 $119,435 $107,500 $90,000 Gross Profit S $ Amount Percentage %6 % %