Business
Business, 17.07.2019 04:20, PrincessAlaia01

Powell company had the following errors over the last two years: 2016: ending inventory was overstated by $31,500 while depreciation expense was overstated by $24,300. 2017: ending inventory was understated by $12,000 while depreciation expense was understated by $6,800. by how much should retained earnings be adjusted on january 1, 2018? (ignore taxes)

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Business, 09.07.2019 22:10, mandoux
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Business, 28.10.2019 22:31, fatimalandau3624
Acompany uses the periodic inventory method. beginning inventory is understated by $10,000 because the prior’s year’s ending inventory was understated by $10,000. the company’s ending inventory for this period is correct. the current period’s gross profit is and this year’s ending retained earnings is group of answer choices a. (i) understated and (ii) understated. b. (i) overstated and (ii) understated. c. (i) overstated and (ii) overstated. d. (i) overstated; (ii) neither overstated nor understated. e. (i) understated and (ii) neither overstated nor understated.
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Business, 25.11.2019 21:31, raconteuraki
Zagat inc. is a calendar-year corporation. its financial statements for the years 2017 and 2016 contained errors as follows: 2017 2016 ending inventory $9,000 overstated $18,000 overstated depreciation expense $6,000 understated $13,500 overstated assume that the proper correcting entries were made at december 31, 2016. by how much will 2017 income before taxes be overstated or understated? entry field with incorrect answer a. $3,000 understated b. $10,500 overstated c. $15,000 overstated d. $7,500 overstated
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Business, 27.11.2019 23:31, larahanna
During its first and second years of operations, ranger company, a corporation using a periodic inventory system, made undiscovered errors in taking its year-end inventories that overstated year 1 ending inventory by $160,000 and overstated year 2 ending inventory by $120,000. the combined effect of these errors on reported income is: year 1 year 2 year 3 a. overstated overstated overstated $160,000 $280,000 $120,000 b. overstated overstated not affected $160,000 $120,000 c. understated understated not affected $160,000 $280,000 d. overstated understated understated $160,000
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