+1835 731 5494 Email: instantessays65@gmail.com

Accounting Homework Help

$12.99

Accounting Homework Help Doubletree Company’s financial statements show the following. The company recently discovered that in making physical counts of inventory, it had… Doubletree 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, 2010, is understated by $54,000, and inventory on December 31, 2011, is overstated by $24,000. For Year Ended December 31 2010 2011 2012 (a) Cost of goods sold $ 729,000 $ 959,000 $ 794,000 (b) Net profit 272,000 279,000 254,000 (c) Total current assets 1,251,000 1,364,000 1,234,000 (d) Total equity 1,391,000 1,584,000 1,249,000 Required: 1. For each key financial statement figure—(a), (b), (c), and (d) above—prepare a table to show the adjustments necessary to correct the reported amounts. (Amounts to be deducted should be indicated with a minus sign. Leave no cells blank – be certain to enter “0” wherever required. Omit the “$” sign in your response.) (a) Cost of goods sold: 2010 2011 2012 Reported amount $ $ $ Adjustments for: 12/31/2010 error 12/31/2011 error Corrected amount $ $ $ (b) Net profit 2010 2011 2012 Reported amount $ $ $ Adjustments for: 12/31/2010 error 12/31/2011 error Corrected amount $ $ $ (c) Total current assets 2010 2011 2012 Reported amount $ $ $ Adjustments for: 12/31/2010 error 12/31/2011 error Corrected amount $ $ $ (d) Equity: 2010 2011 2012 Reported amount $ $ $ Adjustments for: 12/31/2010 error 12/31/2011 error Corrected amount $ $ $ 2. What is the error in total net profit for the combined three-year period resulting from the inventory errors? Explain. (Leave no cells blank – be certain to enter “0” wherever required. Input your answer as a positive value. Omit the “$” sign in your response.) Error in total net profit of three years $

Reviews

There are no reviews yet.

Be the first to review “Accounting Homework Help”

Your email address will not be published. Required fields are marked *