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3 years ago

Shale oil mining corporation is a us employer shale oil and other us employers must perform 1-9 verifications for

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Shale oil mining corporation is a us employer shale oil and other us employers must perform 1-9 verifications for new hires who work under the employer's direct supervision including contractors and day workers.
1-9 verifications is required for all employee from another country to work in united states. This verification is required by homeland security in order to control the background check

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Partial income statements for Sherwood Company summarized for a four-year period show the following: 1. Restate the partial inco

OlgaM077 [116]

Answer:

1. The corrected gross profit are as follows:

2015 = $704,000

2016 = $836,000

2017 = $859,000

2018 = $1,024,000

2-a Gross profit percentage before and after correction are as follows:

Particulars 2015 2016 2017 2018

Before correction 32% 33% 31% 32%

After correction 32% 32% 32% 32%

2-b. Yes. This is because the gross profit percentage for the years are approximately the same at 32% after the correction was made.

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows:

Partial income statements for Sherwood Company summarized for a four-year period show the following:

2015 2016 2017 2018

Net Sales $2,200,000 $2,600,000 $2,700,000 $3,200,000

COGS 1,496,000 1,742,00 1,863,000 2,176,000

Gross Profit $704,000 $858,000 $837,000 $1,024,000

An audit revealed that in determining these amounts, the ending inventory for 2016 was overstated by $22.000. The inventory balance on December 31, 2017, was accurately stated. The company uses a periodic inventory system.

Required: 1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory error, 2-a. Compute the gross profit percentage for each year (a) before the correction and (b) after the correction 2-b. Does the pattern of gross profit percentages lend confidence to your corrected amounts?

The explanation of the answer is now given as follows:

1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory error

Note: See the attached excel file for the fixing the inventory error and the restated partial income statements to reflect the correct amounts, after fixing the inventory error.

The effect of the overstatement of closing inventory is reducing the 2016 cost of goods sold. To correct this in the attached excel file, the opening balance is reduced by $22,000 and this makes cost of goods sold of 2016 to increase and the cost of goods sold of 2017 to decrease by $22,000.

2-a. Compute the gross profit percentage for each year (a) before the correction and (b) after the correction

Note: See the attached excel file for the computed the gross profit percentage for each year (a) before the correction and (b) after the correction.

In the attached excel file, the following formula is used:

Gross Profit percentage = Gross profit / Net Sales) * 100

2-b. Does the pattern of gross profit percentages lend confidence to your corrected amounts?

Yes. This is because the gross profit percentage for the years are approximately the same at 32% after the correction was made.

Download xlsx

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2 years ago

Gary lives in an area that receives high rainfall and thunderstorms throughout the year. Which device would be useful to him to

jekas [21]

What are the options?

6 0

3 years ago

Read 2 more answers

Harry, Hermione, and Ron formed an S corporation called Bumblebore. Harry and Hermione both contributed cash of $29,400 to get t

Anna007 [38]

Answer:

$29,400; $29,400 and $18,400

Explanation:

Value of parcel of land = $69,800 with a basis = $58,800

Harry's basis is equal to cash contributed which is $29,400

Hermione's basis is equal to cash contributed which is $29,400

Ron's basis = Basis of parcel of land - Mortgage value

= $58,800 - $40,400

= $18,400

6 0

3 years ago

An external competitor to Construction (from another island) is offering to build the new homes for $1300 each. Here are facts a

cupoosta [38]

Answer:

a. The minimum transfer price (per home) that Construction would be willing to accept would be $1,270

b. The maximum transfer price (per home) Island Evaluations would be willing to accept would be $1,300

Explanation:

a. According to the given data If Construction accepts the proposal of Island Evaluations, then it has to foregone the profits which could have been earned if Construction accepted the proposal of local villagers to build an incline, a bridge and a campground.

Hence, minimum transfer price (per home) for Construction should be such that it covers the profit foregone as given above:

Now, profit foregone is calculated as per the table below:

Figures in $

Particulars Revenue Cost Profit

Incline 1400 600 800

Bridge 1500 950 550

Campground 2700 1200 1500

Total 5600 2750 2850

Therefore, the transfer price should be such which can generate a profit of $2,850 for Construction.

Therefore, total revenue which should be generated = Cost of building five new homes + Profit foregone

= 700*5 + 2850 = $6,350

Hence, minimum transfer price (per home) should be = 6350/5 = $1,270

b. The maximum transfer price (per home) that Island Evaluations will be willing to accept is $1,300 per home as quoted by the external competitor from another island.

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3 years ago

Fill in the blanks

lianna [129]

Answer:

1ooo

Explanation:

because the important

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3 years ago