1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
expeople1 [14]
2 years ago
6

Flint Suppliers reported cost of goods sold for 2017 of $880,000 and retained earnings of $1,230,000 at December 31, 2017. Flint

later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $34,500 and $71,000, respectively. Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings.
Business
1 answer:
Sonbull [250]2 years ago
8 0

Answer:

corrected amounts  cost of goods sold = $916500

corrected amounts Retained Earnings = $1159000

Explanation:

given data

cost of goods sold = $880,000

retained earnings = $1,230,000

ending inventories 2016 = $34,500

ending inventories 2017  = $71,000

to find out

corrected amounts  cost of goods sold and retained earnings

solution

we get here first corrected amounts for 2017 cost of goods sold  will be here as

corrected amounts  cost of goods sold = cost of goods sold - ending inventories 2016 + ending inventories 2017   .........1

corrected amounts  cost of goods sold = $880,000 - $34,500 + $71,000

corrected amounts  cost of goods sold = $916500

and now we get corrected amounts Retained Earnings that will be as

corrected amounts Retained Earnings = retained earnings - ending inventories 2017

corrected amounts Retained Earnings = $1,230,000 - $71,000

corrected amounts Retained Earnings = $1159000

You might be interested in
Use below information to prepare general journal entries for Belle Co.'s 1 through 7 transactions.
antoniya [11.8K]

Answer:

Belle Co.

General Journal Entries

1. Debit Cash $6,000

Debit Equipment $7,600

Debit Web Servers $12,000

Credit Common Stock $25,600

To record the assets exchanged for common stock by D. Belle.

2. Debit Prepaid Insurance $4,800

Credit Cash $4,800

To record the prepayment of insurance coverage.

3. Debit Supplies $900

Credit Accounts Payable $900

To record the purchase of supplies on account.

4. Debit Selling Expenses $800

Credit Cash $800

To record the payment of selling expenses for cash.

5. Debit Cash $4,500

Credit Service Revenue $4,500

To record the receipt of cash for services rendered.

6. Debit Accounts Payable $900

Credit Cash $900

To record the payment on account.

7. Debit Equipment $3,400

Credit Cash $3,400

To record the payment for the purchase of equipment.

Explanation:

a) Data and Transaction Analysis:

1. Cash $6,000 Equipment $7,600 Web Servers $12,000 Common Stock $25,600

2. Prepaid Insurance $4,800 Cash $4,800

3. Supplies $900 Accounts Payable $900

4. Selling Expenses $800 Cash $800

5. Cash $4,500 Service Revenue $4,500

6. Accounts Payable $900 Cash $900

7. Equipment $3,400 Cash $3,400

4 0
3 years ago
Marketers segment broad markets into smaller target segments based on a variety of _____.
scZoUnD [109]
<span>Market segmentation is the process of dividing a larger market into smaller groups (segments). </span><span>Marketers segment broad markets into smaller target segments based on a variety of</span> based on meaningfully shared characteristics.
These characteristics can be behavioral, geographic and demographic.
7 0
3 years ago
Suppose that Boeing and Rolls-Royce Holdings are the sole producers of a particular jet engine. The two firms currently charge t
Reil [10]

Answer:

each firm reduces its price.

3 0
3 years ago
As Accenture explores an end-to-end business flow that has reconciliation between multiple parties, what would we uncover?
bonufazy [111]

Answer:

Transparency

Explanation:

Transparency as regards Businesses can be explained as process involving been honest as well as open and straightforward about activities involving company operations.

It should be noted that Transparency could be uncovered As Accenture explores an end-to-end business flow that has reconciliation between multiple parties.

5 0
3 years ago
S. S. Sarkar (S.S.S.), a real estate investment company, is considering investing in a shopping center. The sale price is $5,000
Alex777 [14]

Answer:

S.S.S. should not purchase the shopping center because its NPV is negative, i.e. -$1,952,890.30

Explanation:

Note: See the attached file to see how the net present value is calculated.

From the file, it can seen that the project will result in a negative NPV of $1,952,890.30. Therefore, S.S.S. should not purchase the Shopping center.

Download xlsx
7 0
3 years ago
Other questions:
  • The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020.
    5·1 answer
  • Esther is ninety years old, but she still shops for her own groceries every morning. When Esther was younger, she would head to
    12·1 answer
  • Navy Corporation has E&amp;P of $240,000. It distributes land with a fair market value of $70,000 (adjusted basis of $25,000) to
    14·1 answer
  • On March 18, James Smith purchased $5,000 of furniture from Home Furnishings on account. The cost of the goods was $3,000. On Ma
    11·1 answer
  • While many traditional measures of success revolve around the firm's financial performance, it is also important to gauge the sa
    5·1 answer
  • Please help me, the picture is linked..
    15·1 answer
  • An offer that cannot be revoked because an offeror promises to hold the offer open for a specified time in exchange for payment
    9·1 answer
  • Select the pairing that is correctly matched. A. Preferred stock: may be purchased by converting common stock shares into prefer
    15·1 answer
  • Around the world oil is priced consistently in United States dollars. In economic terms this is an example of:
    8·1 answer
  • Value:
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!