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cestrela7 [59]
3 years ago
13

Sheridan Enterprises reported cost of goods sold for 2020 of $1,322,900 and retained earnings of $4,854,000 at December 31, 2020

. Sheridan later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $106,470 and $36,820, 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
Business
1 answer:
VLD [36.1K]3 years ago
5 0

Answer:

See below

Explanation:

With regard to the above information,

1. Corrected cost of goods sold is computed as

= Cost of goods sold + Overstated ending inventories 2019 - overstated ending inventories 2020

= $1,322,900 + $106,470 - $36,820

= $1,253,250

2. Corrected 12/31/2020 retained earnings is computed as

= Retained earnings DEC 2020 - overstated ending inventories 2020

= $4,854,000 - $36,820

= $4,817,180

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Kate purchased a townhome and obtained financing from Bank A on February 1, 2014. On April 1, 2014, she took out a home equity l
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Explanation:

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3 years ago
An electronics company makes communications devices for military contracts. The company just completed two contracts. The navy c
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Answer:

Explanation:

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= 27 × 40 × 2

= 2160 man hours

Then, the units produced per labor hour will be:

= 2540 devices / 2160

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3 years ago
g A U.S. firm buys sardines from Morocco and pays for them with U.S. dollars. Other things the same, U.S. net exports a. increas
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Answer:

d. decrease, and U.S. net capital outflow decreases.

Explanation:

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