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Katarina [22]
2 years ago
15

Someone help me with this plz

Business
1 answer:
shepuryov [24]2 years ago
8 0

Answer:

With what

Explanation:

post the pic/question next time

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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           <u>   1,496,000  </u>   <u>    1,742,00</u>      <u>  1,863,000</u>       <u>   2,176,000</u>

Gross Profit  <u>   $704,000  </u>    <u> $858,000  </u>   <u>  $837,000   </u>    <u> $1,024,000 </u>

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
4 0
2 years ago
The Perry Company reported Accounts Receivable, Net of $64,400 at the beginning of the year and $73,700 at the end of the year.
bija089 [108]

Answer:

28.06

Explanation:

The formula for calculating this is,

(Average Account Receivable / Net Sales Revenue) * 365

Hence the answer is calculated as:

(69050 / 898000) * 365 = 28.06.

Hope this helps.

Good Luck.

3 0
2 years ago
"After a severe hurricane in South Carolina, the price of electric generators quadrupled. People living outside of South Carolin
Alona [7]

Answer:

Arbitrage

Explanation:

Arbitrage occurs when the same good sells for different prices at different market. This price difference allows market participants to earn riskless profit .

In this case, the generator is more expensive in South Carolina when compared with other places. Thus, in order to earn riskless profit, people would buy where it is cheaper and sell at South Carolina where it is more expensive.

Economic theory suggest that if this kind of buying continues, soon the prices would be the same in both markets .

I hope my answer helps you

5 0
3 years ago
Read 2 more answers
List 5 factors that ​you ​would be looking for when buying a used car.
julia-pushkina [17]

Answer:

Price, Speed, Gas type, Quality, and Reliability

Explanation:

4 0
2 years ago
Ben cartwright runs the wild west wax museum in carson city, nevada. the museum has been in business for 40 years and is a major
lawyer [7]

<u>Solution and Explanation:</u>

The implicit cost of capital

Implicit cost of capital is the opportunity cost of capital which is already incurred but not reported as a separate cost/expense, Implicit cost is the cost which results from using an existing asset instead of selling or renting it.

For example when a businessman uses his/her existing land which has implicit cost of say $1000 per month but bought it for say $100 many years ago, so $1000 is its implicit cost/current market rent per month which is equal to its oppo

5 0
3 years ago
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