Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 16 Aug 2017 My Price 7.00

Necessary Toys Company

effects of Inventory errors

e12A. Business AppliCAtion ▶ Necessary Toys Company’s condensed income state- ments for two years follow.

 

2014                  2013

 

 

Sales

$252,000

 

$210,000

Cost of goods sold

150,000

 

108,000

Gross margin

$102,000

 

$102,000

Operating expenses

60,000

 

60,000

Income before income taxes

$  42,000

 

$  42,000

 

After the end of 2014, the company discovered that an error had resulted in an $18,000 understatement of the 2013 ending inventory.

Compute the corrected operating income for 2013 and 2014. What effect will the error have on operating income and owner’s equity for 2015?

Answers

Maurice Tutor
(5)
Status NEW Posted 16 Aug 2017 10:08 PM My Price 7.00

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