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Category > Accounting Posted 18 Aug 2017 My Price 9.00

Branson Electric

Branson Electric prepared the following condensed income statements for two successive years:

                                                                                                      2014                     2015

Sales                                                                                        $2,000,000             $1,500,000

Cost of Goods Sold                                                                   $1,250,000              $900,000

Gross profit on sales                                                                 $750,000                 $600,000

Operating Expenses                                                                  $400,000                $350,000

Net Income                                                                               $350,000                 $250,000

At the end of 2014 (right hand column above), the inventory was understated by $40,000, but the error was not discovered until after the accounts had been closed and financial statements prepared at the end of 2015. The balance sheets for the two years showed ownerAc€?cs equity of $500,000 at the end of 2014 and $580,000 at the end of 2015. (Branson is organized as a sole proprietorship and does not incur tax expenses).

Compute the corrected net income figures for 2014 and 2015.

Compute the gross profit amounts and the gross profit percentages for each year on the basis of corrected data.

What correction, if any, should be made in the amounts of the companyAc€?cs ownerAc€?cs equity at the end of 2014 and the end of 2015?

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 03:08 PM My Price 9.00

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