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Category > Management Posted 05 Oct 2017 My Price 4.00

effects of Inventory errors

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?

 

 

 

 

 

 

                                                                                                                                              

 

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Maurice Tutor
(5)
Status NEW Posted 05 Oct 2017 09:10 PM My Price 4.00

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