A company reported ending inventory of $86,000 in Year 1. It was discovered in Year 2...
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A company reported ending inventory of $86,000 in Year 1. It was discovered in Year 2 that the correct value of the ending inventory was $81,000 for Year 1, and a correction was made. Complete the following table based on this information. Assume the company uses the perpetual inventory system. Do not enter dollar signs or commas in the input boxes. Enter a negative sign as appropriate for the Profit(Loss) line item. Item Reported Correct Amount $86,000 $81000 $130,000 $125000 $596,000 $591000 $197,000 $192000 $1,100,000 $1100000 $550,000 $555000 $6,000 $-11000 Inventory Current Assets Total Assets Owner's Equity, Year 1 Sales Cost of Goods Sold Profit (Loss) for Year 1 X A company reported ending inventory of $86,000 in Year 1. It was discovered in Year 2 that the correct value of the ending inventory was $81,000 for Year 1, and a correction was made. Complete the following table based on this information. Assume the company uses the perpetual inventory system. Do not enter dollar signs or commas in the input boxes. Enter a negative sign as appropriate for the Profit(Loss) line item. Item Reported Correct Amount $86,000 $81000 $130,000 $125000 $596,000 $591000 $197,000 $192000 $1,100,000 $1100000 $550,000 $555000 $6,000 $-11000 Inventory Current Assets Total Assets Owner's Equity, Year 1 Sales Cost of Goods Sold Profit (Loss) for Year 1 X
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Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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