Identify the errors in the following income statement and prepare a corrected income statement: CARLSBAD COMPANY Income
Question:
Transcribed Image Text:
CARLSBAD COMPANY Income Statement For the Year Ended February 28, 20Y8 Sales.._.. . $4,220,000 (2,650,000) $1,930,000 Cost of goods sold Expenses: Selling expenses $ 800,000 600,000 50,000 1450,000) 480,000 40,000 440,000 Other expense: Gross profi
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (7 reviews)
1 Deducting cost of goods sold from sales yields 1570000 not 1930000 2 Deducting the c...View the full answer
Answered By
Joseph Mwaura
I have been teaching college students in various subjects for 9 years now. Besides, I have been tutoring online with several tutoring companies from 2010 to date. The 9 years of experience as a tutor has enabled me to develop multiple tutoring skills and see thousands of students excel in their education and in life after school which gives me much pleasure. I have assisted students in essay writing and in doing academic research and this has helped me be well versed with the various writing styles such as APA, MLA, Chicago/ Turabian, Harvard. I am always ready to handle work at any hour and in any way as students specify. In my tutoring journey, excellence has always been my guiding standard.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
Identify the errors in the following income statement: Keepsakes Company Income Statement For the Year Ended February 29, 2012 Revenue from sales: Sales...... $7,200,000 Add: Sales returns and...
-
Identify the errors in the following income statement: Armortec Company Income Statement For the Year Ended February 28, 2010 Revenue from sales: Sales Add: Sales returns and allowances Sales...
-
Identify the errors in the following incomestatement: Keepsakes Company Income Statement For the Year Ended February 29, 2012 Revenue from sales: $7,200.000 Sales... Add: Sales returns and allowances...
-
A nutritionist at the Food and Drug Administration is studying the effects of cereal marketing on family meal choices. In particular, she would like to understand how cereal manufacturers market...
-
(Multiple Choice) 1. Which of the following steps is not required in a disparate treatment case? A. The plaintiff must file with the EEOC. B. The plaintiff must submit to arbitration. C. The...
-
Timmreck, T.C. Managing motivation and developing job satisfaction in the health care work environment. (2001). Health Care Manager, 2001, 20(1), 42-58. Copyright: Aspen Publishers, Inc. Using...
-
Comparative financial statements for the Rahul Corporation for the year ended December 31 are given below. A total of 500,000 shares of stock were outstanding. The market value of the company's stock...
-
Metal Products, LLC, manufactures metal beverage containers. The division that manufactures soft-drink beverage cans for the North American market has two plants that operate 24 hours a day, 365 days...
-
??????? Huff Company and Mesa Company are similar firms that operate in the same industry. The following information is available: Write a one-half page report comparing Huff and Mesa using the...
-
Ten sources, six with a bit rate of 200 kbps and four with a bit rate of 400 kbps, are to be combined using multilevel TDM with no synchronizing bits. Answer the following questions about the final...
-
Summary operating data for Loma Company during the current year ended April 30, 20Y6, are as follows: cost of goods sold, $7,500,000; administrative expenses, $750,000; interest expense, $100,000;...
-
Burr Company purchased merchandise on account from a supplier for $18,000, terms 2/10, n/30. Burr Company returned $3,000 of the merchandise before payment was made and received full credit. a. If...
-
Describe economies of scale and economies of scope.
-
Describe a common and measurable collaborative goal. This is not an individual goal; it is a group goal. This can be a goal the group is already working on at work, at school, or at home. The group...
-
Assume a VAT rate of 1 5 % . Rileys Traders is an entity that buys and sells paintings. All parties are registered VAT vendors, and all amounts include VAT unless otherwise stated. The business uses...
-
In which way is the position reported by the wheel sensor indicating direction of motion? What happen when you rotate the IOLab around ( lift it up , do a 1 8 0 degree rotation and put it back down...
-
If you are concerned about hedging against the risk of widening credit spreads, would you use a Total Return of Credit Default Swap?
-
Suppose you are the payroll manager of a large manufacturing company operating in multiple locations. You are switching to a new payroll and scheduling software. You need to train 30 managers and...
-
Explain why the Gilliland correlation can give erroneous results when the ratio of rectifying to stripping stages is small.
-
Does log 81 (2401) = log 3 (7)? Verify the claim algebraically.
-
Name at least three accounts that would normally appear in the chart of accounts of a merchandising business but would not appear in the chart of accounts of a service business.
-
Name at least three accounts that would normally appear in the chart of accounts of a merchandising business but would not appear in the chart of accounts of a service business.
-
What is the nature of? (a) A credit memo issued by the seller of merchandise, (b) A debit memo issued by the buyer of merchandise?
-
According to the Human Development Index, average income adjusted for PPP should be sufficient to Question 2 2 options: provide basic needs such as food and shelter. promote economic development....
-
igure 7 - 1 1 nar 0 0 2 - 1 . jpg Refer to Figure 7 - 1 1 . If the government imposes a price ceiling of $ 7 0 in this market, then the new producer surplus will be a . $ 3 5 0 . b . $ 1 7 5 . c . $...
-
1.) Discuss the challenges a business may face if they implement the features of Crime Prevention Through Environmental Design (CPTED) as noted in Chapter 1 of the text. 2.) In December 2017,...
Study smarter with the SolutionInn App