Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 01, 2024

Blossom Inc. is a calendar-year corporation. Its financial statements for the years ended 12/31/20 and 12/31/21 contained the following errors: 2020 2021 Ending inventory $46000

Blossom Inc. is a calendar-year corporation. Its financial statements for the years ended 12/31/20 and 12/31/21 contained the following errors:

2020 2021

Ending inventory $46000 overstatement $76000 understatement

Depreciation expense 16000 understatement $46000 overstatement

Assume that no correcting entries were made at 12/31/20, or 12/31/21. Ignoring income taxes, by how much will retained earnings at 12/31/21 be overstated or understated?

$30000 understatement

$76000 overstatement

$106000 understatement

$62000 overstatement

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Libby, Short

6th Edition

978-0071284714, 9780077300333, 71284710, 77300335, 978-0073526881

More Books

Students also viewed these Accounting questions

Question

Why is the World Health Organizations ICF a useful framework for describing a holistic approach to living with aphasia?

Answered: 1 week ago

Question

★★★★★

A semicircular conductor of radius R = 0.250 m is rotated about the axis AC at a constant rate of 120 rev/min (Fig. P31.40). A uniform magnetic field in all of the lower half of the figure is...

Answered: 1 week ago

Question

★★★★★

Blossom Inc. is a calendar-year corporation. Its financial statements for the years ended 12/31/20 and 12/31/21 contained the following errors: 2020 2021 Ending inventory $46000 overstatement $76000...

Answered: 1 week ago

Question

★★★★★

Use Direct Proof, Differentiation Proof, and Combinatorial Proof to show Please prove using all 3. Thank you

Answered: 1 week ago

Question

★★★★★

What are the stages of project management? Write it in items.

Answered: 1 week ago

Question

★★★★★

public class MyProgram { public static void main(String[] args) { int grade = 100; double PI = 5.79; char middleInitial = 'Q'; grade++; PI = 2.7182818284590904528182818 ; middleInitial = 'A';...

Answered: 1 week ago

Question

★★★★★

In the market for money, when the price level _ _ _ _ _ _ _ _ , the demand curve for money shifts to the _ _ _ _ _ _ _ _ and the interest rate _ _ _ _ _ _ _ _ , everything else held constant....

Answered: 1 week ago

Question

★★★★★

Please use the following table of Austin Motor Company for answering the questions on cash flow: Net Income $40,000 Increase in accounts $9,000 payable Depreciation expense $15,000 Acquisition of...

Answered: 1 week ago

Question

★★★★★

Question 1 Unlimited tries (Same-number subsequence) Write an O(n) program that prompts the user to enter a sequence of integers ending with Oand finds the longest subsequence with the same number....

Answered: 1 week ago

Previous Question Next Question