Farley Bains, an auditor with Nolls CPAs, is performing a review of Pharoah Company's Inventory account....
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/66577d51df178_74566577d51d3a1c.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/66577d523cb29_74666577d5236d0b.jpg)
Transcribed Image Text:
Farley Bains, an auditor with Nolls CPAs, is performing a review of Pharoah Company's Inventory account. Pharoah did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year- end was $684,590. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (Show amounts that reduce inventory with a negative sign or parenthesis e.g. -45 or parentheses e.g. (45).) Ending inventory-as reported 1. 2. Included in the company's count were goods with a cost of $247,280 that the company is holding on consignment. The goods belong to Nader Corporation. The physical count did not include goods purchased by Pharoah with a cost of $42,380 that were shipped FOB shipping point on December 28 and did not arrive at Pharoah's warehouse until January 3. $ Farley Bains, an auditor with Nolls CPAs, is performing a review of Pharoah Company's Inventory account. Pharoah did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year- end was $684,590. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (Show amounts that reduce inventory with a negative sign or parenthesis e.g. -45 or parentheses e.g. (45).) Ending inventory-as reported 1. 2. Included in the company's count were goods with a cost of $247,280 that the company is holding on consignment. The goods belong to Nader Corporation. The physical count did not include goods purchased by Pharoah with a cost of $42,380 that were shipped FOB shipping point on December 28 and did not arrive at Pharoah's warehouse until January 3. $
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Boutique Ads Co. produces advertising videos. During the last six months of the current fiscal year, Boutique Ads Co. received the following notes: Instructions1. Determine for each note (a) The due...
-
Find the measure of angle 3 and explain the reason for your solution. Use the given figure for the following exercises. 8 3. 50
-
Explain how exchange rates are determined. LO.1
-
Sharma Corporation has decided that, in preparing its 2017 financial statements under IFRS, two changes should be made from the methods used in prior years: 1. Depreciation. Sharma has used the tax...
-
Part 3 : Customer Profitability Analysis ( 2 0 marks ) Mark s Comedy Emporium provides entertainment for birthday parties. Over the last year Mark s has entertained at over 1 5 0 birthday parties and...
-
a company has a net income of $179,000, a profit margin of 8.3%, and an accounts receivable balance of $118,370. Assuming 70 percent of sales are on credit, what is the company's days' sales in...
-
Solve xy' - 2y = x.
-
Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $15. At the start of January 2021, VGC's income statement accounts had zero...
-
Financial data, medical service data, and staffing data are best defined as what type of data
-
. What is meant by the term "foreign exchange rate"? In general, what causes foreign exchange rates to vary over time? . Do changes in foreign exchange rates benefit or hurt U.S. companies that are...
-
Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials used in production Direct labor Manufacturing...
-
Define a program mission statement, goal, and objective. For your proposed program, draft a mission statement, goals, and measurable objectives. How and why will the goals and objectives you...
-
1 Apart from delivering goods and services, what other functions do organisations perform?
-
6 Which of Mintzbergs management roles can you identify being exercised in the latest stage of the Ryanair case?
-
6 Suggest what implications the integrating themes of the book have for managing organisations.
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App