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help me solve for part a and b Analyzing Impact of Inventory Errors on Reporting The records of Largo Company reveal the following The following
help me solve for part a and b
Analyzing Impact of Inventory Errors on Reporting The records of Largo Company reveal the following The following errors were found, and they hive not yet been corrected. 1. Revenues of 513,000 collected in advance are included in 50 les Revenue. 2. Accrued operating expenses of $18,200 are not recorded. 3. Goods costing $26,000 are incorrectly included in ending imventory. (They are being held on consignment.) No purchase was recorded 4. Goods costing 513.000 are correctly incladed in ending inventoryi however, no purchase was recorded (assume a credit purchase) a. Prepace a revised income statement on a correct bavix. Note: Do not use negotive signs with your answarsh b. Determine the amount of overstatement or understatement in the following balance sheet accounts: (1) inventory, (2) Accounts Payable, (3) Deferred Revenue, (4) Accrued Expenses, and (5) Retained Earnings. Note: If a correction is not required, select "N/A" and leave the amount answer blank (zero). Note: Do not use negotive signs with your answers, b. Determine the amount of overstatement or understatement in the following balance sheet accounts: (1) inventory. (2) Accounts: Payable. (3) Deferred Revenue, (4) Accrued Expenses, and (5) Retained Earnings: Note: if a correction is not required; seject "N/A and lewe the amount answer blank (zero), Note: Do not use ne:ative 3igns with your onswers Step by Step Solution
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