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i need ans for debit and credit the red box those needs ans and the records is the last one gnoring the effect of income
i need ans for debit and credit the red box those needs ans and the records is the last one
gnoring the effect of income taxes, describe the impact of the errors on (1) cost of goods sold, (2) income before income tax, (3) assets, (4) liabilities, and (5) total shareholders' equity for each of the two years. Flint Hardware Limited reported the following amounts for its cost of goods sold and Inventory: Flint made two errors in 2023. It recorded a $4,300 inventory purchase in transit at the end of 2023 that was shipped FOB destinatio and included this amount in ending inventory. Also during the year-end inventory count, staff forgot to count $5,000 of ending inventory that was on hand. No one discovered these errors in 2023. (To recordsales) (To record the inventory sold) Your answer is correct. Calculate the correct ending inventory and cost of goods sold amounts for each year. Mountain Country Inc. sells an Xpert skateboard that is popular with skateboard enthusiasts. The following information shows Mountain Country's purchases and sales of Xpert skateboards during November: Date Account Tities and Explanation 20v 19 : Debit Credit 13950 How 22 : Achainco Parstie (Torecord sales) 4022 Cost or Coods sole (To recoed the inventory sold) 13950 cosos 13950 5ile Lov 25 : Acramti Pactible (Torecord sales) SUPPORT Mountain Country Inc. sells an Xpert skateboard that is popular with skateboard enthusiasts. The following information shows Mountain Country's purchases and sales of Xpert skateboards during November: (To recordsales) (To record the inventory sold) gnoring the effect of income taxes, describe the impact of the errors on (1) cost of goods sold, (2) income before income tax, (3) assets, (4) liabilities, and (5) total shareholders' equity for each of the two years. (To record sales) Nor:22 : contincoubsoly (Torecord the inventory sold) Mountain Country Inc sells an Xpert skateboard that is popular with skateboard enthuslasts. The followins information shows Mountain Country's purchases and sales of Xeert skateboards furing November: Date Account Tities and Explanation 20v 19 : Debit Credit 13950 How 22 : Achainco Parstie (Torecord sales) 4022 Cost or Coods sole (To recoed the inventory sold) 13950 cosos 13950 5ile Lov 25 : Acramti Pactible (Torecord sales) SUPPORT repare journal entries to record purchases (on account) and sales (cash) for Mountain Country in a perpetual inventory system using FifO. (List all debit entries before credit enfrie fredit account tities are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and for the amounts. Record journal entries in the order presented in the problem.) Your answer is correct. Calculate the correct ending inventory and cost of goods sold amounts for each year. Flint Hardware Limited reported the following amounts for its cost of goods sold and Inventory: Flint made two errors in 2023. It recorded a $4,300 inventory purchase in transit at the end of 2023 that was shipped FOB destinatio and included this amount in ending inventory. Also during the year-end inventory count, staff forgot to count $5,000 of ending inventory that was on hand. No one discovered these errors in 2023 Step by Step Solution
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