Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 21, 2024

In 2019, Franks Haberdashery, a men's clothing retailer, takes a year-end physical inventory that mistakenly excludes a portion of the inventory items from the count.

In 2019, Franks Haberdashery, a men's clothing retailer, takes a year-end physical inventory that mistakenly excludes a portion of the inventory items from the count. In 2020 the error is discovered and correct for 2020. No change is made for 2019.

Is this a change in accounting?

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 A Business Perspective

Authors: Jefferson Williams, Roger Hermanson, James Don Edwards

10th Edition

1930789793, 978-1930789791

More Books

Students also viewed these Accounting questions

Question

★★★★★

A laser cannot produce more energy than is put into it. A laser can, however, produce pulses of light that have more power output than the power input required to run the laser. Explain.

Answered: 1 week ago

Question

★★★★★

A large P-value in a test will favor rejection of the null hypothesis. Determine whether the statement is true or false. If it is false, rewrite it as a true statement.

Answered: 1 week ago

Question

★★★★★

Consider a single server queuing system where customers arrive according to a Poisson process with rate , service times are exponential with rate , and customers are served in the order of their...

Answered: 1 week ago

Question

★★★★★

A government researcher is analyzing the relationship between retail sales and the gross national product (GNP). He also wonders whether there are significant differences in retail sales related to...

Answered: 1 week ago

Question

★★★★★

AUDI PLAN-AR

Answered: 1 week ago

Question

★★★★★

Sunland Company had net income of $854400 for the year ending 12/31/2022. Depreciation expense for 2022 is $105600. During the year, accounts receivable and inventory increased $57600 and $153600,...

Answered: 1 week ago

Question

★★★★★

Tiffany gives her friend Jeff the right to walk his black Labrador dog across her property to the beach every day, what kind of property rightdoes Jeff acquire?

Answered: 1 week ago

Question

★★★★★

Forecasted and actual sales are shown below. Week Forecast Actual 1234 1 720 749 2 810 915 3 640 762 4 660 706 Calculate the mean squared error (MSE). Note: Round your answer to 2 decimal places....

Answered: 1 week ago

Question

★★★★★

Imagine that you work as a Quality Analyst for a hospital. A medication error has occurred. This error did not cause permanent harm, but did result in additional medical treatment and an extended...

Answered: 1 week ago

Question

★★★★★

Who is the main competitor you analyzed, and what is this competitor known for? What are some of the current economic conditions that might affect the delivery of the competitor's product? What are...

Answered: 1 week ago

Question

★★★★★

30. Adam Smith is considering automating his pin factory with the purchase of a $475,000 machine. Shipping and installation would cost $5,000. Smith has calculated that automation would result in...

Answered: 1 week ago

Question

★★★★★

2. Discuss and suggest the type of appraisal methods that Brenda should recommend the company use. Brenda Jackson, a newly hired human resources manager, has been on the job for approximately six...

Answered: 1 week ago

Question

★★★★★

11.4 Explain equity theory of motivation and how an organization can address feelings of inequity.

Answered: 1 week ago

Question

★★★★★

10.7 Discuss the various sources of performance appraisal including the 360-degree appraisal.

Answered: 1 week ago

Previous Question Next Question