{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-28T14:07:50-04:00", "answer_date": "2024-05-28 14:07:50", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1841797", "url": "\/study-help\/questions\/shareholders-assets-liabilities-equity-net-income-expenses-2017-640-330-1841797", "question_creation_date_js": "2024-05-28T14:07:50-04:00", "question_creation_date": "May 28, 2024 02:07 PM", "meta_title": "[Solved] Shareholders Assets Liabilities Equity Ne | SolutionInn", "meta_description": "Answer of - Shareholders Assets Liabilities Equity Net Income Expenses 2017 $640 $330 $310 $210 $150 2018 $820 $400 $420 $230 $175 | SolutionInn", "meta_keywords": "shareholders,assets,liabilities,equity,net,income,expenses,2017,$640,$330,$310,$210", "question_title_h1": " Shareholders Assets Liabilities Equity Net Income Expenses 2017 $640 $330 $310 $210 $150 2018 $820 $400 $420 $230 $175 In 2019, the following situations", "question_title": " Shareholders Assets Liabilities Equity Net Income Expenses 2017 $640 $330 $310", "question_title_for_js_snippet": "Shareholders Assets Liabilities Equity Net Income Expenses 2017 $640 $330 $310 $210 $150 2018 $820 $400 $420 $230 $175 In 2019, the following situations occurred or came to light a Internal auditors discovered that ending inventories reported in the financial statements in the two previous years were misstated due to faulty internal controls The errors were in the following amounts 2017 Inventory 2018 Inventory Overstated by $12 million Understated by $10 million b A patent costing $18 million at the beginning of 2017, expected to benefit operations for a total of six years, has not been amortized since acquired c Whaley's conveyor equipment has been depreciated by the sum of the years' digits (SYD) method since constructed at the beginning of 2017 at the cost of $30 million It has an expected useful life of five years and no expected residual value At the beginning of 2019, Whaley decided to switch to straight line depreciation For each situation 1 Prepare any journal entry necessary as a direct result of the change or error correction as well as any adjusting entry for 2019 related to the situation described (ignore tax effects) 2 Determine the amounts to be reported for each of the items shown above from the 2017 and 2018 financial statements when those amounts were reported again in 2019, 2018, and 2017 comparative financial statements ", "question_description": "\"image", "transcribed_text": "Shareholders Assets Liabilities Equity Net Income Expenses 2017 $640 $330 $310 $210 $150 2018 $820 $400 $420 $230 $175 In 2019, the following situations occurred or came to light: a. Internal auditors discovered that ending inventories reported in the financial statements in the two previous years were misstated due to faulty internal controls. The errors were in the following amounts: 2017 Inventory 2018 Inventory Overstated by $12 million Understated by $10 million b. A patent costing $18 million at the beginning of 2017, expected to benefit operations for a total of six years, has not been amortized since acquired. c. Whaley's conveyor equipment has been depreciated by the sum-of-the-years'-digits (SYD) method since constructed at the beginning of 2017 at the cost of $30 million. It has an expected useful life of five years and no expected residual value. At the beginning of 2019, Whaley decided to switch to straight-line depreciation. For each situation: 1. Prepare any journal entry necessary as a direct result of the change or error correction as well as any adjusting entry for 2019 related to the situation described (ignore tax effects). 2. Determine the amounts to be reported for each of the items shown above from the 2017 and 2018 financial statements when those amounts were reported again in 2019, 2018, and 2017 comparative financial statements. +", "related_book": { "title": "Survey of Accounting", "isbn": "978-113318912, 1133189121, 978-1133189121", "edition": "6th edition", "authors": "Carl S Warren", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/275.jpg", "uri": "\/textbooks\/survey-of-accounting-6th-edition-275", "see_more_uri": "\/textbooks\/business-international-accounting-3402" }, "free_related_book": { "isbn": "0915164884", "uri": "\/textbooks\/paving-the-way-for-the-21st-century-the-human-factor-in-higher-education-financial-management-1st-edition-9780915164882-213817", "name": "Paving The Way For The 21st Century The Human Factor In Higher Education Financial Management", "edition": "1st Edition" }, "question_posted": "2024-05-28 14:07:50", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/what-is-the-output-of-the-following-statements-int-a2-701847", "description": "What is the output of the following statements? int a=2; float b=3.5; int c=a; printf(\"%d\",c)", "stars": 3 }, { "url": "\/use-the-information-in-exercise-c10-to-prepare-an-october", "description": "Use the information in Exercise C-10 to prepare an October statement of retained earnings for Tech Talk.", "stars": 3 }, { "url": "\/the-following-partially-completed-process-cost-summary-describes-the-may", "description": "The following partially completed process cost summary describes the May production activities of Raman Company. 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Maxwell purchases debt securities expecting to ear profits on short - term differences in price and holds...", "stars": 3 }, { "url": "\/study-help\/questions\/on-january-1-2020-mcllroy-inc-acquired-a-60-percent-8310945", "description": "On January 1, 2020, Mcllroy, Inc., acquired a 60 percent interest in the common stock of Stinson, Inc., for $362,400. Stinson's book value on that date consisted of common stock of $100,000 and...", "stars": 3 }, { "url": "\/study-help\/essential-university-physics\/proposals-have-been-made-to-sail-spacecraft-to-the-outer-821441", "description": "Proposals have been made to ?sail? spacecraft to the outer solar system using the pressure of sunlight, or even to propel interstellar spacecraft with high-powered, Earth-based lasers. Sailing...", "stars": 3 }, { "url": "\/study-help\/legal-research-analysis\/10-a-observe-that-ixy-abl-ixy--1646894", "description": "10. (a) Observe that Ixy - abl = Ixy - xb + xb - abl and Ixl \n \n \n \n Answered: 1 week ago", "stars": 3 }, { "url": "\/study-help\/legal-research-analysis\/6-b-apply-the-completeness-axiom-to-e-8-tl-1646886", "description": "6. (b) Apply the Completeness Axiom to -E. 8. tl ~ t2 ~ .... 9. Use the proof of Theorem 1.24 as a model.", "stars": 3 }, { "url": "\/study-help\/legal-research-analysis\/3-notice-that-a-j2-b-j2-1646888", "description": "3. 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