FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Fraser Company recorded its ending inventory at $86,000 and reported net income of $250,000. If ending inventory with a cost of $16,000 was counted

image text in transcribed
The Fraser Company recorded its ending inventory at $86,000 and reported net income of $250,000. If ending inventory with a cost of $16,000 was counted and included in ending inventory twice, the correct net income is: $102,000 $250,000 $266,000 $234.000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_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

Accounting Business Reporting For Decision Making

Accounting Business Reporting For Decision Making

Authors: Jacqueline Birt, Keryn Chalmers, Suzanne Maloney, Albie Brooks, Judy Oliver

6th Edition

978-0730363415, 0730363414

More Books

Students also viewed these Accounting questions

Question

★★★★★
Twenty-five-year B-rated bonds of Parker Optical Company were initially issued at a 12 percent yield. After 10 years, the bonds have been upgraded to Aa2. Such bonds are currently yielding 10 percent...

Answered: 1 week ago

Question

★★★★★
Distinguish between social responsibility, ethical, and legal issues and their effect on marketing. Relate the triple bottom line to an organization's sustainability. Analyze consumer influence on...

Answered: 1 week ago

Question

★★★★★
2. For a multiple-choice test, use mnemonics to remember definitions of key terms.

Answered: 1 week ago

Question

★★★★★
In its 10-K amended filing on April 30, 2010, Bronco Drilling reported the financial statements of Challenger Limited (an unconsolidated subsidiary) for its year ending December 31, 2009. The balance...

Answered: 1 week ago

Question

★★★★★
Discuss the rationale for considering the premium growth rate in the context of the underwriting cycle.

Answered: 1 week ago

Question

★★★★★
Explain the three types of collaboration which exist and explain why full collaboration is an aspiration for supply chain professionals?

Answered: 1 week ago

Question

★★★★★
answer management interview questions 1-Describe your skills, knowledge, and experience in managing office policies and procedures, such as developing and implementing project proposals, budgets, or...

Answered: 1 week ago

Question

★★★★★
Once a strategy for performance improvement has been determined, how can organizations gain the long-term commitment and investment of time required by all levels of the organization to implement the...

Answered: 1 week ago

Question

★★★★★
What makes the store manager of a retail company a classic example of an operations manager. Hint: please refer to large retail companies

Answered: 1 week ago

Question

★★★★★
Consider the following workplace research example: Within one company division, employees were asked to create self-managed work groups in order to accomplish an important company objective. Leaders...

Answered: 1 week ago

Question

★★★★★
Define and describe the types of manufacturing, services, and extraction industries. Give examples. 2. What are the various categories of services? Give examples for each category? 3. How do services...

Answered: 1 week ago

Question

★★★★★
2. What steps do you believe the government should take to reinforce the viability of the Sarbanes-Oxley Law?

Answered: 1 week ago

Question

★★★★★
3. Most employees do not disclose the fraud and corruption they observe in the workplace, and, therefore, criminal and immoral behaviors continue to flourish. Who or what can intercept this lack of...

Answered: 1 week ago

Question

★★★★★
3. Self-awareness is very important. As we get to know ourselves, we can identify barriers to acceptance by others. Once you have identified your most preferred communication style, you have taken a...

Answered: 1 week ago

Previous Question Next Question