The bookkeeper of Latsch Company, which has an accounting year ending December 31, made the...
50.1K
Verified Solution
Link Copied!
Question
Accounting
The bookkeeper of Latsch Company, which has an accounting year ending December 31, made the following errors: ?
Collected ?1,000 to a customer was received on December 29, 20x0, but not recorded until the date of its deposit in the bank, January 4, 20x1. ?
A supplier's ?1,600 invoice for inventory items received in December 20x0 was not recorded until January 20x1. (Inventories at December 31, 20x0 and 20x1, were stated correctly, based on physical count.) ?
Depreciation for 20x0 was understated by ?900. In September 20x0, a ?200 invoice for office supplies was charged to the Utilities Expense account. Office supplies are expensed as purchased. ?
December 31, 20x0, sales on account of ?3,000 were recorded in January 20x1. ? Assume that no other errors have occurred and that no correcting entries have been made. Ignore income taxes.
9. Assume the same facts as above. Working capital at December 31, 20x0, was?
10. Assume the same facts as above. Total assets at December 31, 20x0, were?
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.