Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the reported net incomes for the first 2 years of

The reported net incomes for the first 2 years of Flounder Products, Inc, were as...

90.2K

Verified Solution

Question

Accounting

image
The reported net incomes for the first 2 years of Flounder Products, Inc, were as follows: 2020,$147,800;2021,$202,000. Early in 2022, the following errors were discovered. 1. Depreciation of equipment for 2020 was overstated $15,900. 2. Depreciation of equipment for 2021 was understated $38,300. 3. December 31,2020 , inventory was understated $49,500. 4. December 31,2021 , inventory was overstated $14,900. Prepare the correcting entry necessary when these errors are discovered. Assume that the books are closed. (Ignore income tax considerations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

Answer & Explanation Solved by verified expert
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!
Become a Member

Other questions asked by students

Basic Math
1.2K views

a. By hand, make an ordered stemplot of the distribution of the variable MothersAge for the...

Biology
1.2K views

Bone marrow stem cells are pluripotent; they can turn into any other body cell if...

Physics
1.2K views

Q A copper wire of uniform cross sectional area 3 x 10 6 m carries...

Physics
1.2K views

Q 1 How much faster would a person be moving if they stood on top...

Algebra
1.2K views

Perform the subtraction 3x x x 12 3x 2 x x 12 2 X X...

Algebra
1.2K views

adult s ticket and a child s ti 7 Jamil always throws loose c

Accounting
1.2K views

Problem 13-18 (Algo) Relevant Cost Analysis in a Variety of Situations [LO13-2, LO13-3, LO13-4] Andrettl...

Accounting
1.2K views

Roak Company and Clay Company are similar firms that operate in the same industry. Clay...

Accounting
1.2K views

39 to 41 please Wood's total a cash inflow from investing acstivities is 100...

Accounting
1.2K views

Garden Sales, Incorporated, sells garden supplies. Management is planning its cash needs for the second...

Accounting
1.2K views

TravelToday, Inc., disclosed the following rounded amounts (in thousands) concerning the Allowance for Doubtful Accounts...

Accounting
1.2K views

Diversified Products, Inc., has recently acquired a small publishing company that offers three books for...