ABCP 17.16 Beta Co has total assets of $650.000 and profit for the year of $150,000 recorded in the financial statements for the year ended 31 December 20X3. Inventory costing $50,000, with a resale value of $75,000, was received into the warehouse on 2 January 20X4 and included in the inventory value that was recorded in the financial statements at 31 December 20X3. What would the total assets figure in the statement of financial position, and the adjusted profit for the year figure, be after adjusting for this error? Total assets (SOFP) $700,000 $600,000 $725,000 Profit for year $200,000 $100,000 $225,000 $75,000

ABCP 17.16 Beta Co has total assets of $650.000 and profit for the year of $150,000 recorded in the financial statements for the year ended 31 December 20X3. Inventory costing $50,000, with a resale value of $75,000, was received into the warehouse on 2 January 20X4 and included in the inventory value that was recorded in the financial statements at 31 December 20X3. What would the total assets figure in the statement of financial position, and the adjusted profit for the year figure, be after adjusting for this error? Total assets (SOFP) $700,000 $600,000 $725,000 Profit for year $200,000 $100,000 $225,000 $75,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 15EA: Shetland Company reported net income on the year-end financial statements of $125,000. However,...

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