Homework Help is Here – Start Your Trial Now!
Business
Accounting
Below is the data provided by a company regarding its receipts and disbursements. 31-Dec 1-Jan Accounts Receivable 225,000 215,000 Notes Receivable 100,000 120,000 110,000 Accounts Payable Notes Payable Prepaid Insurance 130,000 180,000 270,000 40,000 25,000 Cash Sales 480,000 Collections of A/R net of 40,000 discounts 1,500,000 Collections of nots receivable 90,000 Bank ban- 1 year. Dated Dec 31 90,000 Purchase returns and allow ances 50,000 Cash Purchases 130,000 Payments of A/P net of 15,000 discounts Payments of Notes Payable 1,400,000 300,000 Insurance 200,000 Other Expenses 620,000 Sales Retums and Allowances 55,000

Below is the data provided by a company regarding its receipts and disbursements. 31-Dec 1-Jan Accounts Receivable 225,000 215,000 Notes Receivable 100,000 120,000 110,000 Accounts Payable Notes Payable Prepaid Insurance 130,000 180,000 270,000 40,000 25,000 Cash Sales 480,000 Collections of A/R net of 40,000 discounts 1,500,000 Collections of nots receivable 90,000 Bank ban- 1 year. Dated Dec 31 90,000 Purchase returns and allow ances 50,000 Cash Purchases 130,000 Payments of A/P net of 15,000 discounts Payments of Notes Payable 1,400,000 300,000 Insurance 200,000 Other Expenses 620,000 Sales Retums and Allowances 55,000

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 43E: Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: Required:...
See similar textbooks
icon
Related questions
Question

The data below is the sales of MGM Co. The accountant of the company has
provided you with the following data as well as his computed balance of
P2,350,000 as the gross sales of the company. As the external auditor of the
firm, you are tasked to compute whether the gross sales presented to you is
understated or overstated as compared to your audited amount. How much is
the understatement or overstatement? (Place 0 if there is no misstatement. If the
amount represents an overstatement, place a - sign before the amount. No need
to provide description.)

Below is the data provided by a company regarding its receipts and disbursements. 31-Dec 1-Jan Accounts Receivable 225,000 215,000 Notes Receivable 100,000 120,000 Accounts Payable 130,000 110,000 Notes Payable Prepaid Insurance 180,000 270,000 40,000 25,000 Cash Sales 480,000 Collections of A/R net of 40,000 discounts 1,500,000 Collections of nots receivable 90,000 Bank ban- 1 year. Dated Dec 31 90,000 Puchase returns and alow ances 50,000 Cash Purchases 130,000 Payments of A/P net of 15,000 discounts Payments of Notes Payable 1,400,000 300,000 Insurance 200,000 Other Expenses 620,000 Sales Retums and Allowances 55,000
Transcribed Image Text:Below is the data provided by a company regarding its receipts and disbursements. 31-Dec 1-Jan Accounts Receivable 225,000 215,000 Notes Receivable 100,000 120,000 Accounts Payable 130,000 110,000 Notes Payable Prepaid Insurance 180,000 270,000 40,000 25,000 Cash Sales 480,000 Collections of A/R net of 40,000 discounts 1,500,000 Collections of nots receivable 90,000 Bank ban- 1 year. Dated Dec 31 90,000 Puchase returns and alow ances 50,000 Cash Purchases 130,000 Payments of A/P net of 15,000 discounts Payments of Notes Payable 1,400,000 300,000 Insurance 200,000 Other Expenses 620,000 Sales Retums and Allowances 55,000
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Audit Report
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Quickbooks Online Accounting
Quickbooks Online Accounting
Accounting
ISBN:
9780357391693
Author:
Owen
Publisher:
Cengage
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS