Answered: number 2 The following errors…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter2: Analyzing Transactions

Section: Chapter Questions

Problem 18E: Errors in trial balance The following preliminary unadjusted trial balance of Ranger Co., a sports...

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number 2

The following errors occurred in posting from a two-column journal:

A credit of $4,960 to Accounts Payable was not posted.
An entry debiting Accounts Receivable and crediting Fees Earned for $17,100 was not posted.
A debit of $1,280 to Accounts Payable was posted as a credit.
A debit of $2,220 to Supplies was posted twice.
A debit of $1,160 to Cash was posted to Miscellaneous Expense.
A credit of $160 to Cash was posted as $610.
A debit of $1,420 to Wages Expense was posted as $1,240.

Considering each case individually (i.e., assuming that no other errors had occurred), indicate: by "yes" or "no" whether the trial balance would be out of balance; if the answer is "yes," the amount by which the trial balance totals would differ; and whether the Debit or Credit column of the trial balance would have the larger total. If "no", enter "0" in the difference column and select "neither" from the drop box under "Larger Total". Enter all amounts as positive numbers. Answers should be presented in the following form, with error (1) given as an example:

Error	Out of Balance	Difference	Larger Total
1.	Yes	$4,960	Debit
2.		$fill in the blank 2
3.		$fill in the blank 5

another quetsion

The following data (in millions) were taken from the financial statements of Costco Wholesale Corporation:

	Recent Year	Prior Year
Revenue	$731,962		$679,000
Operating expenses	697,766		652,000
Operating income	$34,196		$27,000

a. For Costco, determine the amount of change in millions and the percent of change from the prior year to the recent year for:

Revenue
Operating expenses
Operating income

(For those boxes in which you must enter negative numbers use a minus sign. Round percentage answers to one decimal place.)

	Amount of Change (in millions)	Percent of Change (round to 1 decimal place)	Increase or Decrease
1. Revenue	$fill in the blank 1	fill in the blank 2%
2. Operating expenses	$fill in the blank 4	fill in the blank 5%
3. Operating income	$fill in the blank 7	fill in the blank 8%

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