Veron Inc. reported total assets of $1,600,000 and net income of $85,000 for the current year.Veron determined that inventory was understated by $23,000 at the beginning of the year and$10,000 at the end of the year. What is the corrected amount for total assets and net income forthe year?a. $1,610,000 and $95,000.b. $1,590,000 and $98,000.c. $1,610,000 and $72,000.d. $1,600,000 and $85,000

Sheffield Company had the following information taken from its2009 adjusted trial balance: Sales, $400,000; Sales Discounts, $12,000;Beginning Inventory, $20,000; and Purchases, $200,000. Ending inventory wasdetermined to be $25,000. Compute the gross margin (gross profit) that wouldappear in the income statement. A. $162,000 B. $180,000 C. $193,000 D. $205,000

Esquire Incorporated uses the LIFO method to report its inventory. Inventory at the beginning of the year was $700,000 (28,000 units at $25 each). During the year, 96,000 units were purchased, all at the same price of $32 per unit. 98,000 units were sold during the year. Assuming an income tax rate of 25%, what is LIFO liquidation profit or loss that the company would report in a disclosure note accompanying its financial statements? LIFO liquidation profit (loss)

A company began its fiscal year with inventory of $189,000. Purchases and cost of goods sold for the year were $949,000 and $983,200, respectively. What was the amount of ending inventory?

Sandhill Inc. reported inventory at the beginning of the current year of $320000 and at the end of the current year of $371000. If net sales for the current year are $4229200 and the corresponding cost of sales totaled $3126775, what is the inventory turnover for the current year?

Delta Apparel Inc. uses a perpetual inventory system. At the beginning of the year inventory amounted to $ 50,000. During the year, the company purchased merchandise for $ 230,000 and sold merchandise costing $ 245,000. A physical inventory taken at year-end indicated shrinkage losses of $4,000. Prior to the recording of these shrinkage losses, the year-end balance in the companys Inventory account was :- a. $ 31,000 b. $ 35,000 c. $ 50,000 d. $ 55,00

ABC Company took a physical inventory at the end of the year and determined that P 2,500,000 of goods were on hand. In addition, the entity determined that P500,000 of goods purchased in transit shipped FOB Shipping point were actually received two days after the physical count and that the entity had P 300,000 of goods out on consignment. What amount should be reported as inventory at year end?

Esquire Incorporated uses the LIFO method to report its inventory. Inventory at the beginning of the year was $552,000 (23,000 units at $24 each). During the year, 86,000 units were purchased, all at the same price of $28 per unit. 88,000 units were sold during the year. Assuming an income tax rate of 25%, what is LIFO liquidation profit or loss that the company would report in a disclosure note accompanying its financial statements? LIFO liquidation profit (loss)

The balance of Lloyd Corporation's accounts payable at the beginning of the most recent year was $53,000. At the end of the year, the accounts payable balance was $55,000. Lloyd's sales revenue for the year was $3,130,000, while its cost of goods sold for the year was $1,566,000. Calculate Lloyd's days' payable outstanding (DPO) for the year. Assume inventory levels are constant throughout the year. If the credit terms from Lloyd's suppliers are n/30, how would you interpret Lloyd's DPO? (Round the DPO to two decimal places, XXX.) KIYE Lloyd's days' payable outstanding for the year is A Lloyd is paying later than acceptable since the credit terms are n/30, which is usually characteristic of a company with great liquidity B. Since the credit terms are n/30, Lloyd is paying ahead of schedule, which is usually characteristic of a company with great liquidity C. Since the credit terms are n/30, Lloyd is paying later than acceptable, which is usually characteristic of a company with poor…

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