Whether the net income have been higher or lower in 2017 with computation and the amount of net income reported by Thorn Company for the year 2018.

Question

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Answer 1

Question

Chapter 15, Problem 15.9P

a.

To determine

Whether the net income have been higher or lower in 2017 with computation and the amount of net income reported by Thorn Company for the year 2018.

b.

To determine

The amount to be reported by Thorn as its inventory an retained earnings balances at the beginning of 2018 and at the end of year 2018.

c.

To determine

To prepare: The retained earnings portion of the statement of stockholder’s equity for 2018.

d.

To determine

To prepare: The journal entries to record the prior period adjustment in year 2018.

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Answer 2

Question

Chapter 15, Problem 15.9P

a.

To determine

Whether the net income have been higher or lower in 2017 with computation and the amount of net income reported by Thorn Company for the year 2018.

b.

To determine

The amount to be reported by Thorn as its inventory an retained earnings balances at the beginning of 2018 and at the end of year 2018.

c.

To determine

To prepare: The retained earnings portion of the statement of stockholder’s equity for 2018.

d.

To determine

To prepare: The journal entries to record the prior period adjustment in year 2018.

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Answer 3

Question

Chapter 15, Problem 15.9P

a.

To determine

Whether the net income have been higher or lower in 2017 with computation and the amount of net income reported by Thorn Company for the year 2018.

b.

To determine

The amount to be reported by Thorn as its inventory an retained earnings balances at the beginning of 2018 and at the end of year 2018.

c.

To determine

To prepare: The retained earnings portion of the statement of stockholder’s equity for 2018.

d.

To determine

To prepare: The journal entries to record the prior period adjustment in year 2018.

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Answer 4

Question

Chapter 15, Problem 15.9P

a.

To determine

Whether the net income have been higher or lower in 2017 with computation and the amount of net income reported by Thorn Company for the year 2018.

b.

To determine

The amount to be reported by Thorn as its inventory an retained earnings balances at the beginning of 2018 and at the end of year 2018.

c.

To determine

To prepare: The retained earnings portion of the statement of stockholder’s equity for 2018.

d.

To determine

To prepare: The journal entries to record the prior period adjustment in year 2018.

Expert Solution & Answer

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Answer 5

Chapter 15, Problem 15.9P

a.

To determine

Whether the net income have been higher or lower in 2017 with computation and the amount of net income reported by Thorn Company for the year 2018.

b.

To determine

The amount to be reported by Thorn as its inventory an retained earnings balances at the beginning of 2018 and at the end of year 2018.

c.

To determine

To prepare: The retained earnings portion of the statement of stockholder’s equity for 2018.

d.

To determine

To prepare: The journal entries to record the prior period adjustment in year 2018.

Answer 6

Chapter 15, Problem 15.9P

a.

To determine

Whether the net income have been higher or lower in 2017 with computation and the amount of net income reported by Thorn Company for the year 2018.

Answer 7

Chapter 15, Problem 15.9P

a.

To determine

Whether the net income have been higher or lower in 2017 with computation and the amount of net income reported by Thorn Company for the year 2018.

Answer 8

b.

To determine

The amount to be reported by Thorn as its inventory an retained earnings balances at the beginning of 2018 and at the end of year 2018.

Answer 9

b.

To determine

The amount to be reported by Thorn as its inventory an retained earnings balances at the beginning of 2018 and at the end of year 2018.

Answer 10

c.

To determine

To prepare: The retained earnings portion of the statement of stockholder’s equity for 2018.

Answer 11

c.

To determine

To prepare: The retained earnings portion of the statement of stockholder’s equity for 2018.

Answer 12

d.

To determine

To prepare: The journal entries to record the prior period adjustment in year 2018.

Answer 13

d.

To determine

To prepare: The journal entries to record the prior period adjustment in year 2018.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 15 - Prob. 15.1Q Ch. 15 - What are the retained earnings of a firm?Ch. 15 - Prob. 15.3Q Ch. 15 - Prob. 15.4Q Ch. 15 - Does an entity have to legally dissolve treasury...Ch. 15 - Prob. 15.6Q Ch. 15 - Prob. 15.7Q Ch. 15 - Prob. 15.8Q Ch. 15 - Prob. 15.9Q Ch. 15 - Prob. 15.10Q

Whether the net income have been higher or lower in 2017 with computation and the amount of net income reported by Thorn Company for the year 2018.

Solution Summary: The author explains that Thorn Company will record higher of net income in 2017 by 32,637 and record the Net Income of 328,703 in year 2018 which is more by 26,703.

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Whether the net income have been higher or lower in 2017 with computation and the amount of net income reported by Thorn Company for the year 2018.

The amount to be reported by Thorn as its inventory an retained earnings balances at the beginning of 2018 and at the end of year 2018.

To prepare: The retained earnings portion of the statement of stockholder’s equity for 2018.

To prepare: The journal entries to record the prior period adjustment in year 2018.

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Chapter 15 Solutions