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vol 3 ch 8 ans CHAPTER ERRORS AND THEIR CORRECTIONS - - - - - PROBLEMS pro ?t a Understated b Overstated c Overstated d No e ?ect e Understated f Understated gross pro ?t g No e ?ect h Overstated i No e ?ect j Overstated k Overstated l Understated m Overs

CHAPTER ERRORS AND THEIR CORRECTIONS - - - - - PROBLEMS pro ?t a Understated b Overstated c Overstated d No e ?ect e Understated f Understated gross pro ?t g No e ?ect h Overstated i No e ?ect j Overstated k Overstated l Understated m Overstated pro ?t Overstated Understated Understated No e ?ect Overstated Overstated gross pro ?t No e ?ect No e ?ect No e ?ect Understated Understated Overstated Understated JOY COMPANY Understatement of inventory Overstatement of inventory Understatement of depreciation expense -year ins premium charged to expense in Unrecorded sale of fully depreciated machine in Net understatement overstatement Understatement overstatement Working Retained Pro ?t Capital Earnings -- -- -- -- P P P TOY COMPANY Reported pro ?t Overstatement of ending inventory Understated accrued expenses Unrecognized supplies inventory end of Corrected pro ?t P P P P BOY INC Understated ending inventory Overstated depreciation expense Understated ending inventory Understated depreciation expense Net understatement in retained earnings E ?ect on Retained Earnings Understated Overstated P COY COMPANY a a Prepaid insurance Operating expenses Retained earnings b Retained Earnings Financial assets at FVPL Financial assets at FVPL Unrealized Gains on FVPL ?? CChapter ?? Errors and their Corrections - - c Operating Expenses Allowance for Bad Debts ?? d Retained earnings Cost of goods sold Cost of goods sold Inventory e Machinery Operating expenses Retained earnings Accumulated depreciation b Reported pro ?t Adjustments a b c d P e Corrected pro ?t P SOY COMPANY Reported pro ?t a Rent income of recorded in b Omission of unused supplies End of End of End of c Omission of accrued salaries End of End of End of d Commissions earned but not yet collected End of End of End of Corrected pro ?t FELLOW COMPANY a Equipment Operating expenses b Pro ?t from self- construction Warehouse c Operating expenses Accumulated depreciation M ?? x yrs - d Operating expenses Accumulated depreciation Gain on sale of machine Machine P P P P P P CChapter ?? Errors and their Corrections - - DOY CORPORATION Initial amounts Adjustments Adjusted amounts Inventory P P Accounts Payable P P Net Sales P - - P SOY COMPANY a Reported pro ?t loss a Failure to record accrued expenses b Overstated ending inventories c Failure to record accrued interest revenue d Failure to recognize unearned rent e Failure to record purchases on account f Repairs expense erroneously capitalized ?? ?? g Failure to recognize prepaid insurance Correct pro ?t P P P P b Correcting entries a Retained earnings Expenses Accrued expenses b Retained earnings Cost of goods sold Inventory c Interest receivable Retained earnings Interest revenue d Retained earnings Rent revenue Unearned rent P P CChapter ?? Errors and their Corrections e Retained earnings Accounts payable Cost of goods sold f Retained earnings Accumulated depreciation Expenses Property plant and equipment g Prepaid insurance Retained earnings Expenses MULTIPLE CHOICE QUESTIONS MC B MC C MC B MC A MC A MC A MC