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Considering purchasing KH Company, you are evaluating KH’s revenue generalizing ability. Then the following inventory valuation
Considering purchasing KH Company, you are evaluating KH’s revenue generalizing ability. Then the following inventory valuation
admin
2011-01-14
108
问题
Considering purchasing KH Company, you are evaluating KH’s revenue generalizing ability. Then the following inventory valuation errors have been discovered.
the 2000 year end inventory was overstated by $23,000
the 2001 year end inventory was understated by $61,000
the 2002 year end inventory was understated by $17,000
And the report income before taxes for KH was:
Year Income before taxes
2000 $138,000
2001 $254,000
2002 $168,000
Required:
(a)How much should the reported income before taxes have been for the years 2000, 2001 and 2002?
(b)Discuss if 2000 year end inventory’s overvaluation will influence file 2002 year’s report income before taxes or not.
选项
答案
(a) The reported income before taxes for the year 2000 should be: $138,000-$23,000=$115,000 The reported income before taxes for the year 2000 should be: $254,000+$23,000+$61,000=$338,000 The reported income before taxes for the year 2000 should be: $168,000+$17,000-$61,000=$124,000 (b) It will not influence the 2002 year’s report income before taxes.
解析
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0
中级(会计)
原金融专业英语(FECT)
金融英语(FECT)
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