Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. vibrant company had $850,000 of sales in each of t

Vibrant Company had $850,000 of sales in each of three consecutive years 20142016, and it...

80.2K

Verified Solution

Question

Accounting

Vibrant Company had $850,000 of sales in each of three consecutive years 20142016, and it purchased merchandise costing $500,000 in each of those years. It also maintained a $250,000 physical inventory from the beginning to the end of that three-year period. In accounting for inventory, it made an error at the end of year 2014 that caused its year-end 2014 inventory to appear on its statements as $230,000 rather than the correct $250,000.

image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Quantitiy of limiting reagent= 13.5 mmols salicylic acid Based on the quantity of the limiting reactant...

Chemistry
Q

Discussion Question: The Malcolm Baldrige website identified many areas that leaders need to focus on with respect to...

General Management
Q

What are “competing constraints”? Illustrate any SIX (6) occasions where the Pak Elektron Limited (PEL) management...

General Management
Q

When a gene has an error or mutation, it can cause what in a person?A....

Biology
Q

The dark bumpy round ish structures shown below are produced by what group of organisms...

Biology
Q

Two identical non conducting solid spheres of same mass and charge are suspended in air...

Physics
Q

46 DETAILS Find the side labeled x X 30 O

Basic Math
Q

Find the real solutions of the equation.|2x+9|=9Select the correct choice below and fill in any...

Basic Math
Q

8) A cylindrical can without a top is to be made to contain 150 cubic...

Basic Math
Q

Sudoku Company issues 29,000 shares of $8 par value common stock in exchange for land...

Accounting
Q

Financial Statements of a Manufacturing Firm The following events took place for Bridger Bikes Inc....

Accounting
Q

Cul de las siguientes formas de organizacin empresarial protege los bienes personales de los propietarios...

Accounting