Fall 2011 - term test #2.doc - solutions(2)

60 1 points part d 12 marks assets december 31 2010

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: +$126 +$216  ­$620.68 (1 points) $44.40 = $60 +$264 +$126 +$216  ­$621.60 (1 points) Part D ( 12 marks) Assets December 31, 2010 Net Earnings December 31, 2010 Retained Earnings December 31, 2010 1. Inventory of $75,000 that is held on consignment is included in inventory at December 31, 2010. Overstated $75,000 Overstated $75,000 Overstated $75,000 2. $25,000 of inventory purchased was included in the inventory on December 31, 2010. It was shipped FOB shipping...
View Full Document

Ask a homework question - tutors are online