Cool Beans Company has 30,000 shares of 2% cumulative preferred stock of $50 par and 50,000 shares
of $50 par common stock. Below are the amounts distributed as dividends.
Please determine the amount of dividends paid to common and
The 2009 and 2010 financial statements of Daffney Company contain the following errors:
1. The ending inventory was overstated by $10,000 on December 31, 2009 and overstated by $7,000 on December 31, 2010.
2. A four-year insurance policy which cost $22,00
Prior to 2010
Start of 2011
Pretax Income from
Total In 2011
Construction In Process
Defered Tax Liability
The Sis Company issued $600,000 of 12% bonds on January 1, 2008.
The bonds were sold for $664,190 and they were expected to yield 10% interest compounded semiannually.
The actual interest dates are June 30 and December 31. The maturity date of the bonds i
Below is a list of accounts and final balances for Quiet Company as of December 31, 2009.
Long term notes
Discount on bonds
Cost of Parking Lot and gates
Cost of driveway
Interest on the construction loan
Cost of the building construction
Cost of filling the building site
Property Taxes for Jan 1,2010 to June 1, 2010
Proceeds from the sale of salvage materials
Cost of razing b
What is Your Reason?
By Amanda McCauley
May 10, 2014
What Is Your Reason?
Inventory is a very easy thing in any business to have errors in whether it be due to a
change in the method changing and a miscalculation taking place or because items we either
The correction of accounting errors is quite important as failure to do so can result in a number
of inaccuracies among our financial statements. In this problem we worked to look at the overall
affect accounting errors had on our Net Income for both 2009