accounts_maths.docx

Apr 28th, 2015
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Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2013, its fiscal-year end, based on a physical count, was determined to be $344,000. Capwell's unadjusted trial balance also showed the following account balances: Purchases, $800,000; Accounts payable; $300,000; Accounts receivable, $315,000; Sales revenue, $980,000.The internal audit department discovered the following items:1.Goods valued at $50,000 held on consignment from Dix Company were included in the physical count but not recorded as a purchase.2.Purchases from Xavier Corporation were incorrectly recorded at $75,000 instead of the correct amount of $57,000. The correct amount was included in the ending inventory.3.Goods that cost $43,000 were shipped from a vendor on December 28, 2013, terms f.o.b. destination. The merchandise arrived on January 3, 2014. The purchase and related accounts payable were recorded in 2013.4.One inventory item was incorrectly included in ending inventory as 280 units, instead of the correct amount of 1,900 units. This item cost $50 per unit.5.The 2012 balance sheet reported inventory of $532,000. The internal auditors discovere

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