how to find omitted financial statement data

Expert Solution

The financial statement data is crucial for assessing the companies growth and the performance. The figures in the financia data should be accurate and should provide all the required information about the company. However there might be cases that the data will be missing, misplaced or omitted. In these cases there is a need to find them by various means.

understand the financial statement data: The given information need to be understood first. The financial statemetn which is usually balance sheet need to be read from the Top. Each sub section need to be understood in order to identify whether the ommitted data falls under the income side or the expenditure side.

Now Calculate the total assets : total liabilities and the companies or individuals equity need to be equal. each asset as mentioned above need to be reviewed to find whether they were represented properly.

Liability of the company/individual : add all the liabilities and review each liability and each equity in the balance sheet.

Difference between the assets and liabilities need to be calculated: This gives the amount that is under descripancy. The clear difference will be known about the ommitted data.

Trial balance: In this stage review the day to day accounts, balance sheet and non balance sheet account. Identify the accounts need to be included in the financial statement. Exclude which are not needed.

Identify the liability or the asset missing in the financial statement: Through the thorough review the missing data need to be identified.determine whether they qualify to be equity, liability or asset. Add them in to the statement you prepared. NOw compare the statement with the current balance sheet.

Mark the account that does not appear in the financial statement. This would be the omitted data.

dear student please practise it with an example given in your academic texts. Thank you.

ekkarill92 answered 2 years ago

everal items are omitted from the income statement and cost of goods manufactured statement data for...

everal items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December. On Company Off Company Materials inventory, December 1 $85,120 $108,950 Materials inventory, December 31 (a) 123,110 Materials purchased 216,200 (a) Cost of direct materials used in production 228,120 (b) Direct labor 320,900 245,140 Factory overhead 99,590 122,020 Total manufacturing costs incurred in December (b) 704,910 Total manufacturing costs 812,040 967,480 Work in process inventory, December 1...

Several items are omitted from the income statement and cost of goods manufactured statement data for...

Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May: 1 Rainier Company Yakima Company 2 Materials inventory, May 1 $280,000.00 $177,000.00 3 Materials inventory, May 31 (a) 175,000.00 4 Materials purchased 712,600.00 340,000.00 5 Cost of direct materials used in production 752,800.00 (a) 6 Direct labor 1,059,800.00 (b) 7 Factory overhead 326,600.00 179,400.00 8 Total manufacturing costs incurred in May (b) 1,038,000.00 9 Total manufacturing...

Several items are omitted from the income statement and cost of goods manufactured statement data for...

Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December: On Company Off Company Materials inventory, December 1 $88,800 $119,880 Materials inventory, December 31 (a) 135,460 Materials purchased 225,550 (a) Cost of direct materials used in production 237,980 (b) Direct labor 334,780 269,730 Factory overhead 103,900 134,270 Total manufacturing costs incurred in December (b) 775,620 Total manufacturing costs 847,160 1,064,530 Work in process inventory, December 1...

Several items are omitted from the income statement and cost of goods manufactured statement data for...

Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December 2016: 1 Prius Company Volt Company 2 Materials inventory, December 1 $281,960.00 $179,000.00 3 Materials inventory, December 31 (a) 178,000.00 4 Materials purchased 712,200.00 341,200.00 5 Cost of direct materials used in production 751,600.00 (a) 6 Direct labor 1,059,200.00 (b) 7 Factory overhead 325,800.00 180,400.00 8 Total manufacturing costs incurred during December (b) 1,032,000.00 9 Total...

Several items are omitted from the income statement and cost of goods manufactured statement data for...

Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December 2016: 1 Prius Company Volt Company 2 Materials inventory, December 1 $281,960.00 $179,000.00 3 Materials inventory, December 31 (a) 178,000.00 4 Materials purchased 712,200.00 341,200.00 5 Cost of direct materials used in production 751,600.00 (a) 6 Direct labor 1,059,200.00 (b) 7 Factory overhead 325,800.00 180,400.00 8 Total manufacturing costs incurred during December (b) 1,032,000.00 9 Total...

Several items are omitted from the income statement and cost of goods manufactured statement data for...

Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May: 1 Rainier Company Yakima Company 2 Materials inventory, May 1 $100,000.00 $48,200.00 3 Materials inventory, May 31 (a) 50,000.00 4 Materials purchased 950,000.00 710,000.00 5 Cost of direct materials used in production 938,500.00 (a) 6 Direct labor 2,860,000.00 (b) 7 Factory overhead 1,800,000.00 446,000.00 8 Total manufacturing costs incurred during May (b) 2,484,200.00 9 Total manufacturing...

Several items are omitted from the income statement and cost of goods manufactured statement data for...

Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December: On Company Off Company Materials inventory, December 1 $82,740 $111,700 Materials inventory, December 31 (a) 126,220 Materials purchased 210,160 (a) Cost of direct materials used in production 221,740 (b) Direct labor 311,930 251,330 Factory overhead 96,810 125,100 Total manufacturing costs incurred in December (b) 722,700 Total manufacturing costs 789,340 991,900 Work in process inventory, December 1...

Several items are omitted from the income statement and cost of goods manufactured statement data for...

Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December 2016: 1 Prius Company Volt Company 2 Materials inventory, December 1 $280,280.00 $179,000.00 3 Materials inventory, December 31 (a) 177,500.00 4 Materials purchased 712,000.00 340,000.00 5 Cost of direct materials used in production 752,000.00 (a) 6 Direct labor 1,059,600.00 (b) 7 Factory overhead 325,200.00 179,600.00 8 Total manufacturing costs incurred during December (b) 1,035,000.00 9 Total...

Several items are omitted from the income statement and cost of goods manufactured statement data for...

Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December 2016: 1 Prius Company Volt Company 2 Materials inventory, December 1 $280,280.00 $179,000.00 3 Materials inventory, December 31 (a) 177,500.00 4 Materials purchased 712,000.00 340,000.00 5 Cost of direct materials used in production 752,000.00 (a) 6 Direct labor 1,059,600.00 (b) 7 Factory overhead 325,200.00 179,600.00 8 Total manufacturing costs incurred during December (b) 1,035,000.00 9 Total...

Several items are omitted from the income statement and cost of goods manufactured statement data for...

Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December 2016: 1 Prius Company Volt Company 2 Materials inventory, December 1 $281,680.00 $179,000.00 3 Materials inventory, December 31 (a) 175,500.00 4 Materials purchased 714,000.00 341,500.00 5 Cost of direct materials used in production 752,400.00 (a) 6 Direct labor 1,058,800.00 (b) 7 Factory overhead 325,400.00 178,600.00 8 Total manufacturing costs incurred during December (b) 1,038,000.00 9 Total...

Question

how to find omitted financial statement data

Solutions

Expert Solution

Related Solutions

everal items are omitted from the income statement and cost of goods manufactured statement data for...

Several items are omitted from the income statement and cost of goods manufactured statement data for...

Several items are omitted from the income statement and cost of goods manufactured statement data for...

Several items are omitted from the income statement and cost of goods manufactured statement data for...

Several items are omitted from the income statement and cost of goods manufactured statement data for...

Several items are omitted from the income statement and cost of goods manufactured statement data for...

Several items are omitted from the income statement and cost of goods manufactured statement data for...

Several items are omitted from the income statement and cost of goods manufactured statement data for...

Several items are omitted from the income statement and cost of goods manufactured statement data for...

Several items are omitted from the income statement and cost of goods manufactured statement data for...