Randwick Ltd Has a Year-End of 30 June 2009

question 55

Short Answer

Randwick Ltd has a year-end of 30 June 2009.During the year the following errors were discovereD. -Merchandise inventory at the factory had been understated by $44,000.
-Goods on consignment from a supplier for $13,000 were included in inventory at the shops.
-Physical inventory for one warehouse had a shortage of $58,000
What is the net effect of above errors in the income statement and balance sheet (inventory)accounts of Randwick Ltd?

---

Definitions:

Scareware

A type of malware that’s downloaded onto your computer and that tries to convince you that your computer is infected with a virus or other type of malware.

Zombie

A computer that is controlled by a hacker who uses it to launch attacks on other computer systems.

Spyware

Malicious software that is installed on a device without the user's knowledge to collect personal information or spy on their activities.

Home Networks

A network setup within a home allowing multiple devices to connect and communicate internally and access the internet.