Homework Answers
The answer is $1,150
Actual inventory is $1,150, hence it should be reported on the balance sheet
The difference of 1600-1150 i.e. $450 should be recognized as inventory losses
Hence, the answer is D. $1150
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The Cypress Company's inventory account balance was $1,600 at the end of the year. A physical...
The Cypress Company's inventory account balance was $1,500 at the end of the year. A physical...
The Cypress Company's inventory account balance was $1,500 at the end of the year. A physical inventory count revealed that inventory on hand was $1,150. What amount should Cypress report on the balance sheet for inventory? O A. $350 OB. $1,500 O C. $1,150 OD. $2,650
The balance in the supplies inventory account was $24019 at the beginning of the year. During...
The balance in the supplies inventory account was $24019 at the beginning of the year. During the year, a total of $92290 of supplies were purchased. These were debited to the supplies expense account. At year end, a count of office supplies revealed that there was $10204 of office supplies on hand. What is the office supplies expense for the year? Select one: O a. $106105 O b. $78475 O c. $92290 O d. $10204
The Merchandise Inventory account balance is $56.000. A physical count of inventory reveals that the actual...
The Merchandise Inventory account balance is $56.000. A physical count of inventory reveals that the actual inventory balance is $39.000. Which of the following would be included in the aduingebry Assume a perpetual inventory system) O A a $39,000 credit to Merchandise Inventory OB. a $17.000 credit to Cost of Goods Sold Oc. a $56,000 debit to Cost of Goods Sold OD. a $17.000 credit to Merchandise Inventory
Karev Company started Year 2 with a $500 balance in its Cash account, a $500 balance...
Karev Company started Year 2 with a $500 balance in its Cash account, a $500 balance in its Supplies account and a $1,000 balance in its common stock account. During Year 2 the company experienced the following events. (1) Paid $220 cash to purchase supplies (2) Physical count revealed $204 of supplies on hand at the end of Year 2 Based on this information the amount of supplies reported on the Year 2 Balance Sheet is $_______________
E6-3B. Year-End Year-End Physical Inventory The December 31 inventory for the Simpson Company included five products....
E6-3B. Year-End Year-End Physical Inventory The December 31 inventory for the Simpson Company included five products. The year-end physical count revealed the following quantities on hand: LO1 Product Quantity Available The related unit costs were: K, $7; L, $10; M, $9; N, $5; and P, $7.
9. Salem Computers's Merchandise Inventory account at year-end is showing a balance of $48,000. The physical...
9. Salem Computers's Merchandise Inventory account at year-end is showing a balance of $48,000. The physical count of inventory came up with $47,300. Journalize the adjusting entry needed to account for the inventory shrinkage. The company uses the perpetual inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Credit Date Debit Dec. 31
Cypress Co. has the following LIFO perpetual inventory records: Date December 1 December 7 December 18...
Cypress Co. has the following LIFO perpetual inventory records: Date December 1 December 7 December 18 December 31 $1,700 Purchases Cost of Goods Sold Inventory on Hand $4,050 $5,250 $4,250 $5,950 $1,200 $1,000 The current replacement cost of the ending inventory is $3,200. To apply the lower-of-cost-or-market rule, the journal entry would be: O A. Debit Cost of Goods Sold $2,750, credit Inventory $2,750 O B. Debit Inventory $2,750, credit Cost of Goods Sold $$2,750 O C. Debit inventory $1,000,...
b. The Supplies account has an $1,600 debit balance to start the year. Supplies of $3,700...
b. The Supplies account has an $1,600 debit balance to start the year. Supplies of $3,700 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows $1,050 of supplies remaining. DR or CR? 16,000 Debit Supplies 16,000 Step 1: Determine what the current account balance equals. ſ $ Step 2: Determine what the current account balance should equal. Step 3: Record the December 31, adjusting entry to get from step 1 to...
Travis Company has just completed a physical Inventory count at year-end, December 31 of the current...
Travis Company has just completed a physical Inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $65,700. During the audit, the independent CPA developed the following additional Information a Goods costing $870 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
5. At December 31, 2018 (Year End), LSJ Company's inventory records indicated a balance of S1,128,000....
5. At December 31, 2018 (Year End), LSJ Company's inventory records indicated a balance of S1,128,000. Upon further investigation it was determined that this amount (S1.128.000) included the following: C C D 1 S168,000 in inventory purchases made by LSJ shipped from the seller 12/27/18 terms FOB destination, but not due to be received until January 2, 2019 D Di Di Di 2 $111,000 in goods sold by LSJ to a customer with terms FOB destination on December 27, 2018....
The Cypress Company's inventory account balance was $1,500 at the end of the year. A physical inventory count revealed that inventory on hand was $1,150. What amount should Cypress report on the balance sheet for inventory? O A. $350 OB. $1,500 O C. $1,150 OD. $2,650
The balance in the supplies inventory account was $24019 at the beginning of the year. During the year, a total of $92290 of supplies were purchased. These were debited to the supplies expense account. At year end, a count of office supplies revealed that there was $10204 of office supplies on hand. What is the office supplies expense for the year? Select one: O a. $106105 O b. $78475 O c. $92290 O d. $10204
The Merchandise Inventory account balance is $56.000. A physical count of inventory reveals that the actual inventory balance is $39.000. Which of the following would be included in the aduingebry Assume a perpetual inventory system) O A a $39,000 credit to Merchandise Inventory OB. a $17.000 credit to Cost of Goods Sold Oc. a $56,000 debit to Cost of Goods Sold OD. a $17.000 credit to Merchandise Inventory
E6-3B. Year-End Year-End Physical Inventory The December 31 inventory for the Simpson Company included five products. The year-end physical count revealed the following quantities on hand: LO1 Product Quantity Available The related unit costs were: K, $7; L, $10; M, $9; N, $5; and P, $7.
9. Salem Computers's Merchandise Inventory account at year-end is showing a balance of $48,000. The physical count of inventory came up with $47,300. Journalize the adjusting entry needed to account for the inventory shrinkage. The company uses the perpetual inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Credit Date Debit Dec. 31
Cypress Co. has the following LIFO perpetual inventory records: Date December 1 December 7 December 18 December 31 $1,700 Purchases Cost of Goods Sold Inventory on Hand $4,050 $5,250 $4,250 $5,950 $1,200 $1,000 The current replacement cost of the ending inventory is $3,200. To apply the lower-of-cost-or-market rule, the journal entry would be: O A. Debit Cost of Goods Sold $2,750, credit Inventory $2,750 O B. Debit Inventory $2,750, credit Cost of Goods Sold $$2,750 O C. Debit inventory $1,000,...
b. The Supplies account has an $1,600 debit balance to start the year. Supplies of $3,700 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows $1,050 of supplies remaining. DR or CR? 16,000 Debit Supplies 16,000 Step 1: Determine what the current account balance equals. ſ $ Step 2: Determine what the current account balance should equal. Step 3: Record the December 31, adjusting entry to get from step 1 to...
Travis Company has just completed a physical Inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $65,700. During the audit, the independent CPA developed the following additional Information a Goods costing $870 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
5. At December 31, 2018 (Year End), LSJ Company's inventory records indicated a balance of S1,128,000. Upon further investigation it was determined that this amount (S1.128.000) included the following: C C D 1 S168,000 in inventory purchases made by LSJ shipped from the seller 12/27/18 terms FOB destination, but not due to be received until January 2, 2019 D Di Di Di 2 $111,000 in goods sold by LSJ to a customer with terms FOB destination on December 27, 2018....
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