only 6b thanks! The records of Earthly Goods provided the following Information for the year ended December 31, 2020.At CostAt Retail$ 521, 35e $ 977,1504,138, 245January 1 beginning inventory6,448, 700129, 35e5,595, 700PurchasesPurchase returns62, 800SalesSales returns49,600Requlred:1. Prepare an estimate of the company's year-end Inventory by the retall method. (Round all calculations to two decimal places.)EARTHLY GOODSEstimated InventoryDecember 31, 2020At CostAt RetailGoods available for sale:Goods available for saleCost to retail ratioEstimated ending inventory at cost 2. Under the assumptlon the company took a year-end physical Inventory at marked selling prices that totalled S1,685,800, prepare aschedule showing the store's loss from theft or other causes at cost and at retall.EARTHLY GOODSInventory ShortageDecember 31, 2020At CostAt RetailEstimated inventory. December 31Physical inventoryInventory shortage

Year ending inventory means value of inventory held at the end.

2. Under the assumption the company took a year-end physical Inventory at marked selling prices that totalled $1,685,800, prepare a schedule showing the store's loss from theft or other causes at cost and at retall. EARTHLY GOODS Inventory Shortage December 31, 2020 At Cost At Retail Estimated inventory. December 31 Physical inventory Inventory shortage

2. Under the assumption the company took a year-end physical Inventory at marked selling prices that totalled $1,685,800, prepare a schedule showing the store's loss from theft or other causes at cost and at retall. EARTHLY GOODS Inventory Shortage December 31, 2020 At Cost At Retail Estimated inventory. December 31 Physical inventory Inventory shortage

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The balance sheets of Butler, Incorporated and its 70%-owned subsidiary, Cassie Corporation, which Butler has owned for several years presented below: Cash Accounts Receivable (net) Inventory Plant & Equipment (net) Copyright Accounts payable Long-term Debt Noncontrolling interest Common stock, $1 par Retained earnings Additional information for 2024: 2024 $ 16,000 150,000 220,000 315,000 32,000 $ 733,000. $ 120,000 0 77,000 200,000 336, 000 $ 733,000 2 2023 $ 52,000 108,000 178,000 340,000 36,000 $714,000 $ 102,000 70,000 50,000 200,000 292,000 $714,000 • Butler & Cassie's consolidated net income was $100,000. . Cassie paid $10,000 in dividends. • There were no purchases or disposals of plant & equipment or copyright this year. Net cash flow from financing activities was ************
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