I need answer for this problem Sir (3) from the tollowing particuları takenout foIom hbooks of obdul Hanan & co. you auTO Geneval Expernsesto pa2680quiudTO (asiage DiatwandsTO Transportati on inTO Rent f Taker1630Trading and probit Ee lose Alc and BalanceshetDecemben 31St, 2019.6430AutTO Net pobit Alc2400108780Sundry debtors nAccount payableInmurance premium(1)10)1)52.000MU13754022000Cash at Bank A6200Cash in hand n2392Machinery24000120780wages TDYGenesral Expenves Pbr 2680MRC350023600foiniture22000M-Motor canCa2040145000Carsiage incwad orpurchasesSumoutundre 16306430M+sales292000 CauiiageTransportation in PaLDowner eguityDrawing &aptel taRent and teres PLDYClo S.Retwins2600200008420Salanies Pe Dr8000Opening stockmotor Can Expenses 3600114003600120700Shot on Yis pment AVivo Al camere stock -Rs:36000 T-CT 6-A2508

The Trail Balance is given for the year ended 31st December 2019. Required 1. Trading & Profit…

(3) from the tollowing particuları takenout foIom h TO Geneval Expernses 2680 ouquiud to pauy books of obdul lanan & co. you au TO (assiage oiatwands TO Transportati ên in 1630 Trading and probit Ee loss Alc and Balanceshet 6430 Decemben 31St, 2019. TO Rent f Tames 3600 Aut y20000 TO Net pobit Alc Sundry debtors n Account payable Inuurance premium(1)10)) MU 52.000 2400 22000 Cash at Bank A 6200 Machinery wages Toy Genesial Expenies Pb 2680 24000 120780 Cash in hand n 2392 MRC 3500 23600 foiniture 22000 M- Motor can Ca Carsiage incwaid 292000 Cauiiage 2040 145000 punchases Sur outurndre 1630 6430 M+ Sales Transportation in PaL DA owner eguity Drawing &aptal Rint and terer P Clo S.Retwins o 2600 20000 8420 Salanies P DY 8000 Opening stock motor Can Expenses 3600 11400 3600 12070 Shot on Vis pment A Vivo Al 2508 PALmere stock -Rs-36000 T-r &-A

(3) from the tollowing particuları takenout foIom h TO Geneval Expernses 2680 ouquiud to pauy books of obdul lanan & co. you au TO (assiage oiatwands TO Transportati ên in 1630 Trading and probit Ee loss Alc and Balanceshet 6430 Decemben 31St, 2019. TO Rent f Tames 3600 Aut y20000 TO Net pobit Alc Sundry debtors n Account payable Inuurance premium(1)10)) MU 52.000 2400 22000 Cash at Bank A 6200 Machinery wages Toy Genesial Expenies Pb 2680 24000 120780 Cash in hand n 2392 MRC 3500 23600 foiniture 22000 M- Motor can Ca Carsiage incwaid 292000 Cauiiage 2040 145000 punchases Sur outurndre 1630 6430 M+ Sales Transportation in PaL DA owner eguity Drawing &aptal Rint and terer P Clo S.Retwins o 2600 20000 8420 Salanies P DY 8000 Opening stock motor Can Expenses 3600 11400 3600 12070 Shot on Vis pment A Vivo Al 2508 PALmere stock -Rs-36000 T-r &-A

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 8P: Retail Inventory Method Red Department Store uses the retail inventory method. Information relating...

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Errors During the course of your examination of the financial statements of Burnett Co., a new client, for the year ended December 31, 2019, you discover the following: Inventory at January 1, 2019, was understated by 6,000. Inventory at December 31, 2019, was overstated by 5,000. During 2019, the company received a 1,000 cash advance from a customer for merchandise to be manufactured and shipped during 2020. It had credited the 1,000 to sales revenue. The companys gross profit on sales is 50%. Net income reported on the 2019 income statement (before reflecting any adjustments for the above items) is 20,000. Required: Next Level What is the correct net income for 2019?
Armo n d ng genty le veed js en the of det prfeiorel r h Ovetatwetee sa.co0.rect pt later hu tm be00. and dretarolessona er cot was prected to be s000. Durng he yea, Amo ured ectuaoveteed com ofs212.000, ectuadrect proleona laer hun of TRS00, and actual dect laber cafanoon y en, overtead Che O uevee
2. Nem Level Which of the two methods yields a conceptaly pefenbile valion of invemory E7-10 107.5 Alternative Ivety Methods Nevens Compary nes a peiodic invenory Duting November, the foillowing tranactions occurred: Dete Tronsecfion Units Cot/Uni November Balonce $3.50 50 350 Sole Pierhme Purchese Sole 13 300 400 5.00 21 28 200 SHOW ME HOW 150 Required: 1. Compute the cost of goods sold for November and the inventory ar the end of November for each of the following cost flow assumptions: FIPO 2. b. LIPO C Average cost Next Level What can you conclude about the effects of the inventory cost flow assumptions on the financial 2. statements
ote: Total Aet-Cuat linbiwbe Accumulated fundo tthistoation: The recepts and gagmetsalleunte of Liar c for the you Balane If Sub saptindn knded 2lst Delamt 1999 Wee ce Inserrance Rate l,000 ting 3,650 L, 700 600 Glavenalerpanes 6itor Reut fnnitume Sought lana /d 27,250 Sonatins 8,500 8,150 7,80 2,St0 27250 The fillowing nformetim Rates were 3600 2,F00 popaid Geneal Raputes prepaid Doo Raut Buing Subsaptim in Qureas 100 75 Foo 600 The foced assets funituns Cnd fifting Premies bepreciate thu Asets as at Ist jan 999 were; at1,500 A5,00 by o pepare; Youre veequired to Statemat of affats - m Come and"copenditwe allounts 2 Balane sheetas at 3lst Delember 1999,
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olo owns a varlety store called Stars Forever. The following are purchases of Inventory, returns, and discounts for the month of March. Purchased $2,000 of merchandtse from Sundance Furmiture on account, Involce 2177, with a 1% trade discount. Credit terms 2/1o, n/30. Pald rent for the month of March. Issued Check 145 for $2,100. Purchased merchandise from Taylor Supplies. Issued Chedk 146 for $1,65o. Purchased $2,400 of merchandise from Fuentes Co. on aCDount, Involce 2178. Credit berms 1/15, /30. Returned $400 of the merchandise from Fuentes Co. Recelved Credit Memorandum 11. Pald Involce 2177 to Sundance Furmiture. 1Issued check 147 for $1,940.40. s Purchased $3,700 of merchandise (Indluded $150 frelght) from Sky Divers Inc. on account, Involce 2179. Credit terms 1/10, n/30, FOB shipping polnt. - Purchased $210 of office supplies from willow Inc. on account, Invoce 2180. Credit terms 2/10, n/30. Pald Involce 2178 to Fuentes Co. Issued Check 148 for $1,980. Pald Involce 2179 to Sky…
Retail Inventory Method Red Department Store uses the retail inventory method. Information relating to the computation of the inventory at Decen1ber 31, 2019, is as follows: Estimated normal shrinkage is 2% of sales. Required: Prepare a schedule to calculate the estimated ending inventory at the lower of average cost or market at December 31, 2019, using the retail inventory method. Show supporting computations in good form. Round the cost-to-retail ratio to 3 decimal places.