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ⓘ edugenwileyplus.com/edugen/ti/main.uni 11\田回 Return to Blackboard Weygandt, Accounting Principles, 13e Help I System Announcements CALCULATOR PRINTER VERSION BACK NEX RCES Exercise 6-01 H Your answer is incorrect. Try again Tri-State Bank and Trust is considering giving Sheridan Company a loan. Before doing so, management decides that further discussions with Sheridan's accountant may be Part 1 | desirable. One area of particular concern is the inventory account, which has a year-end balance of $341,000. Discussions with the accountant reveal the following eo1. sheridan shipped goods costing $35,000 to Lija Company. FOB shipping point, on December 28. The goods are not expected to arrive at Lilja until January 12. The goods were not included in the physical inventory because they were not in the warehouse 2. The physical count of the inventory did not include goods costing $91,000 that were shipped to Sheridan FOB destination on December 27 and were still in transit at year-end. 3. Sheridan received goods costing $23,000 on January 2. The goods were shipped FOB shipping point on December 26 by Brent Co. The goods were not included in the physical 4. Sheridan shipped goods costing $32,000 to Jesse Co., FOB destination, on December 30. The goods were received at Jesse on January 8. They were not indluded in Sheridan's physical inventory heridan received goods costing $40,000 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of $341,000 Determine the correct inventory amount on December 31 Correct inventory 562000 LINK TO TEXT Question Attempts: 1 of 6 usedSAVE FOR LATER SUBMIT ANSWER ere to search Links 3/17/2019 1:36 AM 9 DOLL FS F6 F7 F8 F9 F10 F12 Pr 5 6 8

ⓘ edugenwileyplus.com/edugen/ti/main.uni 11\田回 Return to Blackboard Weygandt, Accounting Principles, 13e Help I System Announcements CALCULATOR PRINTER VERSION BACK NEX RCES Exercise 6-01 H Your answer is incorrect. Try again Tri-State Bank and Trust is considering giving Sheridan Company a loan. Before doing so, management decides that further discussions with Sheridan's accountant may be Part 1 | desirable. One area of particular concern is the inventory account, which has a year-end balance of $341,000. Discussions with the accountant reveal the following eo1. sheridan shipped goods costing $35,000 to Lija Company. FOB shipping point, on December 28. The goods are not expected to arrive at Lilja until January 12. The goods were not included in the physical inventory because they were not in the warehouse 2. The physical count of the inventory did not include goods costing $91,000 that were shipped to Sheridan FOB destination on December 27 and were still in transit at year-end. 3. Sheridan received goods costing $23,000 on January 2. The goods were shipped FOB shipping point on December 26 by Brent Co. The goods were not included in the physical 4. Sheridan shipped goods costing $32,000 to Jesse Co., FOB destination, on December 30. The goods were received at Jesse on January 8. They were not indluded in Sheridan's physical inventory heridan received goods costing $40,000 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of $341,000 Determine the correct inventory amount on December 31 Correct inventory 562000 LINK TO TEXT Question Attempts: 1 of 6 usedSAVE FOR LATER SUBMIT ANSWER ere to search Links 3/17/2019 1:36 AM 9 DOLL FS F6 F7 F8 F9 F10 F12 Pr 5 6 8

FINANCIAL ACCOUNTING
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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ⓘ edugenwileyplus.com/edugen/ti/main.uni 11\田回 Return to Blackboard Weygandt, Accounting Principles, 13e Help I System Announcements CALCULATOR PRINTER VERSION BACK NEX RCES Exercise 6-01 H Your answer is incorrect. Try again Tri-State Bank and Trust is considering giving Sheridan Company a loan. Before doing so, management decides that further discussions with Sheridan's accountant may be Part 1 | desirable. One area of particular concern is the inventory account, which has a year-end balance of $341,000. Discussions with the accountant reveal the following eo1. sheridan shipped goods costing $35,000 to Lija Company. FOB shipping point, on December 28. The goods are not expected to arrive at Lilja until January 12. The goods were not included in the physical inventory because they were not in the warehouse 2. The physical count of the inventory did not include goods costing $91,000 that were shipped to Sheridan FOB destination on December 27 and were still in transit at year-end. 3. Sheridan received goods costing $23,000 on January 2. The goods were shipped FOB shipping point on December 26 by Brent Co. The goods were not included in the physical 4. Sheridan shipped goods costing $32,000 to Jesse Co., FOB destination, on December 30. The goods were received at Jesse on January 8. They were not indluded in Sheridan's physical inventory heridan received goods costing $40,000 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of $341,000 Determine the correct inventory amount on December 31 Correct inventory 562000 LINK TO TEXT Question Attempts: 1 of 6 usedSAVE FOR LATER SUBMIT ANSWER ere to search Links 3/17/2019 1:36 AM 9 DOLL FS F6 F7 F8 F9 F10 F12 Pr 5 6 8
Transcribed Image Text:ⓘ edugenwileyplus.com/edugen/ti/main.uni 11\田回 Return to Blackboard Weygandt, Accounting Principles, 13e Help I System Announcements CALCULATOR PRINTER VERSION BACK NEX RCES Exercise 6-01 H Your answer is incorrect. Try again Tri-State Bank and Trust is considering giving Sheridan Company a loan. Before doing so, management decides that further discussions with Sheridan's accountant may be Part 1 | desirable. One area of particular concern is the inventory account, which has a year-end balance of $341,000. Discussions with the accountant reveal the following eo1. sheridan shipped goods costing $35,000 to Lija Company. FOB shipping point, on December 28. The goods are not expected to arrive at Lilja until January 12. The goods were not included in the physical inventory because they were not in the warehouse 2. The physical count of the inventory did not include goods costing $91,000 that were shipped to Sheridan FOB destination on December 27 and were still in transit at year-end. 3. Sheridan received goods costing $23,000 on January 2. The goods were shipped FOB shipping point on December 26 by Brent Co. The goods were not included in the physical 4. Sheridan shipped goods costing $32,000 to Jesse Co., FOB destination, on December 30. The goods were received at Jesse on January 8. They were not indluded in Sheridan's physical inventory heridan received goods costing $40,000 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of $341,000 Determine the correct inventory amount on December 31 Correct inventory 562000 LINK TO TEXT Question Attempts: 1 of 6 usedSAVE FOR LATER SUBMIT ANSWER ere to search Links 3/17/2019 1:36 AM 9 DOLL FS F6 F7 F8 F9 F10 F12 Pr 5 6 8
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