Don't use Ai b. At what amount would MU inventory be reported in the December 31, 2016, balance sheet?MU inventoryc. Prepare an updated gross profit section of a partial income statement accounting for this additionalinformation.GREAT ADVENTURES, INC.Partial Income StatementFor the Year Ended December 31, 2016Gross profit Great Adventures Problem 6-1 Part 22. Late in December, the next generation of multiuse (MU II) watches is released. In addition to all of thefeatures of the MU watch, the MU II watches are equipped with a global positioning system (GPS) andhave the ability to download and play songs and videos off the internet. The demand for the original MUwatches is greatly reduced. As of December 31, the estimated market value of MU watches is only $110per watch.a. Record any necessary adjustment on December 31, 2016, related to this information. (If no entry isrequired for a transaction/event, select "No journal entry required" in the first account field.)view transaction listview general journalJournal Entry WorksheetRecord the adjustment for inventory.DateGeneral JournalDebitCreditDec. 31, 2016clear entrydone*Enter debits before creditsrecord entry

Answer a. Necessary Adjustment on December 31, 2016:According to accounting standards, you would…

Answered: b. At what amount would MU inventory be…

Excel Applications for Accounting Principles

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Problem 6R: Reset cells to their initial values. Sweet Pleasures, Inc., is considering undertaking a 1,200 per...

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Woodland Wearables produces two models of a smart watch, the Basic and the Flash. The watches have the following characteristics: Selling price per watch Variable cost per watch Expected sales (watches) per year Basic $ 260 Flash $ 455 $ 180 18,000 $ 215 6,000 The total fixed costs per year for the company are $1,449,600. Required: a. What is the anticipated level of profits for the expected sales volumes? b. Assuming that the product mix is the same at the break-even point, compute the break-even point in units. c. If the product sales mix were to change to nine Basic watches for each Flash watch, what would be the new break-even volume for Woodland Wearables? Complete this question by entering your answers in the tabs below. Required A Required B Required C What is the anticipated level of profits for the expected sales volumes? Anticipated profit
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