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b. At what amount would MU inventory be reported in the December 31, 2016, balance sheet? MU inventory c. Prepare an updated gross profit section of a partial income statement accounting for this additional information. GREAT ADVENTURES, INC. Partial Income Statement For the Year Ended December 31, 2016 Gross profit Great Adventures Problem 6-1 Part 2 2. Late in December, the next generation of multiuse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the internet. The demand for the original MU watches is greatly reduced. As of December 31, the estimated market value of MU watches is only $110 per watch. a. Record any necessary adjustment on December 31, 2016, related to this information. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list view general journal Journal Entry Worksheet Record the adjustment for inventory. Date General Journal Debit Credit Dec. 31, 2016 clear entry done *Enter debits before credits record entry

b. At what amount would MU inventory be reported in the December 31, 2016, balance sheet? MU inventory c. Prepare an updated gross profit section of a partial income statement accounting for this additional information. GREAT ADVENTURES, INC. Partial Income Statement For the Year Ended December 31, 2016 Gross profit Great Adventures Problem 6-1 Part 2 2. Late in December, the next generation of multiuse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the internet. The demand for the original MU watches is greatly reduced. As of December 31, the estimated market value of MU watches is only $110 per watch. a. Record any necessary adjustment on December 31, 2016, related to this information. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list view general journal Journal Entry Worksheet Record the adjustment for inventory. Date General Journal Debit Credit Dec. 31, 2016 clear entry done *Enter debits before credits record entry

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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b. At what amount would MU inventory be reported in the December 31, 2016, balance sheet? MU inventory c. Prepare an updated gross profit section of a partial income statement accounting for this additional information. GREAT ADVENTURES, INC. Partial Income Statement For the Year Ended December 31, 2016 Gross profit
Transcribed Image Text:b. At what amount would MU inventory be reported in the December 31, 2016, balance sheet? MU inventory c. Prepare an updated gross profit section of a partial income statement accounting for this additional information. GREAT ADVENTURES, INC. Partial Income Statement For the Year Ended December 31, 2016 Gross profit
Great Adventures Problem 6-1 Part 2 2. Late in December, the next generation of multiuse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the internet. The demand for the original MU watches is greatly reduced. As of December 31, the estimated market value of MU watches is only $110 per watch. a. Record any necessary adjustment on December 31, 2016, related to this information. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list view general journal Journal Entry Worksheet Record the adjustment for inventory. Date General Journal Debit Credit Dec. 31, 2016 clear entry done *Enter debits before credits record entry
Transcribed Image Text:Great Adventures Problem 6-1 Part 2 2. Late in December, the next generation of multiuse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the internet. The demand for the original MU watches is greatly reduced. As of December 31, the estimated market value of MU watches is only $110 per watch. a. Record any necessary adjustment on December 31, 2016, related to this information. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list view general journal Journal Entry Worksheet Record the adjustment for inventory. Date General Journal Debit Credit Dec. 31, 2016 clear entry done *Enter debits before credits record entry
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