Ho Designs experienced the following events during Year 1, its first year of operation: 1. Started the business when it acquired $66,000 cash from the issue of common stock. 2. Paid $28,000 cash to purchase inventory. 3. Sold inventory costing $16,800 for $33,000 cash. 4. Physically counted inventory showing $10,900 inventory was on hand at the end of the accounting period. Check my Required: a. Determine the amount of the difference between book balance and the actual amount of inventory as determined by the physical count. Difference in book and actual inventory
Ho Designs experienced the following events during Year 1, its first year of operation: 1. Started the business when it acquired $66,000 cash from the issue of common stock. 2. Paid $28,000 cash to purchase inventory. 3. Sold inventory costing $16,800 for $33,000 cash. 4. Physically counted inventory showing $10,900 inventory was on hand at the end of the accounting period. Check my Required: a. Determine the amount of the difference between book balance and the actual amount of inventory as determined by the physical count. Difference in book and actual inventory
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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