Jaded Corporation has the following account balances for the year-ended December 31, 2024. K In addition, the 12/31/23 balances for Accounts Receivable and Inventory are $45,000 and $95,000, respectively. dr 32,000 20,000 480,000 5,000 Accounts Receivable Inventory Purchases Freight-In Purchases Discount Purchases Returns Purchase Allowances Sales Revenue Interest Revenue Sales Returns & Allowances Sales Discounts Selling Expenses General & Administrative Exp Other Operating Expenses $8,000 50,000 O $477,000 B. $480,000 OC. $472,000 OD. $486,000 $ 4,000 3,000 1,000 1,850,000 1,000 10,000 15,000 30,000 Freight-Out 9,000 Interest Expense 2,000 Loss on Sale of Truck 5,000 What is the net cost of the inventory for the period, year-ended 2024?
Jaded Corporation has the following account balances for the year-ended December 31, 2024. K In addition, the 12/31/23 balances for Accounts Receivable and Inventory are $45,000 and $95,000, respectively. dr 32,000 20,000 480,000 5,000 Accounts Receivable Inventory Purchases Freight-In Purchases Discount Purchases Returns Purchase Allowances Sales Revenue Interest Revenue Sales Returns & Allowances Sales Discounts Selling Expenses General & Administrative Exp Other Operating Expenses $8,000 50,000 O $477,000 B. $480,000 OC. $472,000 OD. $486,000 $ 4,000 3,000 1,000 1,850,000 1,000 10,000 15,000 30,000 Freight-Out 9,000 Interest Expense 2,000 Loss on Sale of Truck 5,000 What is the net cost of the inventory for the period, year-ended 2024?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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Transcribed Image Text:Jaded Corporation has the following account balances for the year-ended December 31, 2024
K
In addition, the 12/31/23 balances for Accounts Receivable and Inventory are $45,000 and $95,000, respectively.
Accounts Receivable
Inventory
Purchases
Freight-In
Purchases Discount
Purchases Returns
Purchase Allowances
dr
O $477,000
B. $480,000
OC. $472,000
OD. $486,000
32,000
20,000
480,000
5,000
Sales Revenue
Interest Revenue
Sales Returns & Allowances
Sales Discounts
Selling Expenses
10,000
General & Administrative Exp
15,000
30,000
Other Operating Expenses
Freight-Out
9,000
Interest Expense
2,000
Loss on Sale of Truck
5,000
What is the net cost of the inventory for the period, year-ended 2024?
$ 4,000
3,000
1,000
1,850,000
1,000
$8,000
50,000
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