Presented below are selected account balances for Johnson Co. as of December 31, 2020. Inventory 12/31/20   $60,050   Cost of Goods Sold   $229,610 Common Stock   74,370   Selling Expenses   15,940 Retained Earnings   45,010   Administrative Expenses   37,625 Dividends   17,920   Income Tax Expense   29,930 Sales Returns and Allowances   12,116         Sales Discounts   14,740         Sales Revenue   410,200         Prepare closing entries for Johnson Co. on December 31, 2020.

Q: Following is the list of balance for Amarillo as at 31 December 2020   Trade receivables…

A: Financial statement is prepared from the trial balance which include :- Profit and loss and…

Q: The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31,…

A: The income statement is one of the essential parts of the financial statements used for reporting…

Q: The following information for 2019 is available for Marino Company: 1. The beginning inventory is…

A: Inventory valuation refers to the process of assigning a monetary value to the inventory of a…

Q: The following data were taken from the financial records of Mydorf Company. Net Sales Beginning…

A: Introduction: Written records that describe or attest to company transactions are known as financial…

Q: The December 31, 2024, year-end inventory balance of the Almond Corporation is $236,000. You have…

A: Inventory balance is the amount of inventory which is kept by the entity for the purpose of selling.…

Q: djustment data: L Supplies on hand are valued at $2,880. 2 Accrued salaries payable are $900. 8.…

A: Adjusting entries mainly helps to ensure that the principle of revenue recognition and matching are…

Q: Peter Company reported the following amounts for the year ended 31 December 2020: Inventory at 1…

A: 1) Depreciable base = $200,000 (Cost) - $10,000 (Residual Value) = $190,000 Life: 5 years…

Q: The following accounts are taken from the accounting records of Dory Company at December 31, 2020…

A: An organization can prepare their Income statement either in a single step format or a multi-step…

Q: The June 30, 2024, year-end trial balance for Askew Company contained the following information:…

A: Cost of goods sold (COGS) is the direct costs incurred in the production of goods that a company…

Q: ets es ymouth, capital ymouth, withdrawals

A: Multiple classified step Income Statement means a proper Income…

Q: The following data were obtained from the books of JOYFUL CORPORATION: Accounts receivable, March…

A: The gross profit is calculated as the difference between sales and the cost of goods sold. The…

Q: Paragon Tire Co.’s perpetual inventory records indicate that $2,780,000 of merchandise should be on…

A: Inventory shrinkage: It represents the loss of inventory. In other words, it refers to the…

Q: 860,000 692,000 ce 46,120 64,600 788,000 836,000 16,000 20,000

A: a. Gross profit Rate for 2020 as, (Gross profit/ net sales) x 100  Net sales - cost of goods sold…

Q: David’s Clothing started business January 1, 2021, and uses the LIFO retail method to estimate…

A: Ending inventory refers to the value of the inventory that remains unsold and is still held by a…

Q: he trial balance of Novak Corp. at the end of its fiscal year, August 31, 2022, includes these…

A: Cost of Goods Sold (COGS) is a financial accounting term that refers to the direct costs incurred in…

Q: Selected information from Bigg Company's financial statements follows:   Fiscal Year Ended December…

A: Formulas: Gross profit margin = Gross profit / Net sales Operating margin = Operating income / Net…

Q: Indigo Corporation began operations on January 1, 2020, with a beginning inventory of $39,940 at…

A: The retail inventory method is used to calculate the cost of the store’s merchandise. Using this…

Q: Inventory turnover times

A: Inventory Turnover - Inventory turnover is the number of times an entity sold its finished goods or…

Q: the sales revenues section of the income statement.

A: Sales revenue: sales revenue is the revenue earned by the company through sales Gross sales: Gross…

Q: The trial balance of Blossom Company at the end of its fiscal year, August 31, 2022, includes these…

A: COGS is known as Cost of Goods Sold. These are  the direct costs which occur in producing the goods…

Q: 1. Prepare an income statement for the year ending December 31, 2019. Assume that twenty thousand…

A:

Q: PLEASE DO NOT PROVIDE HAND WRITTEN ANSWER The following information for 2019 is available for…

A: The question has asked to compute the cost of ending inventory, and the cost of goods sold.    Costs…

Q: Adam's Sales Corporation had the following accounting information as of June 30, 2023. Sales Ending…

A: The income statement is one of the important financial statements of the business. Using Absorption…

Q: Capital Technologies Inc. began 2020 with inventory of $20,000. During the year, Capital purchased…

A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Q: Wolfpack Corp. has the following normal account balances on 12/31/22 before the year-end adjustment…

A: Inventory: Inventory in accounting terms can be explained as inputs like raw materials, parts,…

Q: On December 1, 2019, Lynch Incorporated sold $21,000 of merchandise with terms 2/10, n/EOM. On…

A: Cash Discounts: Some sellers allow deductions to their customers so that they can motivate their…

Q: PROBLEM Below are selected accounts taken from the adjusted trial balance of Bernie's Boxes on…

A: One of the two-income statement forms companies may use to disclose their earnings is multi-step…

Q: Selected account balances for Cullumber Company at January 1, 2027, are presented below. Accounts…

A: Step 1: Step 2: Step 3: Step 4:

Q: The December 31, 2024, year-end inventory balance of the Almond Corporation is $224,000. You have…

A: Inventory balance is the amount of inventory which is kept by the entity for the purpose of selling.…

Q: The following are selected 2020 transactions of Culver Corporation. Purchased inventory from Encino…

A: The note payable and interest payable are the liabilities for the business. The discount on note is…

Q: Presented Below are selected account balances for Kirby Company as of December 31, 2014 Merchandise…

A: The closing entry adjusts the Balance of ledgers to the profit & loss account and adjusts the…

Q: The following are selected 2025 transactions of ayayai corporation: september 1 purchased inventory…

A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

Q: The following data were extracted from the accounting records of Harkins Company for the year ended…

A: a.Calculate the cost of goods sold of Company H.

Q: On January 1, 2019, the general ledger of Global Corporation included supplies of $1,600. During…

A: Supplies expense can be calculated by adding up the value of inventory purchased during the year and…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.