Subject :- Accounting Returned $2,000 of the inventory purchased on July 8. It was damaged in shipment. JOURNAL ENTRY
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11.
Subject :- Accounting
Returned $2,000 of the inventory purchased on July 8. It was damaged in shipment.
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Solved in 3 steps
- A fire completely destroyed all the inventory of Glisan Lumber Yard on August 5, 20- -. Fortunately, the accounting records were not destroyed in the fire. The following information is provided by Glisan Lumber Yard for the time period January 1 through August 5: Beginning inventory, January 1, 20- $94,000 Net purchases, January 1 through August 5 407,000 Net sales, January 1 through August 5 733,000 Normal gross profit as a percentage of sales 40% Required: Estimate the amount of merchandise inventory destroyed in the fire on August 5 using the gross profit method.Brockton Ltd. began applying IFRS in 20X8. One of the necessary adjustments was to adjust past inventory records to remove warehousing expenses from the balances of the ending inventories for 20X5, 20X6, and 2OX7, and restate earnings. The pre- adjustment inventory balances and the warehousing costs contained therein were as follows: Balance, 31 December $800, 000 Year Warehousing Costs $30, 000 18, 000 25, 000 20X7 20X6 680, 000 720, 000 20X5 Required: 1. Show the impact this change will have on the company's earnings. Assume an income tax rate of 30%. Earnings Increase (Decrease) 20X5 20X6 20X7 Warehousing costs: Reported in opening inventory Reported in ending inventory Net change in pre-tax earnings Income tax Adjustment to net earnings 2. Prepare the adjusting entry (entries) that Brockton will need to make on its books in 20X8 to reflect the above information. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View…2. Using the following information under FIFO method, determine the cost of materials used and the cost of ending inventory for the month of July 2021. July 1,2021 Balance on hand, 1000 yards of linen @ OMR 4.000 each. 3 Issued 250 yards Received 500 yards @ OMR 4.500 each Issued 150 yards Issued 110 yards 6. 10 Received 500 yards @ OMR 5.500 each Returned 300 yards to the vendor from July 15th Purchase Issues 600 yards 15 20 25
- 22. The following costs pertain to Pete Co.’s purchase of inventory in year 4, Pete Co.’s first year of operations: 1200 units of product X 12,500 Insurance cost during transit of purchased goods 200 Freight-in 350 Cost of labor to bring product X to saleable condition 3,200 Total 16,250 None of the inventory was sold during year 4. What will be the ending balance in Pete Co.’s inventory?aj.83A company with an accounting date of 31 October carried out a physical check of inventory on 4 November 20X3, leading to an inventory value at cost at this date of $483,700. Between 1 November 20X3 and 4 November 20X3 the following transactions took place: (1) Goods costing $38, 400 were received from suppliers. (2) Goods that had cost $ 14,800 were sold for $20,000. (3) A customer returned, in good condition, some goods which had been sold to him in Octoberfor $600 and which had cost $400. (4) The company returned goods that had cost $1,800 in October to the supplier, and received a credit note for them.REQUIRED: Please calculate the figure should be appeared in the company's financial statements at 31 October 20X3 for closing inventory, based on this information.
- Required information [The following information applies to the questions displayed below.] At the beginning of July, Fick_3D Corporation has a balance in inventory of $2,950 of 3D printing accessories. The following transactions occur during the month of July. July 3 Purchase inventory on account from Wholesale 3D for $1,850, terms 2/10, ¹/30 July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale 3D, $110. July 9 Return incorrectly ordered 3D printing accessories to Wholesale 3D and receive credit, $200. July 11 Pay Wholesale 3D in full. July 12 Sell 3D printing accessories to customers on account, $4,900, that had a cost of $2,550. July 15 Receive full payment from customers related to the sale on July 12. July 18 Purchase 3D printing accessories on account from 3D Supply for $2,650, terms 2/10, 2/10, ¹/30. July 22 Sell 3D printing accessories to customers for cash, $3,750, that had a cost of $2,050. July 28 Return 3D printing accessories to 3D Supply and…A company using the perpetual inventory system purchased inventory worth $25,000 on account with terms of 2/10, n/30. Defective inventory of $2,000 was returned 2 days later and the accounts were appropriately adjusted. If the invoice is paid within 10 days, the amount of the purchase discount that would be available to the company is OA. $500 OB. $460 OC. $540 OD. $490Need Answer please provide Solutions with explanation
- 4 EB4. 4.3 Masonry’s records show the raw materials inventory had purchases of $1,000 and an ending raw materials inventory balance of $200. If the cost of materials used during the month was $900, what was the beginning inventory?During the taking of its physical inventory on December 31, 20Y4, Barry's Bike Shop incorrectly counted its inventory as $225,870 instead of the correct amount of $179,251. The effect on the balance sheet and income statement would be a. assets overstated by $46,619; retained earnings understated by $46,619; and net income statement understated by $46,619 b. assets overstated by $46,619; retained earnings understated by $46,619; and no effect on the income statement c. assets, retained earnings, and net income all overstated by $46,619 d. assets and retained earnings overstated by $46,619; and net income understated by $46,619