The following transactions are for Angela’s Disc Golf Emporium:(1)In December, customers purchased $3,000 of gift cards from Angela’s.(2)At December 31, gift cards totaling $1,900 remained unused.(3)Angela’s took a physical count of its inventory and determined the correct value of inventory should be $20,000. The unadjusted balance in the Inventory account was $20,450.What amount is reported as Inventory in the 12/31 balance sheet?Inventory$

Inventory valuation is estimating the value of inventory in terms of money for a given accounting…

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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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The following transactions are for Angela’s Disc Golf Emporium:

(1)	In December, customers purchased $3,000 of gift cards from Angela’s.
(2)	At December 31, gift cards totaling $1,900 remained unused.
(3)	Angela’s took a physical count of its inventory and determined the correct value of inventory should be $20,000. The unadjusted balance in the Inventory account was $20,450.

What amount is reported as Inventory in the 12/31 balance sheet?

Inventory

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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