Which of the following journal entries would be recorded when the inventory with cost of 33.000 TL has a shrinkage of 3.000 TL in its value? a. 3.000 TL debit to 689-Ext. Loss; 3.000 TL credit to 153-Inventory O b. 3.000 TL debit to 621-COGS; 3.000 TL credit to 153-Inventory O c. 3.000 TL debit to 157-Other Inventory; 3.000 TL credit to 153-Inventory O d. 3.000 TL debit to 689-Ext. Loss; 3.000 TL credit to 100-Cash

Which of the following journal entries would be recorded when the inventory with cost of 33.000 TL has a shrinkage of 3.000 TL in its value? a. 3.000 TL debit to 689-Ext. Loss; 3.000 TL credit to 153-Inventory O b. 3.000 TL debit to 621-COGS; 3.000 TL credit to 153-Inventory O c. 3.000 TL debit to 157-Other Inventory; 3.000 TL credit to 153-Inventory O d. 3.000 TL debit to 689-Ext. Loss; 3.000 TL credit to 100-Cash

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter17: Financial Statement Analysis

Section: Chapter Questions

Problem 5PEB: Inventory analysis A company reports the following: Determine (a) the inventory turnover and (b) the...

See similar textbooks

Similar questions

Which of the following journal entries would be recorded when the inventory with cost of 11.000 TL has a shrinkage of 1.000 TL in its value? a.1.000 TL debit to 621-COGS; 1.000 TL credit to 153-Inventory b.1.000 TL debit to 689-Ext. Loss; 1.000 TL credit to 100-Cash c.1.000 TL debit to 689-Ext. Loss; 1.000 TL credit to 153-Inventory d.1.000 TL debit to 157-Other Inventory; 1.000 TL credit to 153-Inventory
P palace provided the following Information:Ending inventory, previous period$95,500Ending inventory, current period$105,500Sales, previous period$450,550Sales, current period$540,450Determine the Inventory turnover for current period, assuming that gross profit for $195,405.3.43 times2.99 times3.27 times3.61 times
If the beginning inventory 140 300 ID., cost of purchases 230 100 ID., selling and Administrative expenses 25 000 ID.,sales returns and discount 2 100 ID., sales 192 700 ID, purchases allowance and discount 27 800 ID., ending inventory 48 000 ID. the gross -:loss are
Suppose the following:Beginning Inventory = 11257Ending Inventory= 12407Beginning Receivables = 6167Ending Receivables = 6879Beginning Payables = 8498Ending Payables = 8829Credit Sales = 93480Cost of Goods Sold = 72325Calculate the following (round final answers to 2 decimal places):Operating Cycle = daysCash Cycle = days
Problem 13-5A (Algo) Comparative ratio analysis LO P3 [The following information applies to the questions displayed below.] Summary information from the financial statements of two companies competing in the same industry follows. Barco Company Kyan Company Barco Company Kyan Company Data from the current year-end balance sheets Data from the current year's income statement Assets $ 800,000 Cash $ 18,500 $ 32,000 Accounts receivable, net 40,400 Merchandise inventory Prepaid expenses Plant assets, net 84,540 6,000 370,000 52,400 130,500 7,800 303,400 $ 526,100 $ 519,440 $ 69,340 $ 99,300 103,000 196,000 Total assets Liabilities and Equity Current liabilities Long-term notes payable Common stock, $5 par value Retained earnings Total liabilities and equity 83,800 180,000 186,300 $ 519,440 127,800 $ 526,100 Sales Cost of goods sold Interest expense Income tax expense Net income Basic earnings per share Cash dividends per share. Beginning-of-year balance sheet data Accounts receivable, net…
a3. & b.
26. A company determined the following information for an inventory at year end: Historical cost Current replacement cost Net realizable value Net realizable value less a normal profit margin Fair value 2,000,000 1,400,000 1,800,000 1,700,000 1,900,000 What amount should be reported as inventory at year-end? a. 1,900,000 b. 1,800,000 c. 1,700,000 d. 1,400,000
Need answer
Q: If the cost of an item of inventory is $52.00 and the current replacement cost is $68.00, what is the amount included in inventory according to the lower of cost or market? a. $120.00 b. $52.00 c. $16.00 d. $68.00
P palace provided the following information: Ending inventory, previous period $95.500 Ending inventory, current period $105,500 Sales, previous period $450,550 Sales, current period $540,450 Determine the inventory turnover for current period, assuming that gross profit for current year is $195,405. 3.43 times 3.27 times 3.61 times 2.99 times
I want the correct answer
The cost of Product E sold for the year ended July 31,2021 is: d. P1,350,000 b. P1,440,000 c. P990,000 a. P1,470,000 The cost of ending inventory for Product D is: c. P180,000 b. PP225,000 a. P270,000 d. P540,000 The Gross Profit (Loss) of Product F is: b. P101,250 c. P1,226,250 d. P(483,750) a. P168,750