Physical inventory is the actual inventory which are counted tangibly. Normally, at the end of each accounting period, company take the count of the physical inventory. It contains the details of the inventories like, actual count, weight, volume, and measures for all type of inventories. To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

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Answer 1

Question

Chapter 6, Problem 6.1BE

(a)

To determine

Physical inventory is the actual inventory which are counted tangibly. Normally, at the end of each accounting period, company take the count of the physical inventory. It contains the details of the inventories like, actual count, weight, volume, and measures for all type of inventories.

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

(b)

To determine

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

(c)

To determine

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

(d)

To determine

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

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Accounting Cycle Review 15 a-e Carla Vista Corporation's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below. Debit Credit Cash Accounts Receivable Inventory $27,400 59,000 22,600 Land 62,900 Buildings 96,900 Equipment 42,000 Allowance for Doubtful Accounts $430 Accumulated Depreciation-Buildings 30,500 Accumulated Depreciation-Equipment 15,000 Accounts Payable 19,300 Interest Payable -0- Dividends Payable Unearned Rent Revenue -0- 8,800 Bonds Payable (10%) 54,000 Common Stock ($10 par) 34,000 Paid-in Capital in Excess of Par-Common Stock 6,800 Preferred Stock ($20 par) -0- Paid-in Capital in Excess of Par-Preferred -0- Stock Retained Earnings 72,970 Treasury Stock -0- Cash Dividends Sales Revenue Rent Revenue Bad Debt Expense Interest Expense Cost of Goods Sold Depreciation Expense Other Operating Expenses Salaries and Wages Expense -0- 576,000 -0- -0- -0- 404,000 -0- 39,900 63,100 Total Unrecorded…

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Answer 2

Question

Chapter 6, Problem 6.1BE

(a)

To determine

Physical inventory is the actual inventory which are counted tangibly. Normally, at the end of each accounting period, company take the count of the physical inventory. It contains the details of the inventories like, actual count, weight, volume, and measures for all type of inventories.

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

(b)

To determine

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

(c)

To determine

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

(d)

To determine

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

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Answer 3

Question

Chapter 6, Problem 6.1BE

(a)

To determine

Physical inventory is the actual inventory which are counted tangibly. Normally, at the end of each accounting period, company take the count of the physical inventory. It contains the details of the inventories like, actual count, weight, volume, and measures for all type of inventories.

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

(b)

To determine

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

(c)

To determine

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

(d)

To determine

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

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Answer 4

Question

Chapter 6, Problem 6.1BE

(a)

To determine

Physical inventory is the actual inventory which are counted tangibly. Normally, at the end of each accounting period, company take the count of the physical inventory. It contains the details of the inventories like, actual count, weight, volume, and measures for all type of inventories.

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

(b)

To determine

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

(c)

To determine

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

(d)

To determine

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

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Answer 5

Chapter 6, Problem 6.1BE

(a)

To determine

Physical inventory is the actual inventory which are counted tangibly. Normally, at the end of each accounting period, company take the count of the physical inventory. It contains the details of the inventories like, actual count, weight, volume, and measures for all type of inventories.

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

(b)

To determine

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

(c)

To determine

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

(d)

To determine

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

Answer 6

Chapter 6, Problem 6.1BE

(a)

To determine

Physical inventory is the actual inventory which are counted tangibly. Normally, at the end of each accounting period, company take the count of the physical inventory. It contains the details of the inventories like, actual count, weight, volume, and measures for all type of inventories.

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

Answer 7

Chapter 6, Problem 6.1BE

(a)

To determine

Physical inventory is the actual inventory which are counted tangibly. Normally, at the end of each accounting period, company take the count of the physical inventory. It contains the details of the inventories like, actual count, weight, volume, and measures for all type of inventories.

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

Answer 8

(b)

To determine

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

Answer 9

(b)

To determine

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

Answer 10

(c)

To determine

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

Answer 11

(c)

To determine

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

Answer 12

(d)

To determine

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

Answer 13

(d)

To determine

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 6 - The key to successful business operations is...Ch. 6 - Prob. 2Q Ch. 6 - What is just-in-time inventory management? What...Ch. 6 - Prob. 4Q Ch. 6 - Prob. 5Q Ch. 6 - Prob. 6Q Ch. 6 - Prob. 7Q Ch. 6 - Prob. 8Q Ch. 6 - What is the major advantage and major disadvantage...Ch. 6 - The selection of an inventory cost flow method is...

Solution Summary: The author explains that physical inventory is the actual inventory which are counted tangentially at the end of each accounting period. 900 units of inventory shipped on consignment by Company P to another company will not be included in

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To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

To Identify: Whether the following item should be included or excluded in the P’s Company physical inventory.

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