Compute the amount of gross profit earned by Incorporation CR during December.

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Answer 1

Question

Chapter 6, Problem 7BP

a)

To determine

Compute the amount of gross profit earned by Incorporation CR during December.

b)

To determine

Compute the amount of gross profit earned by Incorporation CR during December, using the cash basis of accounting.

c)

To determine

Explain the reasons for the difference in the results of (a) and (b).

d)

To determine

Prepare the journal entry to reflect the inventory at fair value and comment the way in which the wholesaler will determine fair value for inventory items.

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128361 MENTS was extracted by as at 30 June 2018. als to agree. 30 June 2018 Dr with each other. Trial Balance as at 31 December 2017 32.7X D. Fearon extracted the following trial balance from his books. He could not get the totals to agree Dr Cr Cr $ $ $ $ 87,050 Capital 25,621 62,400 Drawings 13,690 110° 305 410 Sales 94,630 Multiple Each multipl answers: (A) question and (B), (C) or (D piece of pape of questions written atter When you your answer 3,168 Purchases 258 60,375 61 A debit 595 Returns inwards and outwards 1,210 1,109 10,000-35 Wages and salaries 2,000 14,371 12,490 Sundry expenses чут -598 8,120 5,045 Inventory 1.1.2017 8,792 168 account (A) we (B) we (C) we h that 6,790+85 Accounts receivable and accounts 16811,370 4,290 (D) we payable 4,520 Loan from J. Chandler 2000 62 Inventor 5,000 17,017 Equipment 16,000 period is 1,134 Bank 1500 (A) carri 5,790 109,522 109,522 Suspense (B) carri 1,546 (C) tran 132,196 132,196 nd: by $350. ercast by $100. 50, have been entered in n…

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Answer 2

Question

Chapter 6, Problem 7BP

a)

To determine

Compute the amount of gross profit earned by Incorporation CR during December.

b)

To determine

Compute the amount of gross profit earned by Incorporation CR during December, using the cash basis of accounting.

c)

To determine

Explain the reasons for the difference in the results of (a) and (b).

d)

To determine

Prepare the journal entry to reflect the inventory at fair value and comment the way in which the wholesaler will determine fair value for inventory items.

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Answer 3

Question

Chapter 6, Problem 7BP

a)

To determine

Compute the amount of gross profit earned by Incorporation CR during December.

b)

To determine

Compute the amount of gross profit earned by Incorporation CR during December, using the cash basis of accounting.

c)

To determine

Explain the reasons for the difference in the results of (a) and (b).

d)

To determine

Prepare the journal entry to reflect the inventory at fair value and comment the way in which the wholesaler will determine fair value for inventory items.

Expert Solution & Answer

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Answer 4

Question

Chapter 6, Problem 7BP

a)

To determine

Compute the amount of gross profit earned by Incorporation CR during December.

b)

To determine

Compute the amount of gross profit earned by Incorporation CR during December, using the cash basis of accounting.

c)

To determine

Explain the reasons for the difference in the results of (a) and (b).

d)

To determine

Prepare the journal entry to reflect the inventory at fair value and comment the way in which the wholesaler will determine fair value for inventory items.

Expert Solution & Answer

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Answer 5

Chapter 6, Problem 7BP

a)

To determine

Compute the amount of gross profit earned by Incorporation CR during December.

b)

To determine

Compute the amount of gross profit earned by Incorporation CR during December, using the cash basis of accounting.

c)

To determine

Explain the reasons for the difference in the results of (a) and (b).

d)

To determine

Prepare the journal entry to reflect the inventory at fair value and comment the way in which the wholesaler will determine fair value for inventory items.

Answer 6

Chapter 6, Problem 7BP

a)

To determine

Compute the amount of gross profit earned by Incorporation CR during December.

Answer 7

Chapter 6, Problem 7BP

a)

To determine

Compute the amount of gross profit earned by Incorporation CR during December.

Answer 8

b)

To determine

Compute the amount of gross profit earned by Incorporation CR during December, using the cash basis of accounting.

Answer 9

b)

To determine

Compute the amount of gross profit earned by Incorporation CR during December, using the cash basis of accounting.

Answer 10

c)

To determine

Explain the reasons for the difference in the results of (a) and (b).

Answer 11

c)

To determine

Explain the reasons for the difference in the results of (a) and (b).

Answer 12

d)

To determine

Prepare the journal entry to reflect the inventory at fair value and comment the way in which the wholesaler will determine fair value for inventory items.

Answer 13

d)

To determine

Prepare the journal entry to reflect the inventory at fair value and comment the way in which the wholesaler will determine fair value for inventory items.

Answer 14

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Answer 15

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Answer 16

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Answer 17

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Compute the amount of gross profit earned by Incorporation CR during December.

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Compute the amount of gross profit earned by Incorporation CR during December.

Compute the amount of gross profit earned by Incorporation CR during December, using the cash basis of accounting.

Explain the reasons for the difference in the results of (a) and (b).

Prepare the journal entry to reflect the inventory at fair value and comment the way in which the wholesaler will determine fair value for inventory items.

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Chapter 6 Solutions