INTERMEDIATE ACCOUNTING
INTERMEDIATE ACCOUNTING
1st Edition
ISBN: 9781264920532
Author: SPICELAND
Publisher: MCG
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Chapter 8, Problem 8.3P
To determine

Concept Introduction: The measurement of inventory and cost of goods sold starts with the determination of physical units of goods. In some situations, identification of items such as goods in transit, goods on consignment, and sales return to be included in inventory is difficult.

The schedule of adjustments to the initial amounts, and the effect of transactions separately.

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Financing Deficit Stevens Textile Corporation's 2019 financial statements are shown below: Just need the correct LOC? Balance Sheet as of December 31, 2019 (Thousands of Dollars) Cash $ 1,080   Accounts payable $ 4,320 Receivables 6,480   Accruals 2,880 Inventories 9,000   Line of credit 0    Total current assets $16,560   Notes payable 2,100 Net fixed assets 12,600      Total current liabilities $ 9,300       Mortgage bonds 3,500       Common stock 3,500       Retained earnings 12,860    Total assets $29,160      Total liabilities and equity $29,160 Income Statement for December 31, 2019 (Thousands of Dollars) Sales $36,000 Operating costs 34,000    Earnings before interest and taxes $ 2,000 Interest 160    Pre-tax earnings $ 1,840 Taxes (25%) 460 Net income $ 1,380 Dividends (40%) $    552 Addition to retained earnings $ 828 Stevens grew rapidly in 2019 and financed the growth with notes payable and long-term bonds. Stevens expects sales to…
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INTERMEDIATE ACCOUNTING

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