Homework Answers
| Income Summary | |||||
| Particulars | Debit | Particulars | Credit | ||
| Beginning inventory | $ 176,000.00 | Ending inventory | $ 200,644.00 | ||
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Exercise 12.2 Determining the adjustments for inventory. LO 12-1 The Income Statement section of the Johnson...
Work Sheet Extensions for Merchandise Inventory Adjustments:Periodic Inventory System1. Complete the Adjustments columns for...
Work Sheet Extensions for Merchandise Inventory Adjustments:
Periodic Inventory System1. Complete the Adjustments columns for the merchandise
inventory.2. Extend the merchandise inventory to the Adjusted Trial
Balance and Balance Sheet columns.3. Extend the remaining accounts to the Adjusted Trial Balance
and Income Statement columns.4. Prepare a cost of goods sold section from the partial worksheet.The following partial worksheet is taken from Kevin's Gift
Shop for the year ended December 31, 20--. The ending merchandise
inventory is $51,330.Merchandising Inventory:1. Complete the...
Complete the Adjustments column of the work sheet represented below. Ending merchandise inventory is $92,000. If...
Complete the Adjustments column of the work sheet represented
below. Ending merchandise inventory is $92,000. If an amount box
does not require an entry, leave it blank.
Complete the Adjustments column of the work sheet represented below. Ending merchandise inventory is $92,000. If an amount box does not require an entry, leave it blank. Work Sheet (partial) Trial Balance Debit Credit Adjustments Debit Credit Account Title Merchandise Inventory 81,000 Income Summary Purchases 273,000 Purchases Returns and Allowances 12.100 Purchases Discounts...
Following are the adjustment data for Bruno Company: a-b. Merchandise inventory (ending), $1,0...
Following are the adjustment data for Bruno Company: a-b. Merchandise inventory (ending), $1,045. c. Professional fees earned, $32,100. d. Supplies inventory (on hand), $1,415. e. Insurance expired, $750. f. Depreciation of office equipment, $300. g. Wages accrued, $630. Record these data in the Adjustments column of the following work sheet. If an amount is zero, enter "0". Bruno Company Worksheet TRIAL BALANCE ADJUSTMENTS ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT Cash 32,725 Accounts Receivable 960 Merchandise Inventory 1,250 Supplies 1,525 Prepaid...
Problem 12.5A Recording adjustments and completing the worksheet. LO 12-1, 12-2, 12-3, 12-4 Healthy Eating Foods...
Problem 12.5A Recording adjustments and completing the worksheet. LO 12-1, 12-2, 12-3, 12-4 Healthy Eating Foods Company is a distributor of nutritious snack foods such as granola bars. On December 31, 2019, the firm's general ledger contained the accounts and balances that follow. $ 29, 300 Or. 34,400 Dr. 340 Cr. 85,200 Dr. 9,600 Or rences 8,200 Dr. 2,570 kr. 23,200 Dr. 8,900 Cr 28,000 Cr. 11,400 Cr. ACCOUNTS AND BALANCES Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory...
Exercise 21.3 Objective 21-3 Recording closing of Income Summary In each of the following situations, what...
Exercise 21.3 Objective 21-3 Recording closing of Income Summary In each of the following situations, what is the amount of profit or loss? In each situation, what account will be debited and credited, and for what amount, in the journal entry to close the Income Summary account? a. The total of the Debit column in the Income Statement section of the worksheet was S650,000 and the total of the Credit column in that section was $518,000. CHAPTER 21 Corporate Earnings...
Exercise 14-11 Cost of goods sold computation LO P1 Precision Unimart Manufacturing $275,000 $450,000 Beginning inventory...
Exercise 14-11 Cost of goods sold computation LO P1 Precision Unimart Manufacturing $275,000 $450,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods manufactured Ending inventory Merchandise Finished goods 500,000 900,000 115,000 375,000 Compute cost of goods sold for each of these two companies for the year ended December 31, 2017 Complete this question by entering your answers in the tabs below. Merch Mfg Business Business Compute cost of goods sold for the company year ended December 31,...
E4-10 Determining Adjusted Income Statement Account Balances [LO 4-1, LO 4-2] Partial comparative Income statements are...
E4-10 Determining Adjusted Income Statement Account Balances [LO 4-1, LO 4-2] Partial comparative Income statements are presented below for Commonplace Corporation COMMONPLACE CORPORATION (Partial) Income Statements For the Years Ended December 31 2018 Service Revenue $705,000 utilities Expense 20,000 Salaries and Wages Expense 405,000 Rent, Insurance, and Supplies Expense 163,000 Depreciation and Amortization Expense 17.000 Income before Income Tax Expense $100,000 2017 $730,000 24,000 460,000 142.000 4,000 $100,000 The company's manager provides the following additional information: a. The company received...
Exercise 14-11 Cost of goods sold computation LO P1 Unimart Precision Manufacturing $315,000 $630,000 Beginning inventory...
Exercise 14-11 Cost of goods sold computation LO P1 Unimart Precision Manufacturing $315,000 $630,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods manufactured Ending inventory Merchandise Finished goods 460,000 840,000 215,000 209,000 Compute cost of goods sold for each of these two companies for the year ended December 31, 2015. Merchandising Business: UNIMART Partial Income Statement For Year Ended December 31, 2015 Cost of goods sold: Goods available for sale Cost of goods sold Manufacturing Business: PRECISION...
Trial Balance Debit Credit Answer APC-1 Income Adjustments Statement Debit Credit Debit Credit Retained Earnings Statement...
Trial Balance Debit Credit Answer APC-1 Income Adjustments Statement Debit Credit Debit Credit Retained Earnings Statement Debit Credit Balance Sheet Debit Credit Accounts 120 Prepaid Insurance 160 180 180 Inventory, Jan. 1 Building 900 Accum. Depreciation 250 Other Assets 2,068 Uneamed Consult Rev. 48 Capital Stock 2,100 Ret Earnings, Jan. 1 620 Sales 3,600 Repair Serv Revenue 800 Office Supp. Expense 120 Balanes Expense 1,800 Purchases 2.400 Totais 7.628 2.628 Trial Balance Debit Credit Adlustments Debit Credit Income Statement Debit...
Problem 5-24A Effect of inventory errors on financial statements LO 5-3 The following income statement was...
Problem 5-24A Effect of inventory errors on financial statements LO 5-3 The following income statement was prepared for Frame Supplies for the year Year 1: FRAME SUPPLIES Income Statement For the Year Ended December 31, Year 1 Sales $ 73,900 Cost of goods sold (36,320 ) Gross margin 37,580 Operating expenses (8,775 ) Net income $ 28,805 During the year-end audit, the following errors were discovered: An $1,230 payment for repairs was erroneously charged to the Cost of Goods Sold...
Work Sheet Extensions for Merchandise Inventory Adjustments:
Periodic Inventory System1. Complete the Adjustments columns for the merchandise
inventory.2. Extend the merchandise inventory to the Adjusted Trial
Balance and Balance Sheet columns.3. Extend the remaining accounts to the Adjusted Trial Balance
and Income Statement columns.4. Prepare a cost of goods sold section from the partial worksheet.The following partial worksheet is taken from Kevin's Gift
Shop for the year ended December 31, 20--. The ending merchandise
inventory is $51,330.Merchandising Inventory:1. Complete the...
Complete the Adjustments column of the work sheet represented
below. Ending merchandise inventory is $92,000. If an amount box
does not require an entry, leave it blank.
Complete the Adjustments column of the work sheet represented below. Ending merchandise inventory is $92,000. If an amount box does not require an entry, leave it blank. Work Sheet (partial) Trial Balance Debit Credit Adjustments Debit Credit Account Title Merchandise Inventory 81,000 Income Summary Purchases 273,000 Purchases Returns and Allowances 12.100 Purchases Discounts...
Problem 12.5A Recording adjustments and completing the worksheet. LO 12-1, 12-2, 12-3, 12-4 Healthy Eating Foods Company is a distributor of nutritious snack foods such as granola bars. On December 31, 2019, the firm's general ledger contained the accounts and balances that follow. $ 29, 300 Or. 34,400 Dr. 340 Cr. 85,200 Dr. 9,600 Or rences 8,200 Dr. 2,570 kr. 23,200 Dr. 8,900 Cr 28,000 Cr. 11,400 Cr. ACCOUNTS AND BALANCES Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory...
Exercise 21.3 Objective 21-3 Recording closing of Income Summary In each of the following situations, what is the amount of profit or loss? In each situation, what account will be debited and credited, and for what amount, in the journal entry to close the Income Summary account? a. The total of the Debit column in the Income Statement section of the worksheet was S650,000 and the total of the Credit column in that section was $518,000. CHAPTER 21 Corporate Earnings...
Exercise 14-11 Cost of goods sold computation LO P1 Precision Unimart Manufacturing $275,000 $450,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods manufactured Ending inventory Merchandise Finished goods 500,000 900,000 115,000 375,000 Compute cost of goods sold for each of these two companies for the year ended December 31, 2017 Complete this question by entering your answers in the tabs below. Merch Mfg Business Business Compute cost of goods sold for the company year ended December 31,...
E4-10 Determining Adjusted Income Statement Account Balances [LO 4-1, LO 4-2] Partial comparative Income statements are presented below for Commonplace Corporation COMMONPLACE CORPORATION (Partial) Income Statements For the Years Ended December 31 2018 Service Revenue $705,000 utilities Expense 20,000 Salaries and Wages Expense 405,000 Rent, Insurance, and Supplies Expense 163,000 Depreciation and Amortization Expense 17.000 Income before Income Tax Expense $100,000 2017 $730,000 24,000 460,000 142.000 4,000 $100,000 The company's manager provides the following additional information: a. The company received...
Exercise 14-11 Cost of goods sold computation LO P1 Unimart Precision Manufacturing $315,000 $630,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods manufactured Ending inventory Merchandise Finished goods 460,000 840,000 215,000 209,000 Compute cost of goods sold for each of these two companies for the year ended December 31, 2015. Merchandising Business: UNIMART Partial Income Statement For Year Ended December 31, 2015 Cost of goods sold: Goods available for sale Cost of goods sold Manufacturing Business: PRECISION...
Trial Balance Debit Credit Answer APC-1 Income Adjustments Statement Debit Credit Debit Credit Retained Earnings Statement Debit Credit Balance Sheet Debit Credit Accounts 120 Prepaid Insurance 160 180 180 Inventory, Jan. 1 Building 900 Accum. Depreciation 250 Other Assets 2,068 Uneamed Consult Rev. 48 Capital Stock 2,100 Ret Earnings, Jan. 1 620 Sales 3,600 Repair Serv Revenue 800 Office Supp. Expense 120 Balanes Expense 1,800 Purchases 2.400 Totais 7.628 2.628 Trial Balance Debit Credit Adlustments Debit Credit Income Statement Debit...
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