Ryman Corporation Partial Trial Balance 12/31/2019 Debit Credit Cash 4,240,000 Marketable Securities 240,000 Accounts Receivable 3,120,000...
|
Ryman Corporation Partial Trial Balance 12/31/2019 |
||
|
Debit |
Credit |
|
|
Cash |
4,240,000 |
|
|
Marketable Securities |
240,000 |
|
|
Accounts Receivable |
3,120,000 |
|
|
Allowance for Doubtful Accounts |
30,000 |
|
|
Inventory |
2,590,000 |
|
|
Land |
900,000 |
|
|
Property, Plant, & Equipment |
8,000,000 |
|
|
Copyright |
300,000 |
|
|
Accumulated Depreciation |
2,750,000 |
|
|
Accounts Payable |
400,000 |
|
|
Notes Payable (4% interest rate, maturity date of 1/1/2021) |
1,500,000 |
|
|
Bond Payable (6% interest rate, maturity date of 2/1/2023) |
2,500,000 |
|
|
Common Stock ($1 par value) |
180,000 |
|
|
Additional Paid in Capital – Common |
1,450,000 |
|
|
Retained Earnings |
6,322,000 |
|
|
Sales |
14,400,000 |
|
|
Cost of Goods Sold |
8,000,000 |
|
|
Selling Expenses |
1,900,000 |
|
|
Administrative Expenses |
80,000 |
|
|
Miscellaneous Expenses |
162,000 |
|
|
Totals |
29,532,000 |
29,532,000 |
- The ending inventory balance and COGS balances on the trial balance are valued at FIFO, but Ryman’s policy is to report inventory under dollar-value LIFO. The table below details the FIFO ending inventory balances for 2013 through 2019:
|
Year |
Ending Balance under FIFO |
Price Index |
|
2013 |
1,480,000 |
100 |
|
2014 |
1,458,600 |
102 |
|
2015 |
1,558,200 |
106 |
|
2016 |
1,689,500 |
109 |
|
2017 |
1,753,800 |
111 |
|
2018 |
1,948,800 |
116 |
|
2019 |
1,920,000 |
120 |
Make the journal entry to adjust the inventory balance to LIFO.
Homework Answers
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Ryman Corporation
Partial Trial Balance
12/31/2019
Debit
Credit
Cash
4,240,000
Marketable Securities
240,000
Accounts Receivable
3,120,000...
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