Inventory | Accounts Payable | Sales | |
Initial amounts | 1340000 | 1072000 | 9450000 |
Adjustments-increase (decrease): | |||
1 | -200000 | -200000 | |
2 | -31000 | ||
3 | 58000 | ||
4 | 300000 | ||
5 | 34000 | 34000 | |
6 | 2900 | 2900 | |
7 | -8490 | -8490 | |
Total adjustments | 97410 | -171590 | 58000 |
Adjusted amounts | 1437410 | 900410 | 9508000 |
7. Discount = 3% x $283000 = $8490
Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records...
Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records are as follows: Inventory at December 31 (based on a physical count of goods in Reagan's warehouse on December 31) $1,400,eee Accounts payable at December 31: Vendor Baker Company Charlie Company Dolly Company Eagler Company Full Company Greg Company Accounts payable, December 31 Sales for the year Terms 2%, 10 days, net 30 Net 30 Net 30 Net 3e Net 30 Net 30 Amount...
Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records are as follows: Inventory at December 31 (based on a physical count of goods in Reagan's warehouse on December 31) $1,290,000 Accounts payable at December 31: Vendor Terms Amount Baker Company 2%, 10 days, net 30 $ 273,000 Charlie Company Net 30 218,000 Dolly Company Net 30 308,000 Eagler Company Net 30 233,000 Full Company Net 30 – Greg Company Net 30 – Accounts...
Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records are as follows: Inventory at December 31 (based on a physical count of goods in Reagan's warehouse on December 31) $1,370,000 $ Accounts payable at December 31: Vendor Baker Company Charlie Company Dolly Company Eagler Company Full Company Greg Company Accounts payable, December 31 Sales for the year Terms 3%, 10 days, net 30 Net 30 Net 30 Net 30 Net 30 Net 30...
Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records are as follows: Inventory at December 31 (based on a physical count of goods in Reagan's warehouse on December 31) $1,350,000 Accounts payable at December 31: Vendor Terms Amount Baker Company 3%, 10 days, net 30 $ 285,000 Charlie Company Net 30 230,000 Dolly Company Net 30 320,000 Eagler Company Net 30 245,000 Full Company Net 30 – Greg Company Net 30 – Accounts...
Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records are as follows: Inventory at December 31 (based on a physical count of goods in Reagan's warehouse on December 31) $1,320,000 Accounts payable at December 31: Vendor Terms Amount Baker Company 2%, 10 days, net 30 $ 279,000 Charlie Company Net 30 224,000 Dolly Company Net 30 314,000 Eagler Company Net 30 239,000 Full Company Net 30 – Greg Company Net 30 – Accounts...
Check my workCheck My Work button is now enabled1 Item 1 Item 1 13 points Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records are as follows: Inventory at December 31 (based on a physical count of goods in Reagan's warehouse on December 31) $1,290,000 Accounts payable at December 31: Vendor Terms Amount Baker Company 2%, 10 days, net 30 $ 273,000 Charlie Company Net 30 218,000 Dolly Company Net 30 308,000 Eagler...
The Allen Company is a wholesale distributor of automotive replacement parts. Use the information provided in the exhibits to determine if any adjustments are needed on Allen's inventory, accounts payable, and sales. Enter the appropriate amounts in the associated cells. Indicate negative numbers by using a leading minus (-) sign. Round all amounts to the nearest whole number. If no entry is necessary, enter a zero (0) or leave the cell blank. Transactions Physical inventory Accounts payable Sales 1-3. Charlie...
Cullumber Company, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 31, 2017. Inventory at December 31, 2017 (based on physical count of goods in Cullumber’s plant, at cost, on December 31, 2017) $1,467,950 Accounts payable at December 31, 2017 1,182,000 Net sales (sales less sales returns) 7,990,400 Additional information is as follows. 1. Included in the physical count were tools billed to a customer f.o.b. shipping point on December 31,...
Concord Company, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 31, 2020. Inventory at December 31, 2020 (based on physical count of goods in Concord's plant, at cost, on December 31, 2020) $1,377,820 Accounts payable at December 31, 2020 1,262,700 Net sales (sales less sales returns) 8,704.300 Additional information is as follows. 1. Included in the physical count were tools billed to a customer f.o.b. shipping point on December 31,...
Problem 8-2 Blue Company, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 31, 2017. Inventory at December 31, 2017 (based on physical count of goods in Blue’s plant, at cost, on December 31, 2017) $1,494,150 Accounts payable at December 31, 2017 1,278,600 Net sales (sales less sales returns) 8,729,500 Additional information is as follows. 1. Included in the physical count were tools billed to a customer f.o.b. shipping point on...