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E7-1 LO7-1 Analyzing Items to Be Included in Inventory Based on its physical count of inventory...
E7-1 LO7-1 Analyzing Items to Be Included in Inventory Based on its physical count of inventory in its warehouse at yearend, December 31 of the current year, Plummer Company planned to report inventory of $34,000. During the audit, the independent CPA devel oped the following additional information: a. Goods from a supplier costing $700 are in transit with UPS on December 31 of the current year. The terms are FOB shipping point (explained in the Required" section). Because these goods...
P7-1 (Algo) Analyzing Items to Be Included in Inventory L07-1 Travis Company has just completed a...
P7-1 (Algo) Analyzing Items to Be Included in Inventory L07-1 Travis Company has just completed a physical inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $67,000. During the audit, the independent CPA developed the following additional information: a. Goods costing $810 were being used by a customer on a trial basis and were...
Travis Company has just completed a physical Inventory count at year-end, December 31 of the current...
Travis Company has just completed a physical Inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $65,700. During the audit, the independent CPA developed the following additional Information a Goods costing $870 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
Travis Company has just completed a physical Inventory count at year-end, December 31 or the current...
Travis Company has just completed a physical Inventory count at year-end, December 31 or the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to 565,700. During the audit, the independent CPA developed the following additional Information: a. Goods costing $870 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
Accounting questions A) Cash os coating 53.000 or 55.000 with Using perpetual inventory, the entry to record a credit s...
Accounting questions
A) Cash os coating 53.000 or 55.000 with Using perpetual inventory, the entry to record a credit sale of S5000 Sales Revenue Inventory Cost of Goods Sold S3,000 B) Cash Service Revenue C) Accounts Receivable S5,000 $3.000 $5,000 $3.000 $3,000 D) Service Revenue S5,000 Accounts Receivable S5,000 Sales Revenue Cost of Goods Sold S3,000 Inventory $3,000 $5,000 29. Waggy Company identi Indicate whether each item should each item should be included or excluded from the inventory taking ems...
Travis Company has just completed a physical inventory count at year-end, December 31 of the current...
Travis Company has just completed a physical inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $67,000. During the audit, the independent CPA developed the following additional information: a. Goods costing $950 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
of 2 Required information [The following information applies to the questions displayed below) At the beginning...
of 2 Required information [The following information applies to the questions displayed below) At the beginning of Year 2. the Redd Company had the following balances in its accounts: Cash Inventory Common stock Retained earnings 58,400 2,400 7,900 2,900 nces During Year 2. the company experienced the Sllowing events: 1. Purchased inventory that cost $5,900 on account from Ross Company under terms 2/10,n/30. The merchandise was delivered FOB shipping point. Transportation costs of $540 were paid in cash. 2. Returned...
Required information [The following information applies to the questions displayed below.] At the beginning of Year...
Required information [The following information applies to the questions displayed below.] At the beginning of Year 2, the Redd Company had the following balances in its accounts: Cash $ 16,800 Inventory 4,000 Land 2,000 Common stock 12,000 Retained earnings 10,800 During Year 2, the company experienced the following events: Purchased inventory that cost $11,200 on account from Ross Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $800 were paid in cash. Returned $600...
Check my workCheck My Work button is now enabled1 Item 1 Item 1 13 points Reagan...
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...
Required information [The following information applies to the questions displayed below.] At the beginning of 2018,...
Required information [The following information applies to the questions displayed below.] At the beginning of 2018, the Redd Company had the following balances in its accounts: Cash $ 8,800 Inventory 2,800 Common stock 8,300 Retained earnings 3,300 During 2018, the company experienced the following events: Purchased inventory that cost $6,300 on account from Ross Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $580 were paid in cash. Returned $400 of the...
E7-1 LO7-1 Analyzing Items to Be Included in Inventory Based on its physical count of inventory in its warehouse at yearend, December 31 of the current year, Plummer Company planned to report inventory of $34,000. During the audit, the independent CPA devel oped the following additional information: a. Goods from a supplier costing $700 are in transit with UPS on December 31 of the current year. The terms are FOB shipping point (explained in the Required" section). Because these goods...
P7-1 (Algo) Analyzing Items to Be Included in Inventory L07-1 Travis Company has just completed a physical inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $67,000. During the audit, the independent CPA developed the following additional information: a. Goods costing $810 were being used by a customer on a trial basis and were...
Travis Company has just completed a physical Inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $65,700. During the audit, the independent CPA developed the following additional Information a Goods costing $870 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
Travis Company has just completed a physical Inventory count at year-end, December 31 or the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to 565,700. During the audit, the independent CPA developed the following additional Information: a. Goods costing $870 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
Accounting questions
A) Cash os coating 53.000 or 55.000 with Using perpetual inventory, the entry to record a credit sale of S5000 Sales Revenue Inventory Cost of Goods Sold S3,000 B) Cash Service Revenue C) Accounts Receivable S5,000 $3.000 $5,000 $3.000 $3,000 D) Service Revenue S5,000 Accounts Receivable S5,000 Sales Revenue Cost of Goods Sold S3,000 Inventory $3,000 $5,000 29. Waggy Company identi Indicate whether each item should each item should be included or excluded from the inventory taking ems...
Travis Company has just completed a physical inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $67,000. During the audit, the independent CPA developed the following additional information: a. Goods costing $950 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
of 2 Required information [The following information applies to the questions displayed below) At the beginning of Year 2. the Redd Company had the following balances in its accounts: Cash Inventory Common stock Retained earnings 58,400 2,400 7,900 2,900 nces During Year 2. the company experienced the Sllowing events: 1. Purchased inventory that cost $5,900 on account from Ross Company under terms 2/10,n/30. The merchandise was delivered FOB shipping point. Transportation costs of $540 were paid in cash. 2. Returned...
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