I got 2 of the 5 parts correct, having trouble figuring out the rest and missing pieces, any help would be great
I got 2 of the 5 parts correct, having trouble figuring out the rest and missing...
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, its fiscal-year end, based on a physical count, was determined to be $341,000. Capwell's unadjusted trial balance also showed the following account balances Purchases, $770,000, Accounts payable, $285,000, Accounts receivable. $300,000. Sales revenue, $950,000 The internal audit department discovered the following items 1. Goods valued at $47,000 held on consignment from Dix Company were included in the physical count but not recorded as a purchase....
wa Capwell Corporation uses a periodic ventory system. The company's ending wiventory on December 31, 2018, s fecal year end based on a physical count, was determined to be $346.000 Capwell's unachusted trial balance also showed the following account balances: Purchases, 5820,000, Accounts payable, $310.000. Accounts receivable, $325,000, Sales revenue, $1.000.000 The internal audit department discovered the following items 1 Goods valued at $52.000 held on consignment from Dex Company were included in the physical count but not recorded as...
Please solve for Requirement #2 The December 31, 2021, inventory of Tog Company, based on a physical count, was determined to be $467,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $67,000. The purchase was recorded and paid for in 2022. Another supplier shipment costing $28,500 was correctly recorded as a purchase in 2021. However, the merchand ise, shipped FOB shipping point, was not received until 2022...
Exercise 6-2 x Your answer is incorrect. Try again. Rachel Warren, an auditor with Laplante CPAs, is performing a review of Larkspur, Inc.'s inventory account. Larkspur, Inc. did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $824,000. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (If an amount reduces the account...
Please provide answers AND explanations for each of the 5 questions. correct answers will get a thumbs up. Thank you! Question 4 1 pts USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (5) QUESTIONS: Magic Cleaning Services has a fiscal year end of December 31st. It is in its first year of operations. As of December 31, Magic has the following unadjusted trial balance: Debit Credit $ 430,900 $158,000 $111,000 $ 90,000 Account Cash Accounts Receivable Supplies Building Accounts Payable...
gnment CALCULATOR FULL SCREEN PRINTER VERSION 4 ВАСK NEXT Exercise 6-2 Rachel Warren, an auditor with Laplante CPAS, is performing a review of Schuda Company's inventory account. Schuda did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $757,990. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (If an amount reduces the...
I am having a hard time solving this problem from Chapter 5 in the Book of Fundamental Accounting Principles edition 15 volume 1. thank you Required 1. Record and post the appropriate closing entries. 2. Prepare a post-closing trial balance. Chapter 5 Cumulative Comprehension Problem: Echo Systems Echo Systems-perpetual or periodic Note: Solutions are available for both perpetual and periodic. (The first three segments of this comprehensive problem were presented in Chapters 2, 3, and 4. If those segments have...
Exercise 6-2 Kari Downs, an auditar with Wheeler CPAs, is performing a rviw af Depue Company's inventary account. Depue did not have a good yoar, and top management is under pressure to boost reported income. Accarding ta its records, the inventary balance at year-end was $763,000. However, the following infarmation was not considered when determining that amount. Prepare a sthedule to determine the carrect inventory amount. (Ifan amount reduces the account balance then enter with a negative sign preceding the...
d. Prepare a multistep income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows for year 2. (Statement of Cash Flows only, items to be deducted must be indicated with a minus sign.) Answer is not complete. REDD COMPANY Income Statement For the Year Ended December 31, Year 2 Net sales $ 10,178 Cost of goods sold 6,542 Gross margin 3,636 Operating expenses Transportation-out (140) 3.496 Operating income Nonoperating items Sales returns...
Hi, finally got the first part, correct. If you can please please do the transaction list and the income statement. Should be easier with the answers the the first to but im stuck. I just need the transaction lists answered and the income statement please. Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. Following is che company's unadjusted trial balance as of December 31, 2019. December 31, 2019 Unadjusted Trial Balance $ 19, 200...