Marigold Company uses the LIFO periodic method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2025, the LIFO reserve has a credit balance of $1,040,000. At December 31, 2025, Marigold's internal reports indicated that the FIFO inventory balance was $2,625,900 and for external reporting purposes the LIFO inventory balance was $1,487,200. (a1) Your answer is correct. What is the amount of the LIFO reserve and the LIFO effect related to 2025? LIFO reserve at December 31, 2025 $ LIFO effect for 2025 $ 1138700 98700

Marigold Company uses the LIFO periodic method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2025, the LIFO reserve has a credit balance of $1,040,000. At December 31, 2025, Marigold's internal reports indicated that the FIFO inventory balance was $2,625,900 and for external reporting purposes the LIFO inventory balance was $1,487,200. (a1) Your answer is correct. What is the amount of the LIFO reserve and the LIFO effect related to 2025? LIFO reserve at December 31, 2025 $ LIFO effect for 2025 $ 1138700 98700

Name: I also need the journal entry for december 31 2025 What is the journal
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Description: I also need the journal entry for december 31 2025 What is the journal entry needed to record the LIFO effect at December 31, 2025? (If no entry is required, select "No entry" for theaccount titles and enter O for the amounts. Credit account titles a

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following is a portion of the current assets section of the balance sheets of Avanti's, Inc., at December 31, 2020 and 2019: 12/31/20 12/31/19 Accounts receivable, less allowance for baddebts of $9,750 and $15,336, respectively $179,866 $225,851 Required:a. If $11,849 of accounts receivable were written off during 2020, what was the amount of bad debts expense recognized for the year? (Hint: Use a T-account model of the Allowance account, plug in the three amounts that you know, and solve for the unknown.) b. The December 31, 2020, Allowance account balance includes $3,034 for a past due account that is not likely to be collected. This account has not been written off.(1) If it had been written off, will there be any effect of the write-off on the working capital at December 31, 2020? Yes No (2) If it had been written off, will there be any effect of the write-off on net income and ROI for the year ended December 31, 2020? Yes No c. The…
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The Phillips Company gathered the following information pertaining to its year ended December 31, 2020 prior to any adjustments: Net Sales for the Year $780,000 Accounts Receivable, 12/31 165,000 Allowance for Uncollectible Accounts, 12/31 2,200 Debit Assume that Phillips uses the percentage of outstanding accounts receivable method for uncollectible amounts. An aging of accounts receivable indicates that $9,550 will be uncollectible. Phillips will report the following amounts in its 2020 financial statements: Select one: a. Bad debts expense $11,750; Net accounts receivable $155,450 b. Bad debts expense $9,550; Net accounts receivable $155,450 c. Bad debts expense $9,550; Net accounts receivable $157,650 d. Bad debts expense $1,750; Net accounts receivable $157,650 e. Bad debts expense $7,350; Net accounts receivable $157,650
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Cullumber Company’s balance sheet at December 31, 2021, is presented below. Cullumber CompanyBalance SheetDecember 31, 2021 Cash $13,310 Accounts payable $8,900 Accounts receivable 20,100 Common stock 18,800 Allowance for doubtful accounts (720) Retained earnings 14,810 Inventory 9,820 $42,510 $42,510 During January 2022, the following transactions occurred. Cullumber uses the perpetual inventory method. Jan. 1 Cullumber accepted a 4-month, 8% note from Betheny Company in payment of Betheny’s $4,800 account. 3 Cullumber wrote off as uncollectible the accounts of Walter Corporation ($500) and Drake Company ($300). 8 Cullumber purchased $15,760 of inventory on account. 11 Cullumber sold for $26,200 on account inventory that cost $18,330. 15 Cullumber sold inventory that cost $750 to Jack Rice for $1,100. Rice charged this amount on his Visa First Bank card. The service fee…
Cullumber Company’s balance sheet at December 31, 2021, is presented below. Cullumber CompanyBalance SheetDecember 31, 2021 Cash $13,310 Accounts payable $8,900 Accounts receivable 20,100 Common stock 18,800 Allowance for doubtful accounts (720) Retained earnings 14,810 Inventory 9,820 $42,510 $42,510 During January 2022, the following transactions occurred. Cullumber uses the perpetual inventory method. Jan. 1 Cullumber accepted a 4-month, 8% note from Betheny Company in payment of Betheny’s $4,800 account. 3 Cullumber wrote off as uncollectible the accounts of Walter Corporation ($500) and Drake Company ($300). 8 Cullumber purchased $15,760 of inventory on account. 11 Cullumber sold for $26,200 on account inventory that cost $18,330. 15 Cullumber sold inventory that cost $750 to Jack Rice for $1,100. Rice charged this amount on his Visa First Bank card. The service fee…