Required: 1. Prepare the September 30, 2019, adjusting entry to record the cost of goods sold adjustment. 2. If AnsgarPharm had used FIFO to report its inventories, what would cost of goods sold have been for the year ended September 30, 2019?
Q: 57 On January 1, 2024, Reyes Recreational Products issued $100,000, 11%, four-year bonds. Interest…
A: A bond is a security of our debts we have to issue a bond when we are lending some money for a…
Q: Pell Company acquires 80% of Demers Company for $500,000 on January 1, 2019. Demers reported common…
A: “Since you have posted a question with multiple sub-parts, we will provide the solution only to the…
Q: manufacturing and sales, Caribann is a company with the potential to produce 100,000 units of its…
A: CVP analysis is useful in estimation of the relationship between the cost, volume and profit. It is…
Q: What is total net sales for this company? What is total gross profit for this company?…
A: To calculate the financial figures for X Stores Ltd. based on the provided account balances at…
Q: Assets 050 (1,050) 1,050 1,050 050 (1,050) e Choice Balance Sheet Stockholders' Equity NA =…
A: The account receivables is the current assets for the business. The allowance for doubtful accounts…
Q: a. What is Maria's and Javier's qualified business income? b. What is Maria's and Javier's qualified…
A: Qualified Business Income refers to that amount of income that comprises income items that are…
Q: Tara Westmont, the owner of Tiptoe Shoes, had annual revenues of $202,000, expenses of $112,200, and…
A: Closing entries are those journal entries which are prepared at the end of accounting period in…
Q: Required information. [The following information applies to the questions displayed below.] Greer…
A: Payroll tax: A payroll tax is a tax withheld from an employee's salary by an employer who remits it…
Q: A-1
A: Dear student, kindly check the answer in the explanation box below.Explanation:Dear student,Part 1:…
Q: Legrand Company produces hand cream. In 2018, their financial information is as follows: Each jar…
A: BREAKEVEN POINTBreak Even means the volume of production or sales where there is no profit or…
Q: Exercise 3-1 (Algo) Prepare Journal Entries [LO3-1] Larned Corporation recorded the following…
A: Journal Entry:— It is an act of recording transactions in books of account when transaction…
Q: Use the following information for the Quick Study below. (Algo) Miami Solar manufactures solar…
A: Direct costs are the expenses that are directly used for the production of goods and services for…
Q: Trio Company reports the following information for its first year of operations. $20 per unit $ 21…
A: Variable costing method is a method of costing in which product cost is calculated by adding direct…
Q: Sunland Company has accumulated the following budget data for the year 2022: 1. 2. 3. 4. 5. 6.…
A: SUNLAND COMPANY Computation of Cost of Goods SoldFor the Year Ending December 31, 20222Cost of…
Q: Problem 8-35 (Algo) (LO 8-2) Ecru Company has identified five industry segments: plastics, metals,…
A: Income statement is a financial statement that records all the income and expenses of the business…
Q: the journal entries for 2015.
A: Interest Payment Principal Balance * Quarterly Interest RateThe quarterly interest rate is is…
Q: Striker Company estimates its expected cash receipts for the period to be $80,000 and its expected…
A: The objective of the question is to determine how much cash the Striker Company needs to borrow in…
Q: Required information [The following information applies to the questions displayed below.] Grayson…
A: Stocks are classified as long term or short term based on holding period. Long term capital gain-…
Q: Your corporation has the following: Sales $500,000 Total Assets 850,000 Accounts Receivable 75,000…
A: The Income Statement is one of a company's core financial statements that shows their profit and…
Q: Information taken from Kombucha Cooperative's records for the most recent year is as follows: Direct…
A: ABSORPTION COSTINGAbsorption Costing is a Cost managerialAccounting method in which All Cost related…
Q: Regular Company produces audio equipment, specifically headphones and speakers. A new CEO has just…
A: Manufacturing overhead is the indirect costs that are incurred during the manufacturing process,…
Q: E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost…
A: In LIFO (last in first out) method, inventory purchased last will be sold first, and therefore…
Q: Sells at of $48 for a unit, direct material $17, direct labour $12 dollar, and overhead $16 (75%…
A: Lets understand the basics.In special order situation, management needs to choose whether to accept…
Q: Presented below is financial information for two different companies. Determine the missing amounts.…
A: Income Statement: It refers to a financial statement that is prepared by the business which lists…
Q: Exercise 6-14A (Algo) Effect of petty cash events on the financial statements LO 6-4 Fresh Foods…
A: The accounting equation states that assets are equal to the sum of the liabilities and equity. The…
Q: For the year ended December 31, a company had services revenue of $204,000 and wages expense of…
A: Closing entries are those journal entries which are passed at the end of accounting period in order…
Q: Bob Jensen Incorporated purchased a $660,000 machine to manufacture specialty taps for electrical…
A: Therefore, based on its initial investment, the proposed investment has an Accounting Rate of Return…
Q: 4. Handy Howard is considering a contract to sell merchandise to a Handy Howard organization for…
A: Gross Profit is the amount which is earned by the investor from the business. This is calculated…
Q: Goodwill arising
A: Ans: $ 230Explanation:Cash40Receivables180Inventories290Land400Buildings (net)500Accounts…
Q: Ten years ago your grandfather purchased for you a 25-year $1,000 bond with a coupon rate of 9…
A: Market price of bond is based on present value of periodic interest and maturity amount discounted…
Q: Maureen Smith is a single individual. She claims a standard deduction of $12,400. Her salary for the…
A: Marginal tax rate is that tax rate that a person or an entity has to pay on its additional dollar of…
Q: Performance Products Corporation makes two products, titanlum Rims and Posts. Data regarding the two…
A: Rims = $37.80Posts = $15.72Explanation:
Q: The Street Division of Labrosse Logistics just started operations. It purchased depreciable assets…
A: Ratio analysis is a method used to analyze financial statements by calculating and comparing various…
Q: At the beginning of the year Unique Ltd. had total assets of $623,000 and total liabilities of…
A: To find the change in liabilities, we can rearrange the above equation.Change in liabilities =…
Q: Supply the missing dollar amounts for each of the following independent cases: Cases A B C יןםן D E…
A: Cost of available for sale is the total amount of goods which are available for sale. It can be…
Q: Prepare its bank reconciliation using the above information. Del Gato Clinic's cash account shows…
A: Bank reconciliation is a statement prepared to find out the causes of the difference between the…
Q: Amon Pro he department. The ending in-process inventory was 7,500 units, which were 3/5 complete as…
A: Conversion cost can be referred to as the cost incurred to convert raw materials into finished goods…
Q: On March 1, 2021, Sunshine paid $122,000 for a new copy machine. It was estimated that the machine…
A: Depreciation expense is the expense charged for the wear and tear of an asset. Under the double…
Q: Better Health Company has two service departments — actuarial and premium rating, and two operations…
A: The step method of cost allocation is a technique used in managerial accounting to allocate indirect…
Q: Swifty Corporation produces a product that requires 2.60 pounds of materials per unit. The allowance…
A: Under standard costing the cost will be estimated at the beginning based on past data on cost.Then…
Q: Tobin's Frozen Pizza Inc. has determined from its production budget the following estimated…
A: The budget is prepared to estimate the requirements for the period. The materials budget is prepared…
Q: QS 21-2 (Algo) Flexible budget cost calculations LO P1 Based on predicted production of 25,500…
A: FLEXIBLE BUDGETA flexible budget is a budget that is prepared for different levels of activity or…
Q: The entry to record the receipt of payment within the discount period on a sale of $4000 with terms…
A: DISCOUNTING PERIOD A firm makes sales to its customer and allows a discount for making payment…
Q: Jen Rogers withdrew a total of $29,000 from her business during the current year. The entry needed…
A: Closing entries are journal entries made at the end of an accounting period to transfer temporary…
Q: Gunflint Adventures operates an airplane service that takes fishing parties to a remote lake resort…
A: Depreciation :"Depreciation" is defined as an accounting method wherein the cost of tangible assets…
Q: no adjustment has yet been made for accrued interest receivable on a bond receivable for the year…
A: Bond receivable refers to the amount of money owed to a company or entity from the issuance of a…
Q: ipment, estimated service life, 5 years; no salvage value Iding, estimated service life, 40 years;…
A: Depreciation is an expense charged for the wear and tear of the asset, It is a non-cash expense and…
Q: If a firm's current ratio and quick ratio have been steadily decreasing, the underlying cause might…
A: The current ratio indicates a company's capacity to meet its short-term commitments with short-term…
Q: 2. Calculate (a) the maintained markup percent and (b) the gross margin percent with the following…
A: Gross margin is the sales revenue over and above all the direct expenses in the business. Markup is…
Q: Santos Company is preparing a cash budget for February. The company has $15,000 cash at the…
A: A cash budget is a financial plan that outlines expected cash inflows and outflows over a specific…
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
- Snarl Entity, as well as all of Snarl Entity’s suppliers, are registered as VAT vendors. Snarl Entity uses the perpetual inventory system.Snarl Entity’s current reporting date is 31 December 2014 and the owner will probably approve the 2014 financial statements for distribution on 28 February 2015. The following information represents an extract from the list of balances of Snarl Entity on 31 December 2014:Receivable Croock (30 November 2014 ) 240 000Payable Poock (30 November 2014 ) 445 000ADDITIONAL INFORMATIONThe Payable/Receivable clerk of Snarl Entity has finalised all the other receivables and payables accounts, but was admitted to hospital before she could do the abovementioned accounts and they approached you to complete it for them. The following transactions where applicable, include VAT at 14%:03 Dec An amount of R228 000 due by Receivable Croock, was paid directly into Snarl Entity’s bank account by the means of an EFT. 03 Dec The balance of R12 000, represents a sale of…AA Company reported inventory on December 31, 2018 at P6,000,000 based on a physical count of goods priced at cost and before any necessary year-end adjustments relating to the following: Included in the physical count were goods billed to a customer FOB shipping point on December 30, 2018. These goods had a cost of P125,000 and were picked up by the carrier on January 2, 2019. Goods shipped FOB shipping point on December 28, 2018 from a vendor to AA were received and recorded on January 2, 2019. The invoice cost was P300,000. What amount should be reported as inventory on December 31, 2018?During your review of the Hearbeat Corporation for the year ended December 31, 2020, you found the following information relating to certain inventory transactions from your observation of the client’s physical count and review of sales and purchases cutoff: a. Goods costing P180,000 were received from a vendor on January 3, 2021. The goods were not included in the physical count. The related invoice was received and recorded on December 30, 2020. The goods were shipped on December 31, 2020, terms FOB shipping point. b. Goods costing P200,000, sold for P300,000, were shipped on December 31, 2020, and were received by the customer on January 2, 2021. The terms of the invoice were FOB shipping point. The goods were included in the ending inventory for 2020 and the sale was recorded in 2021. c. The invoice for goods costing P150,000 was received and recorded as a purchase on December 31, 2020. The related goods shipped FOB destination were received on January 2, 2021 but were included in…
- Fig Company's inventory at December 31, 2021 was P570,000 based on a physical count of goods priced at cost and before any necessary year-end adjustments relating to the following: • Included in the physical count were goods billed to a customer FOB shipping point on December 31, 2021. These goods had a cost of P15,000 and were picked up by the carrier only on January 10, 2022. • Goods shipped FOB shipping point on December 28, 2021 from a vendor to Fig Company were received on January 4, 2022. The invoice cost was P25,000. • Goods shipped from Fig Company to a customer, terms FOB destination, are still in transit at December 31, 2021. The goods, with a selling price of P120,500, were received by the customer on January 5, 2022. The company sells goods at a 25% markup on cost. What amount should Fig Company report as inventory in its December 31, 2021 statement of financial position? *Fig Company’s inventory at December 31, 2021 was P570,000 based on a physical count of goods priced at cost and before any necessary year-end adjustments relating to the following:• Included in the physical count were goods billed to a customer FOB shipping point on December 31, 2021. These goods had a cost of P15,000 and were picked up by the carrier only on January 10, 2022.• Goods shipped FOB shipping point on December 28, 2021 from a vendor to Fig Company were received on January 4 , 2022. The invoice cost was P25,000.• Goods shipped from Fig Company to a customer, terms FOB destination, are still in transit at December 31, 2021. The goods, with a selling price of P120,500, were received by the customer on January 5, 2022. The company sells goods at a 25% markup on cost.What amount should Fig Company report as inventory in its December 31, 2021 statement of financial position?SHOW COMPUTATIONyou found the following information relating to certain inventory transactions from your observation of the client’s physical count and review of sales and purchases cutoff: a. Goods costing P180,000 were received from a vendor on January 3, 2021. The goods were not included in the physical count. The related invoice was received and recorded on December 30, 2020. The goods were shipped on December 31, 2020, terms FOB shipping point.b. Goods costing P200,000, sold for P300,000, were shipped on December 31, 2020, and were received by the customer on January 2, 2021. The terms of the invoice were FOB shipping point. The goods were included in the ending inventory for 2020 and the sale was recorded in 2021.c. The invoice for goods costing P150,000 was received and recorded as a purchase on December 31, 2020. The related goods shipped FOB destination were received on January 2, 2021 but were included in the physical inventory as goods in transit.d. A P600,000 shipment of…
- The Rodelio Company conducted a physical count of inventory on December 31, 2023, with a cost of P3,370,000. The following items were included from the physical count: Goods held by Rodelio on consignment P420,000 Goods shipped by a vendor FOB Destination on December 31, 2023 and was received by Rodelio on January 5, 2024. 850,000 Goods purchased FOB Shipping Point was shipped by the supplier on December 31, 2023 and received by Rodelio on January 4, 2024. 770,000 Cost of goods shipped by Rodelio FOB Destination to a customer on December 31, 2023 and was received by the customer on January 2, 2024. 370,000 Cost of goods shipped by Rodelio FOB Shipping Point to a customer on December 31, 2023 and was received by the customer on January 5, 2024. 590,000 Cost of goods shipped by Rodelio to a customer on December 31, 2023 on an installments agreement (Rodelio Company believed that the collectability of the installment is reasonably assured) 340,000…The Kwok Company’s inventory balance on December 31, 2018, was $165,000 (based on a 12/31/2018 physicalcount) before considering the following transactions:1. Goods shipped to Kwok f.o.b. destination on December 20, 2018, were received on January 4, 2019. Theinvoice cost was $30,000.2. Goods shipped to Kwok f.o.b. shipping point on December 28, 2018, were received on January 5, 2019. Theinvoice cost was $17,000.3. Goods shipped from Kwok to a customer f.o.b. destination on December 27, 2018, were received by the customer on January 3, 2019. The sales price was $40,000 and the merchandise cost $22,000.4. Goods shipped from Kwok to a customer f.o.b. destination on December 26, 2018, were received by the customer on December 30, 2018. The sales price was $20,000 and the merchandise cost $13,000.5. Goods shipped from Kwok to a customer f.o.b. shipping point on December 28, 2018, were received by thecustomer on January 4, 2019. The sales price was $25,000 and the merchandise cost…Jungkook Corp. has reported an inventory balance of P2,500,000 (based on physical count on January 5, 2021) by end of year 2020. As the company’s auditor, you have noted of the following transactions: • Goods shipped to Jungkook F.O.B. destination on December 28, 2019 were received on January 5, 2021. Based on the provided invoice, this costs P300,000 and is physically counted as part of the initial inventory balance. • There are also goods amounting to P250,000 which you have learned later on, has been held on consignment from a major consignor of Jungkook Corp. This is as well physically counted as part of the initial inventory balance. • Merchandise with cost of P100,000 was already in-transit to a customer, F.O.B shipping point on December 30, 2020. It arrived on January 4, 2021. Since it has already been shipped before the physical count on January 5, the merchandise is not included in the initial inventory balance. • You also have noted that P150,000 worth of merchandise has not…
- Caterpillar Inc (CAT) has the following excerpts from their financial statements December 31, 2021 December 31, 2020 Inventory (in $ Millions) 14,038 11,402 Net Income(in $ Millions) 6,489 2,998 Inventories are principally determined using the last-in, first-out (LIFO) method. The value of inventories on the LIFO basis. If the FIFO (first-in, first-out) method had been in use, inventories would have been $3,258 million and $2,921 million higher than reported at December 31, 2021 and 2020, respectively. Assume corporate tax rate of 21%. If CAT had used FIFO method instead of LIFO method What inventory (in $ Millions) would CAT report for 2021? What net income (profit) would CAT report in 2021? What is the cumulative amount of income tax savings that CAT generated through end of 2021 by using LIFO instead of FIFO? What…The Kwok Company’s inventory balance on December 31, 2021, was $165,000 (based on a 12/31/2021 physical count) before considering the following transactions: Goods shipped to Kwok f.o.b. destination on December 20, 2021, were received on January 4, 2022. The invoice cost was $30,000. Goods shipped to Kwok f.o.b. shipping point on December 28, 2021, were received on January 5, 2022. The invoice cost was $17,000. Goods shipped from Kwok to a customer f.o.b. destination on December 27, 2021, were received by the customer on January 3, 2022. The sales price was $40,000 and the merchandise cost $22,000. Goods shipped from Kwok to a customer f.o.b. destination on December 26, 2021, were received by the customer on December 30, 2021. The sales price was $20,000 and the merchandise cost $13,000. Goods shipped from Kwok to a customer f.o.b. shipping point on December 28, 2021, were received by the customer on January 4, 2022. The sales price was $25,000 and the merchandise cost $12,000.…Hall Company’s inventory at December 31, 2019 was P1,500,000 based on a physical count of goods priced at cost, and before any necessary year-end adjustment relating to the following: Included in the physical count were goods billed to a customer FOB shipping point on December 31, 2019. These goods had a cost of P30,000 and were picked up by the carrier on January 10, 2020. Goods shipped FOB destination on December 28, 2019 from a vendor to Hall were received on January 4, 2020. The invoice cost was P50,000. What amount should Hall report as inventory on its December 31, 2019 balance sheet? Choices: P1,480,000 P1,470,000 P1,550,000 P1,500,000