Which of the following statements is true? a debit to at least one T-account and a credit to (A) Every financial transaction will result at least one T-account. (B) The general ledger contains a list of all the potential accounts that an entity may use or has ever used In the preparation of its bookkeeping entries. (C) Changes to the "accounts receivable" T-account are always entered as debits. (D) A chart of accounts lists only the entity's most frequently used accounts in the preparation of its bookkeeping entries.
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- Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500The moving average inventory cost flow assumption is applicable to which of the following inventory systems? Questions M7-6 and M7-7 are based on the following data: City Stationers Inc. had 200 calculators on hand on January 1, 2019, costing 18 each. Purchases and sales of calculators during the month of January were as follows: City uses a periodic inventory system. According to a physical count, 150 calculators were on hand at January 31, 2019.On December 31, 2019, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Instructions 1. Does Wyman Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Wyman Company for the year ended December 31, 2019. The merchandise inventory as of December 31, 2019, was 305,000. The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was 30,000. 3. Prepare the closing entries for Wyman Company as of December 31, 2019. 4. What would the net income have been if the perpetual inventory system had been used?
- On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as follows: Instructions 1. Does Simkins Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Simkins Company for the year ended June 30, 2019. The merchandise inventory as of June 30, 2019, was 508,000. The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was 33,000. 3. Prepare the closing entries for Simkins Company as of June 30, 2019. 4. What would the net income have been if the perpetual inventory system had been used?Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section and place a check mark () in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owners equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. Insert the new balance in the owners capital account. 10. Prepare a post-closing trial balance.Riderco Pool Supplies' merchandise inventory data for the year ended December 31, 2025, follow: (Click the icon to view the inventory data.) Read the requirements. Requirement 1. Assume that the ending merchandise inventory was accidentally overstated by $1,000. What are the correct amounts for cost of goods sold and gross profit? Cost of goods sold in 2025 would be What is the correct amount of gross profit? Gross profit in 2025 would be Requirement 2. How would the inventory error affect Riderco Pool Supplies' cost of goods sold and gross profit for the year ended December 31, 2026, if the error is not corrected in 2025? Cost of goods sold for 2026 would be by How would the inventory error affect Riderco Pool Supplies' gross profit for the year ended December 31, 2026, if the error is not corrected in 2025? Gross profit for 2026 would be by Requirements 1. Assume that the ending merchandise inventory was accidentally overstated by $1,000. What are the correct amounts for cost of…
- 47) Global company provided the following inventory information for the month of March 2019. Units Cost (RO) Amount (RO) Mar-1 Beginning inventory 230 20 4,600 Mar 8- Purchases 340 24 8,160 Mar 16- Purchases 380 30 11,400 Mar 14- Sales 350 40 14,000 Based on the above table find out the amount of Closing inventory for the month of March 2019, if the business is evaluating the inventory by using Weighted average method under the Periodic inventory system. a. RO 15,258 b. RO 11,400 c. RO 8,901 d. RO 7,480[C] Complete the table: Analyze the transaction made by Cai's General Merchandise for the month of March 2020. Identify the accounts affected following the Perpetual Inventory System.Problem 1. How much is the adjusted inventory? * Makati Company is preparing its 2022 financial statements. Prior to any adjustments, inventory is valued at P1,605,000. During your audit, you found the following information relating to certain inventory transactions from your cutoff test. a. b. C. e. f. Goods valued at P110,000 are on consignment with a customer. These goods were not included in the ending inventory figure. d. A P35,000 shipment of goods to a customer on December 31, terms FOB destination was not included in the year-end inventory. The goods cost P26,000 and were delivered to the customer on January 8, 2023. The sale was properly recorded in 2023. g. Goods costing P87,000 were received from a vendor on January 5, 2023. The related invoice was received and recorded on January 12, 2023. The goods were shipped on December 31, 2022, terms FOB shipping point. Goods costing P85,000, sold for P102,000, were shipped on December 31, 2022, and were delivered to the customer on…
- Attempt in Progress Your answer is partially correct. Ayayai Company began operations on January 1, 2024, adopting the conventional retail inventory system. None of the company's merchandise was marked down in 2024 and, because there was no beginning inventory, its ending inventory for 2024 of $31,476 would have been the same under either the conventional retail system or the LIFO retail system. On December 31, 2025, the store management considers adopting the LIFO retail system and desires to know how the December 31, 2025, inventory would appear under both systems. All pertinent data regarding purchases, sales, markups, and markdowns are shown below. There has been no change in the price level. Inventory, Jan. 1, 2025 Markdowns (net) Markups (net) Purchases (net) Sales (net) (b) Cost $31,476 112,580 Retail $51,600 11,180 18,920 153,080 143,620 Determine the cost of the 2025 ending inventory under both (a) the conventional retail method and (b) the LIFO retail method. (Round ratios…The management of Swifty Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average- cost. The company requests your help in determining the results of operations for 2022 if either the FIFO or the LIFO method had been used. For 2022, the accounting records show these data: Inventories Beginning (8,000 units) Ending (13,000 units) Purchases were made quarterly as follows. Quarter Units 1 50,000 2 (a) 3 4 40.000 40.000 $32,000 60,000 190,000 Unit Cost $4.20 4.35 4.50 4.70 Your Answer Correct Answer Total net sales (185,000 units) Total cost of goods purchased (190,000 units) Total Cost $210,000 174,000 180,000 282,000 $846,000 Operating expenses were $130,000, and the company's income tax rate is 40%. Purchases and Sales Prepare comparative condensed income statements for 2022 under FIFO and LIFO. SWIFTY INC. Condensed Income Statements December 31, 2022 For the Year Ended December 31, 2022 For the Month Ended December 31, 2022 $1,137,750…Take me to the text Suppose that on November 20, 2021, both Company A and Company B sold inventory with a cost of $38,800. The updated balance of inventory as at November 1 for both companies was $104, 700. Company A uses the perpetual inventory system. Company B uses the periodic inventory system and performs an inventory count at the end of each month. What is the value of inventory as at November 20 for each company? Do not enter dollar signs or commas in the input boxes. Company Inventory System Value of Inventory on November 20 A Perpetual SAnswer B Periodic $Answer