User Account

All Pages

Calculate the yearend inventory journal entry

Assignment Help Accounting Basics
Reference no: EM133176822

Question - Below find some accounts relating to Diedrick Industries at year end April 30 2022

Advertising Ex 3000

Diedrick - Capital 103380

Diedrick Drawings 13000

Depreciation Ex 13000

Freight in 5030

Freight out 8300

Interest Expense 3300

Inventory (Last year end) 33360

Property Tax Ex 3500

Purchases 633300

Purchases Returns & Allowances 13315

Purchases Discounts 6300

Rental Revenue 3800

Salaries Expense 123000

Sales 873000

Sales Returns and Allowances 6845

Utilities Expense 20700

Additional Information:

1. Diedrick uses a periodic inventory system.

2. A physical count determined that the inventory on hand at April 30 2022 was $30,000.

Required -

a. Calculate the income statement in the correct multiple step format, including GP% and MU%.

b. Calculate the yearend inventory journal entry.

c. Calculate the closing journal entries.

Reference no: EM133176822

Questions Cloud

Compare and contrast market vs mixed economies : Compare and contrast Market vs Mixed Economies and identify which of the two is favourable for governments to face pandemic challenges and secure a faster subse
How many units of each model should spin master make : The company has earmarked no more than $55,000/month for manufacturing costs, how many units of each model should Spin Master make
Case study-the state of ethics at ibm : One advantage IBM has in meeting its standards for trust is that it is part of a relatively trusted industry. In the Edelman Trust Barometer, an annual survey o
Discuss two primary responsibilities of the board : Differentiate shareholder perspective from stakeholder perspective of governance. Further discuss your answer by citing School as an example.
Calculate the yearend inventory journal entry : A physical count determined that the inventory on hand at April 30 2022 was $30,000. Calculate the yearend inventory journal entry
Inventories as at the close of business : The following trial balance has been extracted from the ledger of Azwin, a sole trader as at 31 May 2019, the end of her most recent financial year.
Terrible crowded commodity business : We will assume we are in the textile business, which is a terrible crowded commodity business, we are making low-end textiles-which are a real commodity product
What is the amount of total cash payment that mandy make : Interest payment for the preceding one - year period. What is the amount of total cash payment that Mandy will make on March 1, 2025
Implementing a total quality program : A distributor of electrical switches is interested in implementing a total quality program. Following data is collected about the organization's receiving proce

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd