Compute the balance in inventory account on december

Assignment Help Financial Accounting
Reference no: EM132493635

Point 1: The following data pertains to House Solutions Inc. for the year ended December 31, 2019: Sales (25% were cash sales) during the year $1,100,600 Cost of goods sold during the year 690,300 Beginning inventory 319,800 Purchases (10% were cash purchases) during the year 738,200

Required

Question a. Prepare journal entries to record sales, cost of goods sold, and the purchase of inventory during 2019 using the perpetual inventory system.

Question b. Compute the balance in the inventory account on December 31, 2019.

Reference no: EM132493635

Questions Cloud

Calculate the current share price : The required rate of return on the shares in the companies identified below is 10% pa. Calculate the current share price (ex-dividend) in each case.
Determine why you selected each particular result : Include the title and author(s), data published and publisher. Include a summary of the content in your own words. Include why you selected each particular.
Calculate the selling price and the dollar profit or loss : Calculate the selling price and the dollar profit or loss Julie has made on selling the bond (ignore coupons), outlining why this profit or loss has occurred
How you could apply the approach and visualization : The author of our text has compiled the end-of-year reflection of the data visualization field which includes various developments. Please use the link.
Compute the balance in inventory account on december : Prepare journal entries to record sales, cost of goods sold, and the purchase of inventory during 2019 using the perpetual inventory system.
Describe gaps in current laws or regulations : Describe gaps in current laws or regulations surrounding Net Neutrality as identified in the literature (cite 3-5 researchers). This is where you could bring.
Maximize the number of new customers : Formulate an LP model for this problem to maximize the number of new customers reached by advertising.
Determine which income stream do choose : Determine Which income stream do choose. $2,000 every quarter for 10 years with the first receipt at the end of the first quarter.
What is the maximum amount of qualified expenses : John's earned income is $60,000. What is the maximum amount of qualified expenses John can use to figure the child and dependent care credit

Reviews

Write a Review

Financial Accounting Questions & Answers

  Determine the amount of depreciation expense

The equipment was used for 8,000 hours during 2006, 7,500 hours in 2007, and 5,500 hours in 2008. Instructions Determine the amount of depreciation expense for the years ended December 31, 2006

  Income statement based on the variable costing concept

During the first month of operations ended May 31st, 2012, Dorm Fridge Company manufactured 12,500 microwaves, of which 11,700 were sold. Prepare an income statement based on the absorption costing concept. Prepare an income statement based on the va..

  Income statement-balance sheet and statement of cash flow

Chapman Company issued $400,000 of 20 year, 6 percent bonds on January 1, 2013. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Chapman immediately invested the proceeds from the bond issue in land.Prepar..

  What does the NPV rule recommend

The prevailing interest rate is 5% over the first year and 10% over the second year. That is, over 2 years, your interest rate is (1 + 5%) . (1 + 10%) − 1 = 15.5%. Your project costs $1,000 and will pay $600 in the first year and $500 in the second y..

  Calculate the normal selling price for each given product

Calculate the normal selling price for each product? What would net income be if unit sales of the tent increased by 50% but unit sales of the backpack increased by only 20%?

  What is the resulting balance sheet

What is the resulting balance sheet and P&L at the end of each month until June - You start Business with a Company called Sweet Dreams that produces software

  List the earnings per share data

Assuming a 50% tax rate, LIST the earnings per share data that should appear on the financial statements of Pronghorn Industries as of December 31, 2017.

  Prepare t-accounts for accounts receivable

During the year FC estimated doubtful accounts expense at 1% of credit sales. At year end, FC ages its accounts receivable and adjusts the balances in Allowance for Doubtful Accounts to correspond to the aging schedule. Prepare an aging schedule. Pre..

  What is implied exchange rate between usd and gbp

Information on a fixed-fixed USD-GBP currency swap, the spot exchange rate between USD and GBP, and the yield curves for USD and GBP:

  Calculate total bond interest expense over the life of bonds

Calculate total bond interest expense over the life of bonds. Calculations Marketing Inc. issued 9.0% bonds with a par value of $510,000.

  Use the minus sign to indicate cash outflows-cash payments

Staley Inc. reported the following data: Net income $280,000 Depreciation expense 48,000 Loss on disposal of equipment 19,520 Increase in accounts receivable 17,280 Increase in accounts payable 8,960. Use the minus sign to indicate cash outflows, cas..

  Evaluate reasonableness of projected financial statements

Evaluate the reasonableness of the projected financial statements using supplemental ratios you computed in the following workbook tab and the model for sustainable growth and summarize

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!

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