Solution-Discuss a physical count of inventory on december

Discuss a physical count of inventory on december

Assignment Help Accounting Basics

Reference no: EM131767921

Presented below is the trial balance of Thompson Corporation at December 31, 2014.

THOMPSON CORPORATION TRIAL BALANCE DECEMBER 31, 2014
Debits		Credits
Purchase Discounts	$12,200
Cash	$191,900
Accounts Receivable	107,200
Rent Revenue	20,200
Retained Earnings	162,200
Salaries and Wages Payable	20,200
Sales Revenue	1,102,200
Notes Receivable	112,200
Accounts Payable	51,200
Accumulated Depreciation-Equipment	28,440
Sales Discounts	16,700
Sales Returns and Allowances	19,700
Notes Payable	72,200
Selling Expenses	234,200
Administrative Expenses	101,200
Common Stock	302,200
Income Tax Expense	56,100
Cash Dividends	47,200
Allowance for Doubtful Accounts	7,200
Supplies	16,200
Freight-in	22,200
Land	72,200
Equipment	142,200
Bonds Payable	112,320
Gain on Sale of Land	32,200
Accumulated Depreciation-Buildings	20,040
Inventory	91,200
Buildings	100,200
Purchases	612,200
Totals	$1,942,800	$1,942,800

A physical count of inventory on December 31 resulted in an inventory amount of $66,200; thus, cost of goods sold for 2014 is $647,200.

Reference no: EM131767921

Questions Cloud

What is capillary hydrostatic pressure : What is capillary hydrostatic pressure, plasma oncotic pressure, interstital hydrostatic pressure and interstital oncotic pressure?

What is the total purchases cost for entire second quarter : Prepare a direct materials purchase budget for the second quarter of 19X0. What is the total purchases cost for the entire second quarter of the year

Identify the variable of interest and statistical population : In Exercise, a consumer magazine article reports that the air quality, as quantified by the degree of staleness, was measured on 175 domestic flights.

How turbulence can impact the organization : Select an organization and consider how turbulence can impact the organization. Explain what you think the organization should be doing.

Discuss a physical count of inventory on december : A physical count of inventory on December 31 resulted in an inventory amount of $66,200

Identify variable recorded and the statistical population : A car manufacturing company that makes three different types of cars wants information about customer satisfaction for cars sold during the previous year.

Law respecting an establishment of religion : Propose the language that you would use in your newly revisedFirst Amendment andthen write up to an additional 750 words explaining .

Create a plan for setting up a pmo : Create a plan for setting up a PMO, to include a PMO website on the organization's Intranet, a physical PMO office, a library of Project Management templates.

Develop your own cost-benefit analysis for rebuilding : Analyze the economics of New Orleans in light of the above parameters and develop your own Cost-Benefit Analysis (CBA) for rebuilding.

User Account

All Pages

Discuss a physical count of inventory on december

Reference no: EM131767921

Reference no: EM131767921

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT