Discuss the relevant journal entries for the adjustment

Assignment Help Financial Accounting
Reference no: EM133492556

Scenario:

You are the bookkeeper for Kitchens R US and you have just received the details of the annual stocktake conducted by the warehouse manager Jane Simpson. Your stock card records indicate that there should be 22 cooktops, 15 ovens and 11 refrigerators. The stocktake reveals that there were 21 cooktops, 14 ovens and 11 refrigerators in the warehouse. The cost of the cooktops is $589, cost of the ovens is $799, the cost of the refrigerators is $1,749.

Script:

ask Jane 2 questions to determine the accuracy of the stocktake to give you comfort that the stocktake is correct
tell Jane how you will address the discrepancy between the stock cards records and the stocktake. Discuss the relevant journal entries for the adjustment to the value of inventory
tell Jane how stock must be valued according to AASB102

You will be assessed on the following:

  • greeting Jane appropriately and professionally
  • asking Jane questions about the accuracy of the stocktake
  • telling Jane how you will address the discrepancy, the relevant journal entries, and updating of inventory cards
  • telling Jane how stock must be valued according to AASB102
  • speaking professionally and courteously with all parties.

Reference no: EM133492556

Questions Cloud

Discuss at least two ways that k-12 school divisions : Discuss at least two ways that K-12 school divisions and institutions of higher learning are providing methods to address the social and emotional needs
How this plan will impact not only k-12 schools divisions : discuss your position on how this plan will impact not only K-12 schools divisions, but higher education institutions as well.
Calculate a businesss working capital : Calculate a businesss working capital. Also explain how to use each financial statement for the calculation. Give examples to support your claims
Explain how you would organize space, time, and materials : Explain how you would organize space, time, and materials/resources to maximize progress and promote social interaction amongst peers, parents, and caregivers.
Discuss the relevant journal entries for the adjustment : tell Jane how you will address the discrepancy between the stock cards records and the stocktake. Discuss the relevant journal entries for the adjustment
What time and day of the week was this show offered : What time and day of the week was this show offered? - What network or service was this show on? - How many episodes of this show were there, over what period
How would you respond to situation : an American call on the Euro with K=1.20$/€, 3 months till expiration is selling in the market for C=0.04$/€. How would you respond to this situation
What is your prediction of international trade environment : What is your prediction of the international trade environment in the next 10 years? Will it be freer or more protected?
Cost of goods sold, sale revenue and gross profit : Using LIFO, calculate ending inventory, cost of goods sold, sale revenue and gross profit - For the entire year, the company sells 450 units of inventory

Reviews

Write a Review

Financial Accounting Questions & Answers

  Does mary beth proposal present an ethical dilemma

She believes 10% is the more accurate estimate but knows that both the corporation's internal and external auditors allow some flexibility in estimates. Does Mary Beth's proposal present an ethical dilemma?

  Questionusing the information below and on the next two

questionusing the information below and on the next two pages prepare the following as at 30th june 2014part a

  What the fixed cost per unit at a production level is

Total fixed and variable costs are $625,000 at a production level of 200,000 units. The fixed cost per unit at a production level of 500,000 units is

  Should sell the platinum today

She estimates that the price of platinum will rise to $861.00 per ounce in the next year. If the interest rate is 10%, should she sell the platinum today?

  Explain cash receipt versus revenuescash receipts versus

explain cash receipt versus revenuescash receipts versus revenues during the month of april. simpson co. had cash

  Prepare a statement of cash flow for the year ended december

Prepare a statement of cash flows (using the indirect method) for the year ended December 31, 2015 and a classified balance sheet at December 31, 2015.

  What the amount of dividends received by common shareholders

What the amount of dividends received by the common shareholders in year 3 was? Seaside Developments Inc. has $200,000 of no par value 4% cumulative

  What price must company typically pay to buy another company

What price must a company typically pay to buy another company? The price will? include some premium over the current market value of the target's equity.

  What tax basis will jasmine have for the land

Jasmine received a parcel of land as a gift from her Uncle Eustace. At the time of the gift, the land had a fair market value of $83,000 and an adjusted basis of $23,000. This was the only gift that Jasmine received from Eustace during 2014. If Eusta..

  Identity theft and money laundering

You are looking at fraud in the areas of tax fraud, identity theft, money laundering. You decide to do some research on recent court cases involving

  Prepare appropriate journal entry to account for dtc july

Prepare the appropriate journal entry to account for DTC July 31, 2012 transaction. On July 31, 2012 Sun-Glass Hut Paid DTC Watches Inc $562,500 for 2,500

  What before-tax amount should the company report

On October 28, 2021, What before-tax amount(s) should the company report as loss on discontinued operations in its 2021 income statement?

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