User Account

All Pages

Journalize the adjusting entry for the inventory shrinkage

Assignment Help Managerial Accounting
Reference no: EM132751163

Problem - Omega Tire Co.'s perpetual inventory records indicate that $3,145,000 of merchandise should be on hand on August 31, 20Y4. The physical inventory indicates that $3,113,500 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Omega Tire Co. for the fiscal year ended August 31, 20Y4.

Reference no: EM132751163

Questions Cloud

Examples of the type of diseases : Some examples of the type of diseases caused by each of the following bacteria groups and if possible give a rough sketch.
Which financial statement accounts not require consolidated : At the end of 2019, there was unrealized profit, which of the following financial statement accounts will not require a consolidated adjustment?
Journalize entries record the expected customer returns : Scott provides customers a refund for any returned or damaged merchandise. Journalize entries record the expected customer returns
Which of the transactions would give rise to a deferred : Find which of the transactions would give rise to a deferred income tax asset being recorded on the consolidated balance sheet?
Journalize the adjusting entry for the inventory shrinkage : Journalize the adjusting entry for the inventory shrinkage for Omega Tire Co. for the fiscal year ended August 31, 20Y4
What will be the cost of inventory that abc should budget : XYZ Company prices its products by adding 30%, What will be cost of the inventory that ABC should budget for purchases in April? Please and explain your work.
What is its normal balance : Is Estimated Returns Inventory an asset, liability, or stockholders' equity account, and what is its normal balance
Social study and emotional development : How an infant's early social- emotional experience have direct consequences for neural and physiological development - strengthen scientific writing and primary
What is the net cash flow of this arbitrage strategy : What is the net cash flow of this arbitrage strategy at the option expiration date, assuming that Stock XLT trades at $23 at expiration three months

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Which is not a drawback to cost-based pricing

Which is not a drawback to cost-based pricing? The greater portion of unassigned costs,greater likelihood of overpricing and underpricing individual products.

  Determine a present value factor for an annuity

Determine a present value factor for an annuity of $1, which can be used in determining the internal rate of return. Carry your answer out

  How much is the direct materials quantity variance

The standard quantity of direct materials for actual units produced is 16,200 pounds. How much is the direct materials quantity variance?

  Write memo to terry claire outlining the issues

Write memo to Terry Claire outlining the issues that Terry should consider before deciding on the appropriate course of action regarding the sandwich

  Determining cost accumulation

Describe the specific characteristics of each system and provide several examples (i.e. at least two) from companies in your community for each system (i.e. at least four companies should be described).

  Compute december sales and cost of goods sold

During December, supplies purchased totaled $1,100. A physical count showed that there were $1,850 remaining at the end of the year. Prepare the necessary adjusting entry.

  Evaluate the total monthly fixed cost

What would you expect to happen to the costs of cakes - The owner of the company has provided the following data concerning the activity rates in its activity-based costing system

  What is the variable overhead efficiency variance for month

The following data pertain to operations for the last month: Actual hours 4,900 hours. What is the variable overhead efficiency variance for month

  Discuss the pros and cons of using management

What factors are taken into consideration when distinguishing between controllable and uncontrollable costs? Does the level a manager holds within the hierarch

  Compute amount of joint cost to be allocated to the street

Compute the amount of joint cost to be allocated to the street frontage lots using value basis. (Round your intermediate percentages to 2 decimal places.)

  Journalize all entries - eghan corporation

Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Eghan Corporation uses straight-line depreciation.

  Describe Smart Balance approach to employment

Describe Smart Balance's approach to employment and cost structure. What are the advantages to Smart Balance's approach

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