User Account

All Pages

Prepare all necessary journal entries

Assignment Help Accounting Basics
Reference no: EM132956478

Question - Solange Corp. sells one product, and uses the FIFO cost formula with information for December as follows:

Dec. 1 Inventory 100 units @ $5 each

Dec. 4 Sale 80 units @ $8 each

Dec. 11 Purchase 150 units @ $6.50 each

Dec. 13 Sale 120 units @ $8.75

Dec. 20 Purchase 160 units @ $7 each

Dec. 27 Sale 100 units @ $10 each

a) Assume Solange uses a periodic system. Prepare all necessary journal entries, including the end of month adjusting entry to record cost of goods sold. A physical count revels 110 units in ending inventory for Dec.

b) Calculate gross profit.

c) Assume Solange uses a perpetual system. Prepare all Dec. journal entries.

d) Assume Solange uses the perpetual system and a count on Dec. 31 reveals only 102 units in ending inventory. Would you need any adjusting entry? What would it be?

Reference no: EM132956478

Questions Cloud

Hersey-blanchard situational leadership model : For leadership decisions, would you recommend using the Hersey-Blanchard Situational Leadership Model or the Vroom-Yetton Normative Decision Model?
What are the key characteristics of an intangible asset : What are the key characteristics of an intangible asset? How is the useful life of an intangible asset determined? Explain what is meant by 'identifiability'.
Draft a saving and investing : Case Study with the topic about in a workplace, office, or a business context/settingThe format is given below:
Explain what is meant by capital expenditure : Explain what is meant by 'capital expenditure' and by 'revenue expenditure' and how each is treated in the financial records of a company.
Prepare all necessary journal entries : Assume Solange uses a periodic system. Prepare all necessary journal entries, including the end of month adjusting entry to record cost of goods sold
What the purpose of a trial balance is to : What the purpose of a Trial Balance is to? Speed the collection of cash receipts from customers./ Ensure that all transactions have been recorded
How might evidence-based practice impact on work : How might evidence-based practice impact on your work? In your answer, consider the ways in which you document case work interventions
Determine how much tax mr smith should pay in total : Determine how much tax Mr. Smith should pay in total ( including that for the company) (Assume the single tax rate for John Smith)
Documentation of case work interventions : Explain the role that privacy and confidentiality requirements will play in the documentation of case work interventions!

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the number of pairs of sandals produced

Pato purchased leather strips at a total cost of $124,520 and had direct labor totaling $117,100. Calculate the number of pairs of sandals produced

  Noncontrolling interest in subsidiary net income

Both figures occur evenly throughout the year. On a December 31, 2004 consolidated income statement, what should be reported as the noncontrolling interest in the subsidiary's net income and as preacquisition income?

  Prepare a complete lease amortization table

For some time, Balster Inc. has maintained a policy of acquiring company equipment by leasing. On December 31, 2005, Balster entered into a lease with Edgemont.

  Fom e-activity make an argument for use of the

from the e-activity create an argument for the use of the mark-to-market accounting method for pension accounting.

  Find what amount of the expenses will quality for american

Find what amount of the expenses will quality for the American Opportunity Credit? Judy's Expenses for her third year at a university

  Find which would not be considered an intangible asset

Determine Which of the following would not be considered an intangible asset? Franchise rights./ Copyrights./ Investments./ Trademarks

  On january 1 2008 jeremiah corporation had 40000 of 12 par

on january 1 2008 jeremiah corporation had 40000 of 12 par value common stock outstanding. on june 1 2008 jeremiah

  Calculate the amount of the corporation loss

For the 2018 tax year, Radiata Corporation has a loss of $104,000. Calculate the amount of the corporation's loss that may be deducted by Bill on his 2018 tax

  Provide adjustment journal entries for the events

Provide adjustment journal entries for the events listed above that should be included in the consolidation worksheet as at 30 June 2020

  Record the redemption of the bonds for kershaw electric

Kershaw electric sold $4,040,000, 14%, 10 year bonds on January. Record the redemption of the bonds assuming that interest for the period has already been paid.

  Compute the cost of inventory on hand at December

Compute the cost of inventory on hand at December 31, 2019, based on the conventional retail method

  What is the operating profit of the lessor on leased asset

What is the operating profit of the lessor on the leased asset for the current year? CAT Trucks and Services purchased a new equipment for P5,000,000

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