User Account

All Pages

Prepare the adjusting entry necessary

Assignment Help Financial Accounting
Reference no: EM131162597

Twix Company had the following account balances at year-end: Cost of Goods Sold $62,710; Inventory $14,890; Operating Expenses $30,640; Sales Revenue $118,720; Sales Discounts $1,260; and Sales Returns and Allowances $2,030. A physical count of inventory determines that merchandise inventory on hand is $12,790.

(a) Prepare the adjusting entry necessary as a result of the physical count.

(b) Prepare closing entries.

Reference no: EM131162597

Questions Cloud

Formulate a nonlinear-programming model that will have : Formulate a nonlinear-programming model that will have an expected number T of enrolling needy admit tees, and minimize the scholarship budget.
Are there any days in violation of the confidence limit : Develop an appropriate control chart for the days. -  Are there any days in violation of the confidence limits?
Description of ethnocentrism : Ethnocentrism: Consider your textbook's description of ethnocentrism (pp. 52 - 53), along with the Topic 4 Lesson Presentation (slide 18) . In a post of between 150 and 250 words, discuss the following prompt:
Social interaction assignment : Visit an area where you can discretely observe social interaction (i.e., a cafeteria, a restaurant, the mall, a social event, etc.) and complete the summary and analysis below.   Before conducting your observation, review the following concepts fr..
Prepare the adjusting entry necessary : Twix Company had the following account balances at year-end: Cost of Goods Sold $62,710; Inventory $14,890; Operating Expenses $30,640; Prepare the adjusting entry necessary as a result of the physical count.  Prepare closing entries
Analysis how the program engages with the youth they serve : Summarize youth-related issues that seem to be at the forefront of your community. Use specific examples to support your observations (newspaper headlines, community meetings, political platforms, etc.) and cite your text when appropriate.
Speak of the global economy : What do people mean when they speak of the "global economy"? Identify various ways in which the U.S. economy is becoming global.
Develop an appropriate control chart : Using the standard deviation approach, construct 99.7 percent confidence limits for patient call response times.-  Develop an appropriate control chart for the days.
Race and ethnicity dimensions of social stratification : How are race and ethnicity dimensions of social stratification in the United States? Provide evidence that many racial and ethnic categories of people are minorities -- both visible and disadvantaged.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Considered a pension plan or an entitlement program

Why does it matter whether Social Security is considered a pension plan or an entitlement program? How does the Federal Accounting Standards Advisory Board (FASAB) direct that Social Security be reported? What unique issues does the federal governmen..

  Prepare the entry to record uncollectible accounts expense

An aging analysis on June 30 of the accounts receivable of Sung Corporation indicates that uncollectible accounts amount to $86,000. Prepare the entry to record uncollectible accounts expense under each of the following independent assumptions.

  Independent assumptions

On January 1, 2014, Lauren Corporation had $1,000,000 of common stock outstanding that was issued at par. It also had retained earnings of $750,000. The company issued 40,000 shares of common stock at par on July 1 and earned net income of $400,000 f..

  Budgeting supports the planning process by encouraging

Budgeting supports the planning process by encouraging all of the following activities except:

  Journal entries to record stock dividend and stock split

Preparation of Journal entries to record stock dividend and stock split - Prepare the journal entries on the appropriate dates to record the stock dividend and the stock split

  Calculate the missing amounts

Cash budget The monthly cash budgets for the second quarter of 2010 follow ($000 omitted) for Morrison Mfg. Co

  What volume is required to provide pretax profit

Assume that a radiologist group practice has the following cost structure: What is the group’s base projected P&L statement? What volume is required to provide a pretax profit of $ 100,000? Pretax profit of $200,000?

  Problem 1-nbsp you must use an excel spreadsheet for your

problem 1-nbsp you must use an excel spreadsheet for your answer.axion corporationbalance sheetdecember 31

  Balance sheetsdecember 31

balance sheetsdecember 31 20x6nbsppeonyltd.asterltd.assetsnbspnbspcashmcemarkernbspnbspnbspnbsp

  Amount necessary to be invested annually to reach a goal

How much would $10,000 invested annually at 8% provide you after 20 years? How much would $5,000 invested quarterly at 6% yield after 10 years? The amount necessary to be invested annually to reach a goal of $10,000 in 5 years assuming a 5% return?

  Actual return on plan assets components of net pension cost

Determine the actual return on plan assets components of net pension cost for 2012. Assume contribution and benefits payments were made at year-end.

  Types of authentication credentials

What are the advantages and disadvantages of the three types of authentication credentials (something you know, something you have, and something you are)?

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