Prepare the adjusting entry necessary

Assignment Help Accounting Basics
Reference no: EM133185399

Question - Flint Company had the following account balances at year-end: Cost of Goods Sold $64,950, Inventory $14,340, Utilities Expense $29,600, Sales Revenue $122,540, Sales Discounts $1,100, and Sales Returns and Allowances $1,970. A physical count of inventory determines that merchandise inventory on hand is $12,520. They use the perpetual inventory system.

Required - Prepare the adjusting entry necessary as a result of the physical count.

Reference no: EM133185399

Questions Cloud

What kind of enhancement you are doing : Different kind of performance enhancement. In other words, you cannot create 5 indexes or 5 summary tables
Law of diminishing marginal utility : An important law in economics is the "Law of Diminishing Marginal Utility".
How many units of each model should Pappy produce in quarter : Suppose that the maximum unit sales in a quarter that Pappy's can achieve is 240,000 units of each product. How many units of each model should Pappy's produce
What asymmetric information and moral hazard : your focus will be to think through what asymmetric information, moral hazard, and adverse selection have to do with hiring a police officer.
Prepare the adjusting entry necessary : Question - Flint Company had the following account balances at year-end: Cost of Goods Sold $64,950, Prepare the adjusting entry necessary
Economic development in mena region : What are the effects of oil on the political and economic development in the MENA region?
Advantages and disadvantages of e-commerce : Write papers Describe the advantages and disadvantages of e-commerce, and provide some examples of both advantage and disadvantage
What is the sales loss for BassFishing : BassFishing had its website shut down for two days due to a cyber attack. What is the sales loss for BassFishing assuming a cost of capital of 6%
Complete the program by specifying the regular expression : Regex video and complete the program below by specifying the regular expression on line #48 in order to define strings over {a,b,c} that start and end

Reviews

Write a Review

Accounting Basics Questions & Answers

  In 2008 wishbone corporation had an operating profit of

in 2008 wishbone corporation had an operating profit of 750000 and a residual income of 300000. if wishbones cost of

  How could the company control or better manage its

small tykes world company mass-produces chairs for children. the chairs can be purchased in a variety of colors but

  Investment as trading securities

Goofy reclassified this investment as trading securities in December of 2011 when the market value had risen to $125,000. What effect on 2011 income should be reported by Goofy for the Crazy Co. shares?

  How much is full goodwill in december

Mabuti net income is P120,000 and paid dividends of P50,000. How much is full goodwill in December 31, 20x8 consolidated financial statements

  What is the consolidated net income for the year ended

During 2019, intercompany sales of merchandise on account amounted to P1,980,000, What is the consolidated net income for the year ended

  Find the expected return from the security-DTX

If the market risk premium is 13.89% and the government bond yields 2%, find the expected return from the security-DTX using the CAPM

  Warrens earnings per share

On March 1, 2009, Warren sold 30 million common shares. In keeping with its long-term share repurchase plan, 2 million shares were retired on June 30. Warren's net income for the year ended December 31, 2009, was $1,050,000,000. The income tax rat..

  What is the approximate internal rate of return

Management requires a minimum after-tax rate of return of 10% on all investments. What is the approximate internal rate of return (IRR) of proposed investment

  What amount should it report as the cumulative effect

If Kingbird's tax rate is 27%, what amount should it report as the cumulative effect changing the estimated bad rate

  Prepare the necessary correcting entries

Prepare the necessary correcting entries, assuming that Kingbird uses a calendar-year basis. The books for the current year have not been closed

  Identify the steps involved in risk assessment

Identify the steps involved in risk assessment. Do you think it would be effective for an organization to hire external consultants to develop its risk assessment plan?

  During its first year of operations pele corporation had

during its first year of operations pele corporation had these transactions pertaining to its common stock. jan. 10

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