User Account

All Pages

What is ending inventory

Assignment Help Accounting Basics
Reference no: EM132524716

Question - Happy Co. started 2021 with $101,000 of merchandise inventory on hand. During 2021, $450,000 in merchandise was purchased on account with credit terms of 2/15, n/45. All discounts were taken. Purchases were all made f.o.b. shipping point. Happy paid freight charges of $9,300. Merchandise with an invoice amount of $3,400 was returned for credit. Cost of goods sold for the year was $375,000. Happy uses a perpetual inventory system. What is ending inventory assuming Happy uses the gross method to record purchases?

Reference no: EM132524716

Questions Cloud

Discuss particular type of malware : Discuss a particular type of Malware and how has it been used in "today's news" and the respective impact on cybersecurity.
Overview of the general field of big data systems : Provide a broad overview of the general field of ‘big data systems and Developing specialised knowledge in areas that demonstrate the interaction and synergy
Rights and contract enforcement in rationale : What are Property, rights and contract enforcement in rationale for government intervention? Explain please.?
What is the project payback period : An investment project provides cash inflows of $1046 per year for nine years. If the initial cost is $4,200, what is the project payback period?
What is ending inventory : Happy uses a perpetual inventory system. What is ending inventory assuming Happy uses the gross method to record purchases
Discuss the top three risks for this project : Identify and discuss the top three risks for this project and how you will prioritize tackling each one.
What is cost containment and how has it affected health care : What is cost containment and how has it affected health care? What cost containment practices do we see from private health insurance versus public health.
Solve amount of gross profit reported in income statement : The cost of inventory sold was $80,000. On May 11, Lama received payment from the customer. Calculate amount of gross profit reported in income statement.
Determine what the net income : O'Hara Automotive Supply Co. had net sales of $4,050,000, wrote off $112,350 of accounts as uncollectible. Determine what the net income

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare Super Ltd journal entry for the purchase

Prepare Super Ltd journal entry for the purchase of the investment. Prepare Journal entry for the December 31 interest accrual

  Determine general capital assets cannot be capitalized

When Sunny City makes its annual lease payment on an unpaid capital lease obligation, the journal entry for the governmental activities accounts

  Record necessary journal entries assuming a small

declares a stock dividend on its 10,000, $1 par, common shares. The market price of the common stock is $30 on this date

  Prepare the consolidated balance sheet

Prepare the consolidated balance sheet at 12/31/xx by placing the appropriate entries in their respective debit/credit column cells.

  How many units of Q-Drive would be sold at break-even point

Bonita Industries sells two types of computer hard drives. How many units of Q-Drive would be sold at the break-even point

  Methods used to allocate joint costs

Describe the three methods used to allocate joint costs. What are the advantages/disadvantages of each allocation method? Which method would you recommend? Why? Support your position with evidence from the text or external sources. Your initia..

  Discuss the one of the social engineering techniques

Discuss and Choose one of the social Engineering Techniques and write a scenario how social Engineering Techniques could be used to manipulate others?

  What is a contingent liability

What is a contingent liability? Give an example of a contingent liability that is usually recorded in the accounts.

  Analyze the tax implications

Analyze the tax implications of the following case studies. Apply the IRS codes to determine what should and shouldn't be included as income. Support your conclusions with reference to specific IRS codes and regulations.

  How to prepare the journal entry for each transaction

Watson Inc. was incorporated on 1/2/18. 11/1/18 repurchased 30,000 shares of common stock for $22 cash per share. How to prepare the journal entry

  Prepare the journal entry by twin digital to record the

the long-term liability section of twin digital corporations balance sheet as of december 31 2012 included 14 bonds

  Discuss the research about bounded rationality perspective

Discuss the research about bounded rationality perspective, cognitive biases, decision learning, devil's advocate, groupthink, incremental decision model

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