At year-end the perpetual inventory records of Garbo Company showed merchandise inventory of $98,000. The company determined, however, that its actual inventory on hand was $96,500. Record the necessary adjusting entry.
Answer to relevant QuestionsBleeker Company has the following merchandise account balances: Sales $195,000, Sales Discounts $2,000, Cost of Goods Sold $105,000 and Merchandise Inventory $40,000. Prepare the entries to record the closing of these items ...Assume the same information as in BE5-10 and also that Alshare Company has beginning inventory of $60,000, ending inventory of $90,000, and net sales of $630,000. Determine the amounts to be reported for cost of goods sold ...Mr. Wellington has prepared the following list of statements about service companies and merchandisers.1. Measuring net income for a merchandiser is conceptually the same as for a service company.2. For a merchandiser, sales ...Presented below is information for Obley Company for the month of March 2010.Instructions(a) Prepare a multiple-step income statement.(b) Compute the gross profitrate.This information relates to Martinez Co.1. On April 5 purchased merchandise from D. Norlan Company for $20,000, terms 2/10, net/30, FOB shipping point.2. On April 6 paid freight costs of $900 on merchandise purchased from D. ...
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