Hezir Company had the following account balances at year-end: Cost of Goods Sold 60,000; Inventory 15,000; Operating
Question:
Hezir Company had the following account balances at year-end: Cost of Goods Sold Ⱡ60,000; Inventory Ⱡ15,000; Operating Expenses Ⱡ29,000; Sales Revenue Ⱡ115,000; Sales Discounts Ⱡ1,300; and Sales Returns and Allowances Ⱡ1,700. A physical count of inventory determines that merchandise inventory on hand is Ⱡ13,600.
Instructions
(a) Prepare the adjusting entry necessary as a result of the physical count.
(b) Prepare closing entries.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 90% (10 reviews)
a Cost of Goods Sold 1400 Inventory 1400 b Sales Revenue 115000 Income Summary 115000 Income Summa...View the full answer
Answered By
Anurag Agrawal
I am a highly enthusiastic person who likes to explain concepts in simplified language. Be it in my job role as a manager of 4 people or when I used to take classes for specially able kids at our university. I did this continuously for 3 years and my god, that was so fulfilling. Sometimes I've skipped my own classes just to teach these kids and help them get their fair share of opportunities, which they would have missed out on. This was the key driver for me during that time. But since I've joined my job I wasn't able to make time for my passion of teaching due to hectic schedules. But now I've made a commitment to teach for at least an hour a day.
I am highly proficient in school level math and science and reasonably good for college level. In addition to this I am especially interested in courses related to finance and economics. In quest to learn I recently gave the CFA level 1 in Dec 19, hopefully I'll clear it. Finger's crossed :)
4.80+
2+ Reviews
10+ Question Solved
Related Book For
Financial Accounting IFRS
ISBN: 978-1118285909
2nd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Business questions
-
Peter Kalle Company had the following account balances at year-end: cost of goods sold $60,000; merchandise inventory $15,000; operating expenses $29,000; sales $108,000; sales discounts $1,200; and...
-
Hugo Reyes Company had the following account balances at year-end: Cost of Goods Sold $60,000; Inventory $15,000; Operating Expenses $29,000; Sales Revenue $115,000; Sales Discounts $1,200; and Sales...
-
Twix Company had the following account balances at year-end: Cost of Goods Sold $60,000; Inventory $15,000; Operating Expenses $29,000; Sales Revenue $115,000; Sales Discounts $1,300; and Sales...
-
Harry Bhel carries a business as a sole proprietorship. During its 2022 fiscal period, its first year of operations, the business had cash sales of $123,000. It also has sales on account of $46,000,...
-
Brazil commonly has a much higher nominal interest rate than the U.S. Yet, some large institutional investors do not invest in Brazilian money market securities, even when they believe the securities...
-
The principal strains in a plane are \(\epsilon_{1}=630\left(10^{-6} ight)\) and \(\epsilon_{2}=350\left(10^{-6} ight)\). Determine the associated principal stresses at the point in the same plane....
-
Why developing a theory of the case is important?
-
Examine and compare one of the following product sets. Base your comparison on such factors as features, costs, convenience, ease of use, and value. a. GPS versus maps. b. Cell phones versus...
-
On the first day of its fiscal year, Ebert Company issued $20,000,000 of 5-year, 8% bonds to finance its operations. Interest is payable semiannually. The bonds were issued at a market (effective)...
-
X Ltd. has 10 lakhs equity shares outstanding at the beginning of the accounting year 2016. The appropriate P/E ratio for the industry in which D Ltd. is 8.35. The earnings per share is Rs. 15 in the...
-
Kay, who is not a dealer, sold an apartment house to Polly during the current year (2017). The closing statement for the sale is as follows: During 2017, Kay collected $9,000 in principal on the...
-
The Wren Construction Company reports its income by the completed con-tract method. At the end of 2017, the company completed a contract to con-struct a building at a total cost of $800,000. The...
-
Refer to the Apple Inc., consolidated financial statements in Appendix A and online in the filings section of www.sec.gov. Requirements 1. Apple Inc.'s consolidated statements of operations do not...
-
Ann Snodgrass, an Illinois resident, was at various times an instructor at Massachusetts Institute of Technology, Berklee College of Music, and Boston University. Each of these schools is located in...
-
Express the magnetic field due to a uniformly moving charged particle in terms of the electric field of the particle and its velocity.
-
The state of Arizona passed Proposition 200 by popular referendum. This law would require an individual to submit proof of citizenship as a condition of registering to vote. By requiring an...
-
A long straight wire carries a current of magnitude \(I\). Use the Biot-Savart law to derive an expression for the mag. netic field \(\vec{B}\) produced at point \(\mathrm{P}\) a radial distance...
-
For each of the following, decide whether there has been a valid offer: A . Would you like to buy my cabin in Maine? Its a beautiful piece of lakefront property and could sell for more than...
-
Use a graphing utility to find the indicated limit rounded to two decimal places. x 3x + 4x 12 lim - 3x + x - 3 x3 x*
-
The 2017 financial statements of the U.S. government are available at: https://www.fiscal.treasury.gov/fsreports/rpt/finrep/fr/fr_index.htm Use these to answer the following questions: a. Statement...
-
(a) When entering a transaction in the journal, should the debit or credit be written first? (b) Which should be indented, the debit or the credit?
-
(a) When entering a transaction in the journal, should the debit or credit be written first? (b) Which should be indented, the debit or the credit?
-
What is a trial balance and what are its purposes?
-
Joy Company's Division A produces a carburetor that is used by many outside manufacturers as a key part in their products. Costs and sales data relating to carburetor are given below: Selling price...
-
A.C, the catching phenom prospect for the Rangers, borrows $4000.00 at 15%. He will pay the loan back in 20 equal payments of $ Please write the missing values in the space below (8 values are...
-
As the Director of the HIM Department, you have been assigned the task of completing the proposed budget for the next fiscal year for the HIM Department at Macomb Community Hospital. The fiscal year...
Study smarter with the SolutionInn App