The Inventory account for Richards Industrial, Inc., had a balance of $110,100 at the end of its
Question:
The Inventory account for Richards Industrial, Inc., had a balance of $110,100 at the end of its fiscal year. A physical count taken at year-end revealed that the value of inventory on hand amounted to $108,400.
Requirements
1. Journalize the adjustment for inventory shrinkage.
2. What could cause the inventory balance according to the physical count to be different from the ledger balance?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (5 reviews)
Req 1 Journal DATE ACCOUNTS POST Dr Cr REF Cost of Goods ...View the full answer
Answered By
Usman Nasir
I did Master of Commerce in year 2009 and completed ACCA (Association of Chartered Certified Accountants) in year 2013. I have 10 years of practical experience inclusive of teaching and industry. Currently i am working in a multinational company as finance manager and serving as part time teacher in a university. I have been doing tutoring via many sites. I am very strong at solving numerical / theoretical scenario-based questions.
4.60+
16+ Reviews
28+ Question Solved
Related Book For
Question Posted:
Students also viewed these Managerial Accounting questions
-
This problem uses both the statement of earnings and the balance sheet of Indigo Books and Music Inc. that appear in Appendix A at the end of this book and on MyAccountingLab. 1. Journalize Indigo's...
-
This problem uses both the income statement (statement of earnings) and the balance sheet of Gildan Activewear Inc. that appear in Appendix A at the end of this book and on MyAccountingLab. It will...
-
The Inventory account for RV Repair Service Company had a balance of $126,800 at the end of its fiscal year. A physical count taken at year end revealed that the value of inventory on hand amounted...
-
ZA Berhad is an investment holding company located in Malaysia. Property development, building, property investment, and management services are the primary activities of the corporation and its...
-
Find the surfaces on which the functions u1, u2, u3, are zero.
-
It was not clear that the revenue in the income statement needed to be reported net of the district-paid expenses for those cases in which Edison was not the primary ____________.
-
"Stokes's first problem" involves the instantaneous acceleration at time \(t=0\) of a flat plate to a constant velocity \(U_{0}\) while in contact with a "semi-infinite," static fluid as shown in...
-
Jose Corporation has $4,000,000 of 9 percent, 25-year bonds dated March 1, 2010, with interest payable on February 28 and August 31. The companys fiscal year end in February 28. It uses the effective...
-
A program has created an Object called "friend." This object includes the following fields: firstName, bDay, favColour and phoneNumber. An ArrayList of the object friend is declared with the...
-
Match each equation to one of the graphs. a. 9x2 + 4y2 - 36 = 0 b. x2 - 4y2 - 8x = 0 c. 3x2 - 30x + 5y + 55 = 0 d. x2 + y2 + 2x - 6y - 15 = 0 10 10 10
-
Whole Foods, Inc., had Gross Sales of $582,000, Sales Returns and Allowances of $18,000, and Sales Discounts of $4,000 in 2016. Cost of goods sold was $224,000, and net income was $84,000 for the...
-
On September 15, 2016, A.D. Wholesale, Inc. purchased $4,200 of inventory on account from one of its suppliers. The terms were 1/15, n/30, FOB shipping point. On September 17, A.D. Wholesale, Inc....
-
The personal computer has evolved from a tool for computation to an Internet-centered communications device. Is this likely to change corporate structures by increasing the efficiency of smaller,...
-
Payton needs money today, so he decides to take out a loan for $511 with a payday lender. The lender expects the money back in 3 weeks with a fee of $61. What is the APR of this loan? Please assume...
-
In 2000, short-term Canadian government bond rates were about 5% and the rate of inflation was about 2%. In 2003, interest rates were about 2.5% and inflation was about 4%. What was the exact real...
-
Lexington Co. is a U.S.based MNC with subsidiaries in most major countries. Each subsidiary is responsible for forecasting the future exchange rate of its local currency relative to the U.S. dollar....
-
Discuss the challenges and opportunities associated with implementing negative interest rates in a low-inflation or deflationary environment. How do central banks communicate and implement negative...
-
If you loan money to a corporate borrower in an ABL structure, describe the important factors to consider when analyzing your sources/probability of repayment.
-
NutraLabs, Inc., leased a protein analyzer to Werner Chemical, Inc., on September 30, 2021. NutraLabs manufactured the machine at a cost of $5 million. The five-year lease agreement calls for Werner...
-
Multiple Choice Questions: 1. The largest component of aggregate demand is? a. Government purchases. b. Net exports. c. Consumption. d. Investment. 2. A reduction in personal income taxes, other...
-
This exercise shows the similarity and the difference between two ways to acquire plant assets. Case AIssue stock and buy the assets in separate transactions: Arthur, Inc., issued 14,000 shares of...
-
The Sugarland Company reported the following on its balance sheet at December 31, 2012: Common Stock, $2.25 par value, 550,000 shares authorized, 400,000 shares issued and outstanding...... $ 900,000...
-
At December 31, 2012, Sugarland Company reported the following on its comparative balance sheet, which included 2011 amounts for comparison (adapted, with all amounts in millions except par value per...
-
With regard to the production possibilities frontier (PPF), an efficient point is a point that is: ?
-
Within the context of rapidly evolving regulatory landscapes and heightened ethical scrutiny, how do advanced organizations navigate the ethical complexities of technological innovation and...
-
Write a program that accepts an integer limit and an integer value and that prints a complete line of output reporting the multiples of value uptil the limit . Keep prompting the user for a value...
Study smarter with the SolutionInn App