Highlight the differences in the closing process when using the periodic inventory system rather than the perpetual
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 64% (14 reviews)
The two main differences in the closing entries are in the first two steps ...View the full answer
Answered By
Deepak Pal
Hi there! Are you looking for a committed, reliable, and enthusiastic tutor? Well, teaching and learning are more of a second nature to me, having been raised by parents who are both teachers. I have done plenty of studying and lots of learning on many exciting and challenging topics. All these experiences have influenced my decision to take on the teaching role in various capacities. As a tutor, I am looking forward to getting to understand your needs and helping you achieve your academic goals. I'm highly flexible and contactable. I am available to work on short notice since I only prefer to work with very small and select groups of students. Areas of interest: Business, accounting, Project management, sociology, technology, computers, English, linguistics, media, philosophy, political science, statistics, data science, Excel, psychology, art, history, health education, gender studies, cultural studies, ethics, religion. I am also decent with math(s) & Programming. If you have a project you think I can take on, please feel welcome to invite me, and I'm going to check it out!
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Question Posted:
Students also viewed these Accounting questions
-
When using the periodic inventory system and weighted-average inventory costing method, when is the weighted average cost per unit computed?
-
When using the periodic inventory system, which inventory costing method(s) produces the same result as when using the perpetual inventory system?
-
When a perpetual inventory system is used, unit costs of the items sold are known at the date of each sale. In contrast, when a periodic inventory system is used, unit costs are known only at the end...
-
Q2. The figure below shows a three stage space-division switch with N =400, n-10 and 8 cross bars at the middle stage. Carefully analyze this multistage network and answer the following questions:...
-
Terry Schimp, 25, worked as a bartender for RCR Catering and Pubs. Although he was occasionally tardy, sometimes missed a staff meeting, and a few times was short on his cash, he was considered a...
-
Devise an iterative algorithm to find the nth term of the sequence defined in Exercise 32.
-
Maria Rossi just applied for a bank loan to finance an Italian restaurant she wants to launch. When visiting a banker about a loan application, a question posed to her was if she had results from any...
-
The ink-jet printing division of Environmental Printing has grown tremendously in recent years. Assume the following transactions related to the ink-jet division occur during the year ended December...
-
a) Explain the following terms as used in real estate appraisals i. Value in use ii. iii. Liquidation value Insurable value b) Describe the cost approach of real estate valuation c) Explain the...
-
Rachel Sanchez is a limited partner in HN Partnership, which operates a souvenir shop, and a member in Jams-n-Jellies LLC, which makes specialty food items and sells them at retail. Rachel has no...
-
What is a purchase return? How does a purchase allowance differ from a purchase return?
-
Describe the calculation of cost of goods sold when using the periodic inventory system.
-
Use Excel to construct your own set of annuity tables showing the annuity factor for a selection of interest rates and years.
-
James Cameron piloted a submersible craft to the bottom of the Challenger Deep, the deepest point on the oceans floor, 11,000 m below the surface. What was the total inward force on the...
-
Fat cells in humans are composed almost entirely of pure triglycerides with an average density of about 900 kg/m 3 . If 20% of the mass of a 70 kg students body is fat (a typical value), what is the...
-
Explain stereotype threat effects and provide some examples of how they might occur in organizations and the consequences. What can organizations do to prevent stereotype threat effects?
-
The classic Goodyear blimp is essentially a helium balloon a big one, containing 5700 m 3 of helium. If the envelope and gondola have a total mass of 4300 kg, what is the maximum cargo load when the...
-
You are given a timewheel that is initially empty. The timewheel processes events, each of which has a generation time and a release time. Show the state of the timewheel (events and their order)...
-
Compute the torque required to accelerate a solid steel disc from rest to 550 rpm in 2.0 s. The disc has a diameter of 24.0 in and is 2.5 in thick.
-
An environmentalist wants to determine if the median amount of potassium (mg/L) in rainwater in Lincoln County, Nebraska, is different from that in the rainwater in Clarendon County, South Carolina....
-
Peyton Investments completed the following investment transactions during 2018: 2018 Jan. 5 Purchased Vedder Company's $400,000 bond at face value. Peyton classified the investment as...
-
Strategic Investments completed the following investment transactions during 2018: Jan. 14 Purchased 800 shares of Phyflexon stock, paying $50 per share. The investment represents 4% ownership in...
-
Captain Investments completed the following investment transactions during 2018: Jan. 14 Purchased 200 shares of Velcon stock, paying $53 per share. The investment represents 4% ownership in Velcon's...
-
you will create an input-processing-output application that calculates the the gross and net pay for three employees working at Lard Lad Donuts. You should collect (as inputs) each employee's name,...
-
1. In 2022, Skyway Ltd. declares and pays taxable dividends of $46,000. It is the policy of the corporation to only designate dividends as eligible to the extent that they generate a dividend refund....
-
DECISION MAKING (MAKE OR OUTSOURCE) The Night's Watch Inc. produces ice machines for a variety of different customers. The costs of manufacturing and marketing ice machines at the company's normal...
Study smarter with the SolutionInn App