Presented below is information related to Taylor Co. for the month of January 2014. Instructions (a) Prepare
Question:
Instructions
(a) Prepare the necessary adjusting entry for inventory.
(b) Prepare the necessary closingentries.
Transcribed Image Text:
Ending inventory per $ 12,000 20,000 59,000 8,000 nces 13,000 378,000 Insurance cxpcnsc perpetual records Ending inventory actually 21,00 Rent expense on hand Cost of goods sold Freight-out Salaries and wages expense Sales discounts Sales returns and allowa 21,000 208,000 7,000 Sales revenue
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 73% (15 reviews)
a Cost of Goods Sold 600 Inventory 600 b Sales Revenue 378000 Income Summary ...View the full answer
Answered By
Anthony Ngatia
I have three academic degrees i.e bachelors degree in Education(English & Literature),bachelors degree in business administration(entrepreneurship option),and masters degree in business administration(strategic management) in addition to a diploma in business management.I have spent much of my life in the academia where I have taught at high school,middle level colleges level and at university level.I have been an active academic essays writer since 2011 where I have worked with some of the most reputable essay companies based in Europe and in the US.I have over the years perfected my academic writing skills as a result of tackling numerous different assignments.I do not plagiarize and I maintain competitive quality in all the assignments that I handle.I am driven by strong work ethics and a firm conviction that I should "Do Unto others as I would Like them to do to me".
4.80+
76+ Reviews
152+ Question Solved
Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Accounting questions
-
Find the expressions of reverse kinematics in a geometric way. Use a1=0.25,a2=0.15,d4=0.15 y d1=0.5 Encuentre los valores articulares si queremos posicknar y orientar la pinza dada la siguiente...
-
Presented below is information related to Russell Corporation for the month of January 2012. InstructionsPrepare the necessary closingentries. Cost of goods sold Freight-out Salaries and wages...
-
Presented below is information related to Gonzales Corporation for the month of January 2008. Instructions Prepare the necessary closingentries. Cost of goods sold $208,000 alary expense Freight-out...
-
Compare two versions of the two-period depletable resource model that differ only in the treatment of marginal extraction cost. Assume that in the second version the constant marginal extraction cost...
-
What is build-schedule stability for a vendor?
-
Eric Williams is a cost accountant and business analyst for Diamond Design Company (DDC), which manufactures expensive brass doorknobs. DDC uses two direct-cost categories: direct materials and...
-
What are the three types of employees who work in MNEs? Explain how an HCN could change to become a TCN in an MNE.
-
Data concerning a recent period's activity in the Assembly Department, the first processing department in a company that uses process costing, appear below: A total of 26,000 units were completed and...
-
A call center has four categories of employees, each paid a particular wage. Managers are paid $25 an hour, clerks are paid $15 an hour, technicians are paid $20 an hour, and administrative...
-
DeBauge Realtors, Inc., is a realty firm owned by Jeff and Kristi DeBauge. The DeBauge family owns 100% of the corporations stock. The following summarized data (in thousands) are taken from the...
-
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...
-
Presented below is information for Bach Company for the month of March 2014. Instructions (a) Prepare a multiple-step income statement. (b) Compute the gross profitrate. Cost of goods sold...
-
Determine the sum or difference in clock 6 arithmetic. 4 + 4 6. 3 2.
-
Actions that physically remove or destroy the personal property of others. a. conversion b. contributory ne gligence c. defamation d. liability e. libel f. negligence g. nuisance h. slander i. tort...
-
Affi rming, or agreeing to, the terms of a contract entered into previously. a. abandonment b. age of majority c. contractual c apacity d. competent pa rty e. disaffi rmance f. emancipation g....
-
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn. Tort law is concerned with compensation for losses suffered by injured parties.
-
False written statements that harm a persons reputation or good name. a. conversion b. contributory ne gligence c. defamation d. liability e. libel f. negligence g. nuisance h. slander i. tort j....
-
Items considered essential for a persons well-being, such as food, shelter, clothing, medical care, and employment. a. abandonment b. age of majority c. contractual c apacity d. competent pa rty e....
-
What does a 95% confidence interval of the mean tell us? How about a 99% confidence interval for an individual score?
-
Refer to the situation described inBE 18-13, but assume a 2-for-1 stock split instead of the 5% stock dividend. Prepare the journal entry to record the stock split if it is to be effected in the form...
-
The supply for a certain commodity is linear and determined to be \[p=0.005 n+12\] whereas the demand is linear with \[p=150-0.01 n\] where \(p\) is the price and \(n\) is the number of items. What...
-
The steps in managements decision-making process are listed in random order below. Indicate the order in which the steps should be executed. Make a decision. .........Review results of the decision....
-
The steps in managements decision-making process are listed in random order below. Indicate the order in which the steps should be executed. Make a decision. .........Review results of the decision....
-
The steps in managements decision-making process are listed in random order below. Indicate the order in which the steps should be executed. Make a decision. .........Review results of the decision....
-
If a family spends its entire budget in a given time frame, the family can afford either 8 dance lessons or 5 karate lessons. Assuming the family spends its entire budget on just these two goods,...
-
Part 5 - Stretch Your Thinking- Answer the questions 18. Applying the least-cost rule is similar to applying the utility maximizing rule. Identify two similarities and two differences regarding these...
-
If today's youth learn the skills that they need to work in the global workforce before they leave school, then the economic crisis will end because unemployment will be greatly reduced." What...
Study smarter with the SolutionInn App