Why does merchandize inventory need to be adjusted at the end of the accounting periodand how is

Question:

Why does merchandize inventory need to be adjusted at the end of the accounting periodand how is this done in a perpetual inventory system?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting Introduction To Financial Accounting

ISBN: 9781517089719

1st Edition

Authors: Henry Dauderis, David Annand

See More Books

Question Posted: Apr 26, 2016 09:33 AM

See More Questions

The name Unearned Revenue suggests that this type of account is a revenue account and belongs on the income statement. Instead the account appears on the balance sheet as a liability. Explain why...
The name Prepaid Expense suggests that this account is an expense and belongs on an income statement. Instead the account appears on the balance sheet as an asset. Explain why this is appropriate and...
Why must the balance of Supplies be adjusted at the end of the period?
Belle County Hospital needs a commercial property form that will allow it to continue operations without interruption if a covered loss occurs. Which form should the hospital purchase? OA) Building...
Explain the difference between simulated average demand and expected average demand.
Two blocks, as shown in Figure P10.71, are connected by a string of negligible mass passing over a pulley of radius 0.250 m and moment of inertia I. The block on the frictionless incline is moving up...
A safety-rated smart logic module might include what basic functionality?
Indicate which of the following costs should be expensed when incurred. (a) $13,000 paid to rearrange and reinstall machinery. (b) $200,000 paid for addition to building. (c) $200 Paid for tune-up...
In your opinion, should the card check model of union organizing be allowed for all Ontario employees (as defined by the Ontario Labour Relations Act)? Why or why not? If it were to exist, what...
1. What was (a) the return on assets in 2021 and (b) the average return on assets for the most recent five years (rounded to the nearest one-half percent) for Tru, Inc.? 2. What was (a) the cash...
What is a sales discount and how is it recorded in a perpetual inventory system?
What types of transactions affect merchandize inventory in a perpetual inventory system?
Great Outdoze, Inc., manufactures high-quality sleeping bags, which sell for $130 each. The variable costs of production are as follows: Direct...
if a 1 2 5 0 N force acts on a 7 0 kg box in a Northerly direction and a 8 3 0 N force acts on the box at an angle of 1 2 0 what is the resultant force on the box? b . What is the net acceleration of...
108. Given below are two statements: one is labelled as Assertion (A) and the other is labelled as Reason (R). Assertion (A): Mendel's law of independent assortment does not hold good for the genes...
A planet has an equatorial radius of 6 . 9 3 \ times 1 0 7 m and a mass of 4 . 5 2 x 1 0 2 6 kg . ( a ) Compute the acceleration of gravity at the equator of this planet. ( b ) What is the ratio of a...
A mass is bouncing on a spring and its motion is well represented by the fit function y = 0 . 0 5 5 sin ( 4 . 6 t + 1 . 8 ) + . 2 3 . What is the velocity of this mass at t = 1 . 4 1 ? ( You will...
Chase flies a drone in a circular path around an object that is 190 feet south and 250 feet west of his position. The drone's path takes it over a point that is 200 feet east and 240 feet north of...
In a recursive method, there typically are _________________. a. More base cases than if statements b. More recursive cases than base cases c. More base cases than while loops d. More base cases than...
Les has collected stamps in his spare time for years. He purchased many of his stamps at a price much lower than the current market value. Les recently lost his job as a carpenter. Since his wife...
(Qualitative Characteristics) SFAC No. 2 identifies the qualitative characteristics that make accounting information useful. Presented below are a number of questions related to these qualitative...
(Qualitative Characteristics) The qualitative characteristics that make accounting information useful for decision-making purposes are as follows. Identify the appropriate qualitative...
(Qualitative Characteristics) The qualitative characteristics that make accounting information useful for decision-making purposes are as follows. Identify the appropriate qualitative...
Direct materials Fixed manufacturing overhead costs Sales price Variable manufacturing overhead Direct labor Fixed marketing and administrative costs Units produced and sold during the quarter...
Provide documentation of a step by step training plan for a beta fish. What will be the primary reinforcer? How will you cue the behavior? What schedule of reminforcement will you use. What is the...
On May 1, Soriano Company reported the following account balances along with their estimated fair values: Items Carrying Amount Fair Value Receivables Inventory Copyrights Patented technology Total...

Why does merchandize inventory need to be adjusted at the end of the accounting periodand how is

Question:

Step by Step Answer:

Usually a physical count of inventory is conducted at the fiscal yearend a...View the full answer

Accounting Introduction To Financial Accounting

Students also viewed these Accounting questions