Why is it necessary to adjust the Merchandise Inventory account under a periodic inventory system?

Question:

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

Step by Step Answer:

Related Book For book-img-for-question

College Accounting

ISBN: 978-1111528126

11th edition

Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille

See More Books

Question Posted: Oct 21, 2014 02:27 AM

See More Questions

Evaluate f (z 2)" dz(n + 1) where C is z -- 2 = 4
Why is it necessary to adjust the initial room-temperature clearance of a joint between two significantly different metals?
Why is it necessary to calculate separate equivalent units of production for each cost component of a product? Are there times when separate EUP schedules are not necessary and, if so, why?
1) Identify the population and sample from the following statements: a) A survey conducted at NSU has found that out of 371 students, 52 are left-handed b) In a rescue shelter, the height and weight...
How would an economist categorize exchange rate systems? How would the IMF make this classification? In what ways are these same? How are they different?
What is the quick (acid test) ratio? A. 0.9 B. 4.8 C. 0.8 D. 0.2 E. 1.7 Using the following balance sheet and income statement Balance sheet m Property 200 Trade payables Plant and equipment 300 Tax...
Define the difference between process and function and provide an example.
At the start of 2015, the New Orleans Fine Food Company budgeted before-tax income as follows: Actual before tax income for 2015 was: Required Florence Roden, the owner of the company, is pleased...
The Young Corporation has the following overhead costs. Maintenance: $100,000 Supervisor Salaries: $150,000 After an ABC study, Young Corporation has the following activities and percentages....
A 30-year-old man is admitted to the hospital with neurologic impairment, fever, edema, bruising, and bleeding gums. Manual differential counts: WBC: 12.3 Band neutrophils: 5 RBC: 2.60 Segmented...
Explain what is meant by unearned revenue. Why it is treated as a liability?
A merchandising company shows $ 8,842 in the Supplies account on the preadjusted trial balance. After taking inventory of the actual supplies, the company still owns $ 3,638. a. How much was used or...
Who issues the certificate of substantial completion?
Congratulations! The group mentioned in Case 11.1 has selected you to make the oral presentation to the restaurant association. Although the other members will be present to help answer questions,...
Let $X$ and $Y$ be random variables with expected values $\mu=\mu_{X}=\mu_{Y}$ and variances $\sigma^{2}=\sigma_{X}^{2}=\sigma_{Y}^{2}$. Let $Z=(2 X+Y) / 2$. a. Find the expected value of...
Explain how the factors $\sigma^{2}, \Sigma\left(x_{i}-\bar{x} ight)^{2}$, and $N$ affect the precision with which we can estimate the unknown parameter $\beta_{2}$.
Bring in a one-page message (email, memo, or letter) you have written in the past. Exchange papers with other students (so that youre not revising the paper of the person who is revising yours)....
Use the definition of expected value for a discrete random variable to compute expectations, given a $p d f f(x)$ and a function $g(X)$ of $X$.
A bowl contains water that evaporates at a rate proportional to the surface area of water exposed to the air (Figure 19). Let A(h) be the cross-sectional area of the bowl at height h. (a) Explain why...
Write each fraction as a percent. 7 50
What does brand loyalty mean to consumers? According to a Rare research report, 20% of consumers associate trust with brand loyalty. a. To conduct a follow-up study that would provide 95% confidence...
Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at November 1, 2015, purchases invoices during the next 12 months, and the inventory count at...
Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at November 1, 2015, purchases invoices during the next 12 months, and the inventory count at...
Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at November 1, 2015, purchases invoices during the next 12 months, and the inventory count at...
In Unix and Linux systems, the configuration of the operating system, servers, applications and preferences is commonly stored in plain text files. You want to view the hardware attached to the...
An actual corporation reported this information on their 2019 Annual Report ($ millions). Inventory cost method of LIFO is used. Date Inventory Balance Cost of Goods Sold (COGS) December 31, 2018...
The markets in general are paying a 2% real rate of return. Inflation is expected to be 3%. ABC stock commands a 6% risk premium. What is the expected rate of return on ABC stock? The required rate...

Why is it necessary to adjust the Merchandise Inventory account under a periodic inventory system?

Question:

Step by Step Answer:

The reason for adjusting the Merchandise Inventory ...View the full answer

College Accounting

Students also viewed these Accounting questions