What figure should appear in the company's financial statements at 31 October 20X3 for closingi inventory based on this information?
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A company with an accounting date of 31 October carried out a physical check of inventory on 4
November 20X3, leading to an inventory value at cost at this date of $483,700.
Between 1 November 20X3 and 4 November 20X3 the following transactions took place:
1 Goods costing $38,400 were received from suppliers.
2 Goods that had cost $14,800 were sold for $20,000.
3 A customer returned, in good condition, some goods which had been sold to him in October for
$600 and which had cost $400.
4 The company returned goods that had cost $1,800 in October to the supplier, and received a
credit note for them.
What figure should appear in the company's financial statements at 31 October 20X3 for closingi inventory based on this information?
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- Selected data on merchandise inventory, purchases, and sales for Jaffe Co. and Coronado Co. are as follows: Instructions 1. Determine the estimated cost of the merchandise inventory of Jaffe Co. on February 28 by the retail method, presenting details of the computations. 2. a. Estimate the cost of the merchandise inventory of Coronado Co. on October 31 by the gross profit method, presenting details of the computations. b. Assume that Coronado Co. took a physical inventory on October 31 and discovered that 366,500 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during May through October?Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 20Y6 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Record the following transactions on Page 21 of the journal: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section, and place a check mark () in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of stockholders equity, and a balance sheet. Assume that additional common stock of 10,000 was issued in January 20Y6. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Insert the new balance in the retained earnings account. 10. Prepare a post-closing trial balance.Post the following November transactions to T-accounts for Accounts Payable and Inventory, indicating the ending balance (assume no beginning balances in these accounts). A. purchased merchandise inventory on account, $22,000 B. paid vendors for part of inventory purchased earlier in month, $14,000 C. purchased merchandise inventory for cash, $6,500
- A company with an accounting date of 31 October carried out a physical check of inventory on 4 November 20X3, leading to an inventory value at cost at this date of $483,700. Between 1 November 20X3 and 4 November 20X3 the following transactions took place: 1 Goods costing $38,400 were received from suppliers. 2 Goods that had cost $14,800 were sold for $20,000. 3 A customer returned, in good condition, some goods which had been sold to him in October for $600 and which had cost $400. 4 The company returned goods that had cost $1,800 in October to the supplier, and received a credit note for them. What figure should appear in the company's financial statements at 31 October 20X3 for closing inventory, based on this information? A $458,700 B $505,900 C $508,700 D $461,500[The following information applies to the questions displayed below.] Autumn Company began the month of October with inventory of $30,000. The following inventory transactions occurred during the month: a. The company purchased inventory on account for $44,500 on October 12. Terms of the purchase were 2/10, n/30 Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $650 were paid in cash. . b. On October 31, Autumn paid for the inventory purchased on October 12. c. During October inventory costing $20,250 was sold on account for $31,000. d. It was determined that inventory on hand at the end of October cost $54,010. Problem 8-1 (Algo) Part 1 Required: 1. Assuming Autumn Company uses a perpetual inventory system, prepare journal entries for the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.Royal Gorge Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthly financial statements required by its bank. Inventory on hand at the end of October was $58,900. The following information for the month of November was available from company records: Purchases Freight-in Sales Sales returns Purchases returns $114,000 3,400 200,000 9,000 6,000 In addition, the controller is aware of $10,000 of inventory that was stolen during November from one of the company's warehouses Required: 1. Calculate the estimated inventory at the end of November, assuming a gross profit ratio of 40% 2. Calculate the estimated inventory at the end of November, assuming a markup on cost of 60%. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the estimated inventory at the end of November, assuming a gross profit ratio of 40%. Prov 3 of 7 Next >
- Henderson Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthly financial statements required by its bank. Inventory on hand at the end of July was $124,500. The following information for the month of August was available from company records: Purchases Freight-in Sales Sales returns Purchases returns $ 223,000 5,600 354,000 9,400 4,700 In addition, the controller is aware of $11,000 of inventory that was stolen during August from one of the company's warehouses. Required: 1. Calculate the estimated inventory at the end of August, assuming a gross profit ratio of 35%. 2. Calculate the estimated inventory at the end of August, assuming a markup on cost of 25%. Answer is complete but not entirely correct. 1. Estimated ending inventory $ 170,100 x 2. Estimated ending inventory $ 12,800 x3A company with an accounting date of 31 October carried out a physical check of inventory on 4 November 20X3, leading to an inventory value at cost at this date of $483,700. Between 1 November 20X3 and 4 November 20X3 the following transactions took place: (1) Goods costing $38, 400 were received from suppliers. (2) Goods that had cost $ 14,800 were sold for $20,000. (3) A customer returned, in good condition, some goods which had been sold to him in Octoberfor $600 and which had cost $400. (4) The company returned goods that had cost $1,800 in October to the supplier, and received a credit note for them.REQUIRED: Please calculate the figure should be appeared in the company's financial statements at 31 October 20X3 for closing inventory, based on this information.[The following information applies to the questions displayed below.] Autumn Company began the month of October with inventory of $15,000. The following inventory transactions occurred during the month: a. The company purchased inventory on account for $22,000 on October 12. Terms of the purchase were 2/10. /30 - Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $500 were paid in cash. b. On October 31, Autumn paid for the inventory purchased on October 12. c. During October inventory costing $18,000 was sold on account for $28,000. d. It was determined that inventory on hand at the end of October cost $19.060. 2. Assuming Autumn Company uses a periodic Inventory system, prepare journal entries for the above transactions including the adjusting entry at the end of October to record cost of goods sold. Autumn considers purchase discounts lost as part of interest expense.
- Autumn Company began the month of October with inventory of $29,000. The following inventory transactions occurred during the month: The company purchased inventory on account for $43,000 on October 12. Terms of the purchase were 310/310 , n30/�30 . Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $640 were paid in cash. On October 31, Autumn paid for the inventory purchased on October 12. During October inventory costing $20,100 was sold on account for $30,800. It was determined that inventory on hand at the end of October cost $51,250.Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Sandhill Co. at a total cost of $1,680, terms n/30. 9 Paid freight of $50 on calculators purchased from Sandhill Co. 10 Returned calculators to Sandhill Co. for $51 credit because they did not meet specifications. 12 Sold calculators costing $460 for $640 to Fryer Book Store, terms n/30. 14 Granted credit of $40 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $29. 20 Sold calculators costing $500 for $720 to Heasley Card Shop, terms n/30. Journalize the September transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal…Wildhorse Company commenced operations on July 1. Wlidhorse Company uses a periodic inventory system. During July, Wildhorse Company was involved in the following transactions and events: July 2. Purchased $14,600 of merchandise from Suppliers Inc. on account, terms 2/10, n/30 FOB shipping point 3. Returned $1,200 of merchandise to Suppliers Inc as it was damaged Received a credit on account from Suppliers 4. Paid $590 of freight costs on July 2 shipment 8. Sold merchandise for $3,000 cash. 11. Paid Suppliers inc, the full amount owing 15. 25. 31. Sold merchandise for $6,400 on account, 1/10, n/30, FOB shipping point Received full payment for the merchandise sold on July 15 Widhorse did a physical count and determined there was $10,100 of inventory on hand Record the transactions in Wighorse Company's books.
