Prepare the necessary adjustments to the books

Assignment Help Accounting Basics
Reference no: EM13539529

You are the auditor visiting Brown Machine Co. to review its December 31, 2012 inventory and to prepare the necessary adjustments to the books. Brown has done the book to physical adjustment, but the 2012 books are still open until the audit is complete. You discover the following items. For each situation, tell me what "US" entry you would make. If no entry is needed write "no entry".

1. Inventory in the amount of $10,000 was received on December 31 after the count. The invoice was received and recorded on December 30.

2. Materials costing $28,000, shipped to us fob destination, were not entered into A/P until early January. The materials were in a railroad car on our premises at year end, but were excluded from the count.

3. Included in the count is inventory costing $18,000 that was sold to a customer fob destination on December 31 after the physical count. The customer received the goods on January 5. The A/R dept booked it as a sale for $23,000 on December 31.

Reference no: EM13539529

Questions Cloud

What is the focal length of the lens : A contact lens is made of plastic with an index of refraction of1.52. The lens has an outer radius of curvature of+1.94cm and an inner radius of curvature of+2.54cm. What is the focal length of the lens?
Determine the focal length of the lens : The nickel's image has1.8times the diameter of the nickel and is2.75cm from the lens. Determine the focal length of the lens.
Compute the acceleration of the bucket : A bucket of water with a mass of 6.0 kg is attached to a rope that is wound around a cylinder. What is the acceleration of the bucket
Calculate focal length of lens for light incident from left : The left face of a biconvex lens has a radius of curvature of magnitude10.4cm, and the right face has a radius of curvature of magnitude20.0cm. The index of refraction of the glass is1.47. Calculate the focal length of the lens for light incident f..
Prepare the necessary adjustments to the books : 1. Inventory in the amount of $10,000 was received on December 31 after the count. The invoice was received and recorded on December 30.
Compute how long does it take to fall : The string in a yo-yo is wound around an axle of radius 0.537 cm. The yo-yo has both rotational and translational motion, like a rolling object, and has mass 0.320 kg and outer radius 1.97 cm. How long does it take to fall
Phase margin of the compensated system : Verify your design in MATLAB by obtaining the phase margin of the compensated system using Bode command.
What is the maximum weight he reads on the scale : Jerry is 52 kg and when he stands on a bathroom scale, the spring inside the scale compresses 0.43 mm. what is the maximum weight he reads on the scale
Following events is an intercompany transaction : Which of the following events is an intercompany transaction?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Evaluating customer reaction of trade-off of giving up some

evaluating customer reaction of the trade-off of giving up some features of a product for a lower price would best fit

  Realization of the gain on the sale of land

On November 8, 2006, Power Corp. sold land to Wood Co., its wholly owned subsidiary. The land cost $61,500 and was sold to Wood for $89,000. From the perspective of the combination, when is the gain on the sale of the land realized?

  Find appropriate depreciation expense for the year

Fulfil all required journal entries for each of the long-term activities, which took place during 20x7. Keep in mind to account for the appropriate depreciation expense for the year on any of the long-term assets.

  Types of tax law guidance

What role does the Internal Revenue Service play in interpreting, and providing guidance on, the tax law? What types of tax law guidance are published by the IRS?

  Compute the depletion expense in 2013 and 2014 for

compute the depletion expense in 2013 and 2014 for financial accounting purposes. what accounts will be diebited and

  The standard cost sheet calls for 80 pounds of zinc per

the standard cost sheet calls for 80 pounds of zinc per batch of 70 faucets. zinc has a standard price of 5.10 per

  Difference between accounts payable and accruals

Difference between accounts payable and accruals (liabilities)

  Salvage value of the u-scan

The salvage value of the U-Scan is expected to be $3,000. What is the net present value if the cost of capital is 12 percent (ignore income taxes)? If required, round to the nearest whole dollar.

  Amount of interest expenses and discount amortization

construct a bond amortization table for this problem to indicate the amount of interest expenses and discount amortization at each May 31. Include only the first four years.

  Work in process inventory

All of the following would be entries in assigning accumulated costs to the Work In Process Inventory except:

  Clean laboratories produces biodegradable liquid detergents

clean laboratories produces biodegradable liquid detergents that leave no soap film.the production process has been

  Determining depreciation on machine

In April 2007 of this year, Emma acquired a machine for $50,000 for use in her business. The machine is classified as 7-year property. Emma makes no elections with regard to the property. Emma's depreciation on the machine this year is

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd