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Q. Balance of the Merchandise Inventory account?
The balance of the Merchandise Inventory account is a cost of the inventory that should be on hand. This fact is a major reason a few companies choose to use perpetual inventory procedure. The cost of inventory that must be on hand is readily available. A physical inventory determines the accurateness of the account balance. Management may perhaps investigate any major discrepancies between the balance in the account and the cost based on the physical count. It thus achieves greater control over inventory. While a shortage is discovered an adjusting entry is required. Presumptuous a USD 15 shortage (at cost) is discovered the entry is
Presume that the Cost of Goods Sold account had a balance of USD 200000 by year-end when it is closed to Income Summary. There are no former purchase-related accounts to be closed. The entry to close the Cost of Goods Sold account is as
what is meaning by parallel accounts
A firm is evaluating two machines. The first costs $250,000 and will require annual maintenance of $30,000 per year for 10 years. At the end of 10 years, the salvage value will b
If the amount in supplies expense is the january 31 adjusting entry and $650 of supplies waw purchased in january what was the balance in supplies on january 1
Funds Flow Analysis : This study is occasionally called as 'Statement of alter in Financial Position". Beneath this analysis, a declaration is prepared which give details the
Calculate, CPA, is compiling a cash flow statement for his client, Happy Hal Printing. Over the course of the year Happy Hal acquired new equipment by putting down half of the purc
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Q. Explain about Depreciation? Depreciation Just as prepaid rent and prepaid insurance indicate a gradual using up of a previously recorded asset thus does depreciation. But th
A vendor reduces an item listed at $140 on July 1st by 20%, and then reduces it another 25% on September 1st. What is the sale price of the good after the last reduction? A. $7
During the fiscal period just ended some of the inventory in the warehouse of Jamie Ltd. wasn't counted. Jamie Ltd. uses a periodic inventory control system. Explain how the foll
The accounting records of Nu-tonics Inc., include the following information for the year ended December 31, 2013: Materials Inventory as at 1 January 2013 $ 20,000 Materials
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