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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
Q. Example of Adjustments for accrued items? For instance assume Micro Train Company has some money in a savings account. On 2010 December 31 the cash on deposit has earned one
Effects of transaction An asset supplies on hand increases (debited) as well as a liability accounts payable increases (credited) by USD 1400. The debit is to Supplies o
Meranda Corporation purchases a machine for $125,000. It has an estimated salvage value of $10,000 an is expected to produce 50,000 units in its lifetime. During the first year of
On January 1, 2012, Bartell Company sold its idle plant facility to Cooper Inc. for $1,050000. On this date, the plant had a depreciated cost of $735,000. Cooper paid $150,000 ca
pls explain expenses incurred
contributed her $10000 in exchange for $1000 of the shares. this was deposited into a new corporate bank account she set up with TD canada trust
Beth Clark is an Accounting Manager at Specialty Products Corp. One afternoon in early January 2012, her boss, Controller Dan Greene, met with her and stated the following, "Beth,
Of the two, who is the ____ , Marie Antoinette or Anne Boleyn? (Points : 2) more famous most famous famouser Question 3. 3. The traffic where we live is _____
Forms of business organizations Accountants habitually refer to a business organization as an accounting entity or a business entity. A business entity is some business organiz
What are examples of deferred revenue expenditure? Ans) It is an expenditure the advantage of which will be realized over a period and not during the present period. Ex-Heavy Ad
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