Presented below is information related to Hoerl Co. for the month of January 2020. Instructions a. Prepare
Question:
Instructions
a. Prepare the necessary adjusting entry for inventory.
b. Prepare the necessary closing entries.
Transcribed Image Text:
Ending inventory per perpetual records Ending inventory actually Insurance ex pense Rent expense Salaries and wages expense Sales discounts Sales returns and allowances $ 12,000 $ 21,600 20,000 55,000 21,000 on hand 10,000 Cost of goods sold Freight-out 218,000 13,000 380,000 7,000 Sales revenue
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 72% (11 reviews)
a Cost of Goods Sold 21600 21000 600 Inventory 600 b Sales R...View the full answer
Answered By
Charles mwangi
I am a postgraduate in chemistry (Industrial chemistry with management),with writing experience for more than 3 years.I have specialized in content development,questions,term papers and assignments.Majoring in chemistry,information science,management,human resource management,accounting,business law,marketing,psychology,excl expert ,education and engineering.I have tutored in other different platforms where my DNA includes three key aspects i.e,quality papers,timely and free from any academic malpractices.I frequently engage clients in each and every step to ensure quality service delivery.This is to ensure sustainability of the tutoring aspects as well as the credibility of the platform.
4.30+
2+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Business questions
-
Find the expressions of reverse kinematics in a geometric way. Use a1=0.25,a2=0.15,d4=0.15 y d1=0.5 Encuentre los valores articulares si queremos posicknar y orientar la pinza dada la siguiente...
-
Presented below is information related to Russell Corporation for the month of January 2012. InstructionsPrepare the necessary closingentries. Cost of goods sold Freight-out Salaries and wages...
-
Presented below is information related to Carver Inc. Instructions (a) Compute the following ratios or relationships of Carver Inc. Assume that the ending account balances are representative unless...
-
Consider an extendable hash structure where buckets can hold 3 search key values. The entries with the key values listed below are inserted in the following order: 57, 28, 26, 98, 38, 79, 7, 109, 30...
-
Par of Chicago acquired all the outstanding capital stock of Sar of London on January 1, 2016, for $1,120,000. The exchange rate for British pounds was $1.40 and Sar's stockholders' equity was...
-
Consider the data distribution of the COMPANY database, where the fragments at sites 2 and 3 are as shown in Figure 23.3 and the fragments at site 1 are as shown in Figure 3.6. For each of the...
-
The historical cost of sales figure for Pear Ltd for the year ended 31 December 2003 is calculated as follows: Required: Assuming that purchases occur evenly throughout the year, calculate the cost...
-
The Belik Company has the capacity to produce 5,000 units per year. Its predicted operations for the year are as follows: Sales (4,000 units @ $ 20 each) ......... $ 80,000 Manufacturing costs:...
-
Find the APPROXIMATE ength of each arc. Round your answers to the nearest tenth. 11) 9 yd
-
Consider the transportation model in the file Williamson, which is very similar to the Foster Generators model discussed in the chapter. Williamson produces a single product and has plants in...
-
The adjusted trial balance of Sang Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2020: Sales Revenue $820,000, Freight-Out $16,000, Sales Returns and...
-
Presented below is information for Kaila Company for the month of March 2020. Instructions a. Prepare a multiple-step income statement. b. Compute the gross profit rate. Rent expense Sales discounts...
-
Calculate the heat transfer for the process described in Problem 4.70. A piston cylinder setup similar to Problem 4.24 contains 0.1 kg saturated liquid and vapor water at 100 kPa with quality 25%....
-
You invest $2500 into an investment account and are told that your deposit will double every 30 years. determine a formula for your balance, B(t), t years after your deposit.
-
A child on a sled is initially at rest on an icy horizontal surface. The sled is pushed until it reaches a final velocity of 6.65 m/s in a distance of 16.8 m. The coefficient of friction between the...
-
Walgreens 8/31/2020 quick ratio of 31.85% vs. CVS 12/31/2019 quick ratio of 61.51% financial analysis: Calculate the quick ratio for Walgreens and CVS. What do these results mean in the context of...
-
Krypton Bank has set a concentration limit of 0.35 (i.e, 35 percent of capital) for the lT sector. The bank has amaximum loss it permits to affect its total capital in the event of default of 5%....
-
ABC Hedge Fund had a 2% return when the market returned 10%. However, ABC's Sharpe ratio was superior to that of the market benchmark. What is the significance of the Sharpe ratio?
-
Of all boxes with a square base and a volume of 100 m 3 , which one has the minimum surface area? (Give its dimensions.)
-
Maria Castigliani is head of the purchasing department of Ambrosiana Merceti, a medium-sized construction company. One morning she walked into the office and said, The main problem in this office is...
-
(a) What are long-term liabilities? Give three examples. (b) What is a bond?
-
(a) What are long-term liabilities? Give three examples. (b) What is a bond?
-
(a) As a source of long-term financing, what are the major advantages of bonds over common stock? (b) What are the major disadvantages in using bonds for long-term financing?
-
Louis files as a single taxpayer. In April of this year he received a $910 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income...
-
6 Lester and Forrest Scruggs have presented you with the following information for Scruggs, Inc. For 2021 they would like for you to 7 complete a(n) 1 adjusted Trial Balance (prepare this on a...
-
A small departmental store buys and sells products from various companies. They buy some of the products at discounted prices when they order large numbers. They sell all their products 20% above the...
Study smarter with the SolutionInn App