At the end of 2019, Manny Company recorded its ending inventory at $350,000 based on a physical
Question:
At the end of 2019, Manny Company recorded its ending inventory at $350,000 based on a physical count. During 2020, the company discovered that the correct inventory value at the end of 2019 should have been $400,000 because it made a counting error. Upon discovery of this error in 2020, what correcting journal entry will Manny make? Ignore income taxes.
Ending InventoryThe ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Inventory ...View the full answer
Answered By
Munibah Munir
I've done MS specialization in finance’s have command on accounting and financial management. Forecasting and Financial Statement Analysis is basic field of my specialization. On many firms I have done real base projects in financial management field special forecasting. I have served more than 500 Clients for more than 800 business projects, and I have got a very high repute in providing highly professional and quality services.I have capability of performing extra-ordinarily well in limited time and at reasonable fee. My clients are guaranteed full satisfaction and I make things easy for them. I am capable of handling complex issues in the mentioned areas and never let my clients down.
467+ Reviews
648+ Question Solved
Related Book For 
Intermediate Accounting Reporting and Analysis
ISBN: 978-1337788281
3rd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Question Posted:
