FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Chou Company had inventory carried on the books at $320,000. The fair market value of the inventory was $330,000. What entry, if any, should the

image text in transcribed
Chou Company had inventory carried on the books at $320,000. The fair market value of the inventory was $330,000. What entry, if any, should the company make to adjust the carrying value of inventory? No entry is required. It should debit loss on inventory and credit inventory. It should debit inventory and credit gain on inventory. It should debit Inventory $330,000 and credit cash $330,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Quality Audits For Improved Performance

Quality Audits For Improved Performance

Authors: Dennis R. Arter

2nd Edition

0873892631, 978-0873892636

More Books

Students also viewed these Accounting questions

Question

★★★★★
Let and (a) Show that A is positive definite and that xTAx = xTBx for all x R2. (b) Show that B is positive definite, but B2 is not positive definite. A =

Answered: 1 week ago

Question

★★★★★
3. Which of the following is not a purpose of completing the accounting cycle? a. to ensure the completeness and accuracy of accounting records b. to prepare summary financial statements c. to close...

Answered: 1 week ago

Question

★★★★★
A personnel director wishes to compare the effectiveness of two methods of training industrial employees to perform a certain assembly operation. A number of employees are to be divided into two...

Answered: 1 week ago

Question

★★★★★
Yuma Foods acquired Aldos Tortillas several years ago. Aldos has continued to operate as an independent company, except that Yuma Foods has exclusive authority over capital investments, production...

Answered: 1 week ago

Question

★★★★★
What is the role of supply chain analytics in improving customer service? a . Optimizing pricing strategies b . Identifying market trends c . Enhancing product quality d . Anticipating demand...

Answered: 1 week ago

Question

★★★★★
This year, the Frost family wants to run a charity fundraiser on Christmas Day, and the family has tasked Sam with designing a fixed price lunch package with family entertainment including a visit...

Answered: 1 week ago

Question

★★★★★
The balance in the prepaid rent account before adjustment at the end of the year is $15,000, which represents five months' rent paid on December 1. The adjusting entry required on December 31 is...

Answered: 1 week ago

Question

★★★★★
What are some benefits of social networking? Select all that apply. Responses can introduce you to potential romantic partners can introduce you to potential romantic partners a boss may hear about...

Answered: 1 week ago

Question

★★★★★
Fortes Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours....

Answered: 1 week ago

Question

★★★★★
Why are the liabilities and shareholders equity accounts represented as negative on the consolidated balance sheet? LO 2-7 Prepare a worksheet to consolidate the accounts of two companies that form...

Answered: 1 week ago

Question

★★★★★
In 3-5 sentences, list your favorite tool from the course lean six sigma green belt and how it could be applied in a real-life situation.

Answered: 1 week ago

Question

★★★★★
Visit the Institute of General Semantics website by going to the books online resources for this chapter and clicking on WebLink 4.4.

Answered: 1 week ago

Question

★★★★★
Pinker, S. (1994). The language instinct: How mind creates language. New York: HarperPerennial; Pinker, S. (2008). The stuff of thought: Language as a window to human nature. New York: Penguin. These...

Answered: 1 week ago

Question

★★★★★
Identify examples of loaded language and ambiguous language.

Answered: 1 week ago

Previous Question Next Question