Question
If the cost of an item of inventory is $60 and the current replacement cost is $70, the amount included in inventory according to the
If the cost of an item of inventory is $60 and the current replacement cost is $70, the amount included in inventory according to the lower of cost or market is
a.$60
b.$70
c.$130
d.$10
Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation:
Cash balance per books, 9/30 | $2,108 |
Deposits in transit | 390 |
Notes receivable and interest collected by bank | 893 |
Bank charge for check printing | 21 |
Outstanding checks | 1,219 |
NSF check | 132 |
Calculate the adjusted cash balance per books on September 30.
a.$2,151.
b.$2,848.
c.$1,279.
d.$2,019.
A $188 petty cash fund has cash of $24 and receipts of $161. The journal entry to replenish the account would include a
a.debit to Cash for $24.
b.credit to Petty Cash for $161.
c.debit to Cash Short and Over for $3.
d.credit to Cash for $188.
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $654,456 and Allowance for Doubtful Accounts has a balance of $18,750. What is the net realizable value of the accounts receivable?
a.$673,206
b.$635,706
c.$18,750
d.$654,456
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