Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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

Health Economics And Financing

Authors: Thomas E. Getzen, Michael S. Kobernick

6th Edition

1119815681, 9781119815686

More Books

Students also viewed these Accounting questions

Question

What are some of the different types of fraud fighting careers?

Answered: 1 week ago

Question

What is a firm-level strategy?

Answered: 1 week ago