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John Neff owns and operates Waikiki Surf Shop. A year-end trial balance is provided is shown. Neff uses the periodic inventory system. Year-end adjustment data
John Neff owns and operates Waikiki Surf Shop. A year-end trial balance is provided is shown. Neff uses the periodic inventory system. Year-end adjustment data are as follows: (a, b) A physical count shows that merchandise inventory costing $51,800 is on hand as of December 31,20. (c, d, e) Neff estimates that customers will be granted $2,000 in refunds of this year's sales next year and the merchandise expected to be returned will have a cost of $1,200. (f) Supplies remaining at the end of the year, $600. (g) Unexpired insurance on December 31,$2,600. (h) Depreciation expense on the building for 20,$5,000. (i) Depreciation expense on the store equipment for 20,$3,000. (j) Wages earned but not paid as of December 31,$1,800. (k) Neff also offers boat rentals which clients pay for in advance. Unearned boat rental revenue as of December 31 is $3,000. Score: 250/311 John Neff owns and operates Waikiki Surf Shop. A year-end trial balance is provided is shown. Neff uses the periodic inventory system. Year-end adjustment data are as follows: (a, b) A physical count shows that merchandise inventory costing $51,800 is on hand as of December 31,20. (c, d, e) Neff estimates that customers will be granted $2,000 in refunds of this year's sales next year and the merchandise expected to be returned will have a cost of $1,200. (f) Supplies remaining at the end of the year, $600. (g) Unexpired insurance on December 31,$2,600. (h) Depreciation expense on the building for 20,$5,000. (i) Depreciation expense on the store equipment for 20,$3,000. (j) Wages earned but not paid as of December 31,$1,800. (k) Neff also offers boat rentals which clients pay for in advance. Unearned boat rental revenue as of December 31 is $3,000. Score: 250/311
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