Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 6 (2 points) At the end of the year, Heath Company's accounting records showed that they had 60 items in stock at a FIFO

image text in transcribed
image text in transcribed
image text in transcribed
Question 6 (2 points) At the end of the year, Heath Company's accounting records showed that they had 60 items in stock at a FIFO cost of $12 each. These normally sell for $30 each. However, the physical inventory count found only 50 items. What is the amount of an adjustment, if any, that must be made to the value of the inventory at year-end? Enter digits only, with no commas, decimal points, or dollar signs. Type O if no adjustment is needed. A/ Question 7 (2 points) The information below reflects all the inventory transactions for one month. July 01 - Balance 190 units @ $10 each July 10- Purchased 380 units @ $9 each July 17- Sold 285 units for $20 each July 22- Purchased 190 units @ $8 each July 30- Sold 325 units for $20 each The valuetof the inventory at the end of the month is A/ Enter digits only, no dollar signs, commas, or decimal points. Question 8 (6 points) A business has the following balances at the beginning of the year: Accounts receivable: 155000 Allowance for doubtful accounts: -13250 The following summary transactions occurred during the year. Sales for the year, 100% on credit: 290000 Cash collected on accounts receivable for the year: 289200 Write-offs of uncollectable accounts receivable : 18600 Received a cheque from a customer whose account was previously written off: 1860 The overall rate used to estimate the allowance for doubtful accounts at year end: 14% Using the information above, answer the following questions. Enter the digits only. no dollar signs, commas, or decimal points. IMPORTANT - enter your answer to the second question (the balance in the allowance) as a NEGATIVE number, with a minus sign (-) in front of the digits. What is the balance in the accounts receivable account at year end? What is the balance in the allowance for doubtful accounts at year end? A What is the balance in the bad debt expense account at year end? A/

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

Cost Accounting For Managerial Planning Decision Making And Control

Authors: Woody Liao, Andrew Schiff, Stacy Kline

6th Edition

1516551702, 9781516551705

More Books

Students also viewed these Accounting questions

Question

Describe the basic structure of a union.

Answered: 1 week ago

Question

Discuss laws affecting collective bargaining.

Answered: 1 week ago