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

Question

1 Approved Answer

Which of the following accounts is credited in the loss method of writing-down of inventory to its net realizable value if no allowance account is

Which of the following accounts is credited in the loss method of writing-down of inventory to its net realizable value if no allowance account is used?

Loss Due to Decline of Inventory to NRV Inventory

Cost of Goods Sold

Allowance to Reduce Inventory to NRV

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Advanced Accounting

Advanced Accounting

Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik

10th edition

0-07-794127-6, 978-0-07-79412, 978-0077431808

Students also viewed these Accounting questions

Question

4. Greet students at the door to the class every day.

Answered: 1 week ago

Question

★★★★★
Dominick Corporation is authorized to issue 10,000 shares of $40 par value, 10% preferred stock and 200,000 shares of $5 par value common stock . On January 1, 2012, the ledger contained the...

Answered: 1 week ago

Question

★★★★★
Required information In October, Nicole eliminated all existing inventory of cosmetic items. The trouble of ordering and tracking each product line had exceeded the profits earned. In December, a...

Answered: 1 week ago

Question

★★★★★
Amanda, a mortgage agent, is presenting the borrower disclosure to her client, Suzanne. In reviewing the borrower disclosure Suzanne is telling Amanda that she is confused about what the cost of...

Answered: 1 week ago

Question

★★★★★
1. Two insulated tanks are connected through an insulated pipe and valve assembly. One tank holds 2 moles of nitrogen at 3 bar and 25C. The other tank has a 3 moles of hydrogen at 0.5 bar, 70C. The...

Answered: 1 week ago

Question

★★★★★
How travel providers such as airlines, hotels, and car rental agencies can use special pricing to fill unused capacity, and earn revenue at the same time?

Answered: 1 week ago

Question

★★★★★
The part shown is loaded at point C with 290 N in the positive x direction and at point E with 190 N in the positive y direction. The diameter of the bar ABD is 10 mm. Evaluate the likelihood of...

Answered: 1 week ago

Question

★★★★★
4. The Citizens Bank commissioned a study to determine processing times for new accounts. Five samples of four observations each have been taken, as shown in the following table: Totals Sample 1...

Answered: 1 week ago

Question

★★★★★
R1. A gas purification system needs to produce 3 kg/hour of purified product. If the purification membrane area is 40 m and 0.06mm thick, determine: (4) A. Flux of gas required for desired production...

Answered: 1 week ago

Previous Question Next Question