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In: Accounting
The records of Alaska Company provide the following information for the year ended December 31. At...
The records of Alaska Company provide the following information for the year ended December 31. At Cost At Retail January 1 beginning inventory $ 469,010 $ 928,950 Cost of goods purchased 3,376,050 6,381,050 Sales 5,595,800 Sales returns 42,800 Required 1.Use the retail inventory method to estimate the company’s year-end inventory at cost. Check (1) Inventory, $924,182 cost 2.A year-end physical inventory at retail prices yields a total inventory of $1,686,900. Prepare a calculation showing the company’s loss from shrinkage at cost and at retail. (2) Inventory shortage at cost, $36,873
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The records of Alaska Company provide the following information for the year ended December 31. At...
The records of Alaska Company provide the following information
for the year ended December 31. At Cost At Retail January 1
beginning inventory $ 473,150 $ 928,950 Cost of goods purchased
2,699,294 6,281,150 Sales 5,513,700 Sales returns 46,400 Required:
1. Use the retail inventory method to estimate the company’s
year-end inventory at cost. 2. A year-end physical inventory at
retail prices yields a total inventory of $1,693,800. Prepare a
calculation showing the company’s loss from shrinkage at cost and
at...
The records of Alaska Company provide the following information for the year ended December 31 at...
The records of Alaska Company provide the following information
for the year ended December 31
at coast at Retail
January 1 beginning inventory $ 472,950 $ 928,750
Cost of goods purchased 2,843,512 6,280,950
Sales 5,511,700
Sales returns 46,200
Required:
1. Use the retail inventory method to estimate the company’s
year-end inventory at cost.
2. A year-end physical inventory at retail prices yields a total
inventory of $1,691,800. Prepare a calculation showing the
company’s loss from shrinkage at cost and at...
The inventory records of Cushing Inc. reflected the following information for the year ended December 31,...
The inventory records of Cushing Inc. reflected the following
information for the year ended December 31, 2019:
Number
of Units
Unit
Cost
Total
Cost
Inventory, January 1
210
$
12.5
$
2,625
Purchases:
May 30
320
14.5
4,640
September 28
400
16.5
6,600
Goods available for sale
930
$
13,865
Sales:
April 10
(140
)
June 11
(300
)
November 1
(380
)
Inventory, December 31
110
Required:
a. Assume that Cushing, Inc., uses a periodic inventory
system. Calculate cost...
The inventory records of Kuffel Co. reflected the following information for the year ended December 31,...
The inventory records of Kuffel Co. reflected the following
information for the year ended December 31, 2019:
Date
Transaction
Number
of Units
Unit
Cost
Total
Cost
1/1
Beginning inventory
150
$
31
$
4,650
1/24
Purchase
70
34
2,380
2/22
Sale
(100
)
-
-
3/7
Purchase
90
38
3,420
4/10
Purchase
140
37
5,180
6/11
Sale
(100
)
-
-
9/28
Purchase
50
36
1,800
12/4
Sale
(100
)
-
-
b. Assume that Kuffel Co. uses a perpetual...
The records of Earthly Goods provided the following information for the year ended December 31, 2020....
The records of Earthly Goods provided the following information
for the year ended December 31, 2020.
At Cost
At Retail
January 1 beginning inventory
$
466,350
$
922,150
Purchases
3,184,200
6,393,700
Purchase returns
51,800
118,350
Sales
5,485,700
Sales returns
44,100
Required:
1. Prepare an estimate of the company’s year-end inventory
by the retail method. (Round all calculations to two
decimal places.)
Under the assumption the company took a year-end physical
inventory at marked selling prices that totalled $1,674,800,
prepare a...
The records of Koop Co. provided the following information for the year ended 31 December 20X8:
The records of Koop Co. provided the following information for the year ended 31 December 20X8: Additional information:a. Sold equipment for cash (cost, $30,000; accumulated depreciation, $18,000).b. Purchased land, $40,000 cash.c. Acquired land for $42,000 and issued common shares as payment in full.d. Acquired equipment, cost $32,000; issued a $32,000, three-year, interest-bearing note payable. Required:Prepare the SCF, using the two-step indirect method. Analyze every account to ensure all changes are included. Assume unexplained changes are from logical sources. Include required...
The following information is available from Bromfield Co.’s accounting records for the year ended December 31,...
The following information is available from Bromfield Co.’s
accounting records for the year ended December 31, 2016 (amounts in
millions):
Cash dividends
declared and paid
$
336
Interest and taxes paid
102
Collections from customers
1,333
Payment of long-term debt
212
Purchase of land and
buildings
158
Cash paid to suppliers and
employees
819
Issuance of preferred stock
303
Proceeds from the sale of
equipment
54
a. Calculate the net cash provided (used) by
operating activities for Bromfield Co. for...
The following information is available from Bromfield Co.’s accounting records for the year ended December 31,...
The following information is available from Bromfield Co.’s
accounting records for the year ended December 31, 2013 (amounts in
millions):
Cash dividends
declared and paid
$
323
Interest and taxes
paid
76
Collections from
customers
1,338
Payment of long-term
debt
214
Purchase of land and
buildings
169
Cash paid to
suppliers and employees
789
Issuance of
preferred stock
307
Proceeds from the
sale of equipment
62
(a) Calculate the net cash provided (used) by operating
activities for Bromfield Co....
The following data were taken from the records of Samsung Company for the year ended December 31,...
The following data were taken from the records of
Samsung Company for the year ended December 31,
2019.
Raw Materials Inventory,1/1/19
$48,000
Factory Machinery Depreciation
$16,000
Raw Materials Inventory, 12/31/19
39,600
Factory Utilities
27,600
Finished Goods Inventory, 1/1/19
96,000
Selling expenses
12,000
Finished Goods Inventory, 12/31/19
75,900
Sales Revenue
534,000
Work in Process Inventory, 1/1/19
19,800
Administrative expenses
14,200
Work in Process Inventory, 12/31/19
18,600
Plant Manager's Salary
58,000
Direct Labor
139,250
Factory Property Taxes
9,600
Indirect Labor
24,460
Factory Repairs...
The following information is from Amos Company for the year ended December 31, 2019.
The following information is from Amos Company for the year ended December 31, 2019.
Retained earnings at December 31, 2018 (before discovery of error), $865,000.
Cash dividends declared and paid during the year, $22,000.
Two years ago, it forgot to record depreciation expense of $36,600 (net of tax benefit).
The company earned $221,000 in net income this year.
Prepare a statement of retained earnings for Amos Company.
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