Prepare a worksheet for Morin Co. from the following information. a/b. Merchandise Inventory, ending $9 c....

Prepare a worksheet for Morin Co. from the following information.

a/b. Merchandise Inventory, ending $9

c. Store Supplies on hand $2

d. Depreciation on Store Equipment $3

e. Accured Salaries $2

Morin Co.

Trial Balance

December 31, 20XX

	Dr.	Cr.
Cash	7.00
Accounts Receivable	2.00
Merchandise Inventory	13.00
Store Supplies	8.00
Store Equipment	20.00
Accumulated Dep., Store Equipment		8.00
Accounts Payable		7.00
J. Morin, Capital		38.00
Income Summary
Sales		44.00
Sales Returns and Allowances	6.00
Purchases	19.00
Purchases Discount		5.00
Freight-In	2.00
Salaries Expense	13.00
Advertising Expense	12.00
Total	102.00	102.00

Expert Solution

ekkarill92 answered 2 years ago

Following are the adjustment data for Bruno Company: a-b. Merchandise inventory (ending), $1,045. c. Professional fees...

Following are the adjustment data for Bruno Company: a-b. Merchandise inventory (ending), $1,045. c. Professional fees earned, $32,100. d. Supplies inventory (on hand), $1,415. e. Insurance expired, $750. f. Depreciation of office equipment, $300. g. Wages accrued, $630. Record these data in the Adjustments column of the following work sheet. If an amount is zero, enter "0". Bruno Company Worksheet TRIAL BALANCE ADJUSTMENTS ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT Cash 32,725 Accounts Receivable 960 Merchandise Inventory 1,250 Supplies 1,525 Prepaid...

Estimate the cost of the ending merchandise inventory

Based on the following data , estimate the cost of the ending merchandise inventoryParticularsAmount$Sales92,50,000Estimated Gross profit rate 36%Beginning merchandise inventory1,80,000Purchase (net)59,45,000Merchandise available for sale61,25,000

Determining Merchandise to be Included or Excluded from Ending Inventory The unadjusted inventory balance of Sara...

Determining Merchandise to be Included or Excluded from Ending Inventory The unadjusted inventory balance of Sara Ann Corp. is $500,000 on December 31, 2020, based on a physical inventory count. The following items must be considered before the inventory valuation is finalized. a. On December 31, the physical inventory excluded $500 of merchandise inventory shipped to Sara Ann Corp. from a vendor f.o.b. destination that arrived on January 1, 2021. b. On December 31, the physical inventory included $18,000 of...

Answer T or F The ending merchandise inventory for 2005 is the as the beginning merchandise...

Answer T or F The ending merchandise inventory for 2005 is the as the beginning merchandise inventory or 2006. In a multi-step income statement the dollar amount for income from operations is always the same as net income. Net sales are equal to sales minus cost of merchandise sold. Gross profit minus selling expenses equals net income. The form on the balance sheet in which asserts, liabilities, and owner’s equity are presented in a downward sequence is called the report...

Questions A business has the following ending merchandise inventory data at the end of January: #...

Questions A business has the following ending merchandise inventory data at the end of January: # Units Unit Cost Unit Market Value Gloves 10 $10 $11 Hats 20 $8 $9 Boots 5 $28 $20 Determine the total lower of cost or market value for inventory applied by item. A business has the following data as of January 31: $15,850Cash balance per bank statement $17,500Cash balance per company ledger $1,650 Outstanding checks $4,100 Deposits in transit $50 Bank service charges for the month of January $796 Cash collected by the bank acting as a collection agent...

The 2017 ending inventory of Sarnia contains a profit of $40,000 on merchandise purchased from Canata....

The 2017 ending inventory of Sarnia contains a profit of $40,000 on merchandise purchased from Canata. Sarnia purchased a total of $230,000 from Canata in 2017. The 2017 opening inventory of Sarnia contained a profit of $15,000 on merchandise purchased from Canata. In 2016, Sarnia purchased a total of $125,000 from Canata. What are the eliminating entries for consolidation. How do I figure out for consolidation purposes.

Prepare a Statement of Cash Flow for the year ending 2019 from the following information. 2018...

Prepare a Statement of Cash Flow for the year ending 2019 from the following information. 2018 2019 Cash 85,000 27,000 Accounts Receivable 95,000 80,000 inventory 130,000 134,000 prepaid expenses 9,500 9,000 land 89,700 130,000 PP&E 295,500 256,700 accumulated depr -30,000 -13,000 total assets 674,700 623,700 accounts payable 98,000 77,000 accrued liabilities 54,000 70,000 bonds payable 110,000 60,000 common stock 100,000 101,000 retained earnings 312,700 315,700 674,700 623,700 PP&E with a historical cost of $50,000 and a net book value of...

Using the Data below a) Prepare FIFO, LIFO, average valueto ending inventory. b) Prepare all entries...

Using the Data below a) Prepare FIFO, LIFO, average valueto ending inventory. b) Prepare all entries for either FIFO or LIFO – including closing entries Use periodic inventory March 1 – Had 2,200 liters at $.63 each March 3 – Purchased 2,550 liters at .70 each March 5 SOLD 2,400 at $1.10 March 11 Purchased 4,100 liters at .74 each March 20 Purchased 2,600 liters at .80 each March 30 Sold 5,500 liters for $1.25

From the following? information, calculate the cost of ending inventory and cost of goods sold using...

From the following? information, calculate the cost of ending inventory and cost of goods sold using the? (a) FIFO,? (b) LIFO, and? (c) weighted-average methods. Units Cost January 1 Beginning Inventory 4 $7 March 6 Purchased 6 2 August 9 Purchased 4 9 December 10 Purchased 5 1 The ending inventory reveals eighteight items unsold

Assuming the business maintains a periodic inventory system, calculate the cost of merchandise sold and ending inventory under the following assumptions:

Beginning inventory and purchases and sales data for T-shirts are as follows: Apr. 3 Beg. Inventory 24 units @ $10 11 Purchase 26 units @ $12 14 Sale 36 units 21 Purchase 18 units @ $15 25 Sale 20 unitsAssuming the business maintains a periodic inventory system, calculate the cost of merchandise sold and ending inventory under the following assumptions:a. FIFOb. LIFOc. Average cost (round cost of merchandise sold and ending inventory to the nearest dollar)

Question