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Anika [276]
2 years ago
7

The records of penny Co. Indicated that 415,000 of merchandise should be on hand December 31. The phyiscla inventory indicates t

hat 370,000 of merchandise is actually on hand
Business
1 answer:
Nata [24]2 years ago
5 0

Answer:

See explanation section

Explanation:

As there is a difference between the physical count of the inventory and actual Inventory count, it indicates that the merchandise inventory is either sold or wasted. However, for continuing the operation smoothly, it is assumed as sold. Therefore, the journal entry to record the sale is -

December - 31       Cost of goods sold           Debit          45,000

                           ($415,000 - $370,000)

                                        Merchandise Inventory     Credit       45,000

                    (To record the sale of merchandise: adjusted)

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Fizzzle Inc. sold a piece of equipment during the period for $230,000 and recorded a gain of $45,000 on the sale. How should thi
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The gain is subtracted from net income in the operating activities section

Explanation:

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2 years ago
(18.20) the coach of a college men's soccer team records the resting heart rates of the 27 team members. you should not trust a
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2 years ago
A seller netted $55,000 at closing. if the seller paid costs of $1000 and an 8.5% commission, what was the sale price to the nea
Ulleksa [173]

Answer: The sale price to the nearest dollar was $61,202

We arrive at the answer as follows:

The term 'netted' refers to the seller's profits after deducting costs and commissions.

Hence we need to add back these amounts to arrive at the sale price.

                      Net Proceeds                                       $55,000

<u>Add:              Costs                                                          $1,000   </u>

                     Total                                                         $56,000  

The commission is 8.5%; however commissions are quoted as a percentage of sales price.

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2 years ago
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