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Answer:
the journal entry to record the purchase of treasury stocks
February 5, 2020
Dr Treasury stocks 382,200
Cr Cash 382,200
the journal entry to record the sale of 9,100 stocks
August 9, 2021
Dr Cash 254,800
Cr Treasury stock 191,100
Cr Additional paid in capital 63,700
Answer:
5000 partial depreciation
Explanation:
straight line formula is = <u>cost - scrape value</u>
useful life in years
since there is no residual value (scrape value) therefore, we divide <u>100,000 </u>
5
the answer we get 20000 per year depreciation. but the equipment is bought on 1st oct, and if assume that the year ends on Dec, 31 so it is measure for 3 month depreciation which is 5000.
Answer:
In Barton and Barton Company's general journal, entry required include:
Debit Retained Earnings Account with $8.2 million
Credit Opening Inventory with $8.2 million
Being reversal of overstated inventory due to change from FIFO to Average cost method.
Explanation:
The debit entry to the Retained Earnings Account will reduce the balance by $8.2 million. The effect of overstating the closing inventory is overstatement of the net income because the cost of sales was understated as a result of the inventory overstatement.
The credit entry to the Opening Inventory reduces the balance to the new balance based on the average cost method of $23.8 million.
The FIFO cost method or First-In, First-Out method is an inventory costing method that assumes that goods that were bought first were the ones to be sold first. The inventory cost is therefore valued with the most recent quantity and cost price.
On the other hand, the Average Cost Method, also called the Weighted Average Cost Method, calculates the inventory cost by adding all the period's inventory and dividing it by the quantity for the period. This gives an average cost which is in turn used to multiply the quantity of inventory at the end of the period to obtain the inventory cost.
Both methods are estimates that produce different results and affect the reported net income differently. There is always the need for consistency in choosing the method to apply so that reported net income is not unduly distorted.
