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Assoli18 [71]
2 years ago
9

Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory

of $86,000 and Cost of Goods Sold of $452,000.Included in Inventory (and Accounts Payable) are $13,200 of lenses SLC is holding on consignment.Included in SLC’s Inventory balance are $6,600 of office supplies held in SLC’s warehouse.Excluded from SLC’s Inventory balance are $9,600 of lenses in the warehouse, ready to send to customers on January 2. SLC reported these lenses as sold on December 31, at a price of $18,200.Included in SLC’s Inventory balance are $3,800 of lenses that were damaged in December and will be scrapped in January, with zero realizable value.Required:For each item, (a)-(d), prepare the journal entry to correct the balances presently reported. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Business
1 answer:
Irina-Kira [14]2 years ago
3 0

Answer:

Seemore Lens Company (SLC)

Journal Entries to correct the balances presently reported:

a) Debit Accounts payable $13,200  

Credit Inventory $13,200

To record lenses held on consignment.

b) Debit Office Supplies $6,600

Credit Inventory $6,600

To record office supplies.

c) Debit Inventory $9,600

Credit Cost of goods sold $9,600

To exclude from cost of goods sold lenses in the warehouse for January 2 delivery.

c) Debit Sales Revenue $18,200

Credit Accounts Receivable $18,200

To exclude from sales revenue lenses not yet sold.

d) Debit Cost of goods sold $3,800

Credit Inventory $3,800 (Scrap)

To record the cost of scrap.

Explanation:

a) Data and Analysis:

Reported Inventory = $86,000

Reported Cost of Goods Sold = $452,000

Transactions:

a) Accounts payable $13,200  Inventory $13,200

b) Office Supplies $6,600 Inventory $6,600

c) Inventory $9,600 Cost of goods sold $9,600

c) Sales Revenue $18,200 Accounts Receivable $18,200

d) Cost of goods sold $3,800 Inventory $3,800 (Scrap)

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ivanzaharov [21]

Answer:

Entry: 1. Dr bad debts expense  5500

                    Cr Allowance for uncollectible accounts  5500

Explanation:

1.Account receivable =  $44000

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44000* 15% = 6600 - 1100 = $5500 Allowance for uncollectible accounts

2.  Bad debts expense =  (44000* 15%) = 6600

3. Uncollecible accounts = (Open) Allowance for bad debts + Current year Allowance.

                         =  1100 + 6600 = $7700.

4. 44000 - 7700 = $36300 net account receiable

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Sheila receives a merit scholarship to cover part of her private college tuition. Her parents have a low income, poor credit, an
vfiekz [6]

Answer:

The correct answer would be D, Sheila's parents will qualify for a Plus loan because of their low income.

Explanation:

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A customer of RoughEdge Sharpeners alleges that RoughEdge's new razor sharpener had a defect that resulted in serious injury to
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In an enterprise resource planning (ERP) system, the _____ component provides information on production costs and pricing.
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Answer: manufacturing

Explanation:

In an enterprise resource planning (ERP) system, the manufacturing component provides information on production costs and pricing.

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2. A welder and a carpenter decided to get out of the construction industry and build farm trailers instead. From building a few
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Answer:

Answer is explained in the explanation section below.

Explanation:

Data Given:

Material Cost Per Trailer = $500

Material Cost plus Profit Per Trailer (15%)  = $500 + 75 = $575

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Labor Cost Remaining Per Trailer = $425

Formula to Calculate the number of Trailers:

X = X1 (N^{S})

Where,

N = number of Trailers

S = Slope Parameter

X = $425

X1 = $700

So, First we need to find the slope parameter, in order to calculate the number of trailers to be built.

S = \frac{log \alpha }{log 2}

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Plugging in the values into the formula, we get:

S = \frac{log (0.85) }{log 2}

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Now, we can easily find the number of trailers.

X = X1 (N^{S})

Plugging in the values,

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