Answer:
J1
Inventory $7,350 (debit)
Trading Account - 2012 $7,350 (credit)
J2
Inventory $22,150 (debit)
Trade Payable $22,150 (credit)
J3
Write down of Inventory $20,690 (debit)
Inventory $20,690 (credit)
J4
Note Receivable $20,000 (debit)
Bank $20,000 (credit)
J5
Rent Prepaid $12,000 (debit)
Bank $12,000 (credit)
Explanation:
J1
Being Inventory on hand at begining of the year
J2
Being Inventory supplies acquired.
J3
Being inventory written down after physical count.
Inventory = $7,350 + $22,150 - $8,810 = $20,690
J4
Being Note received from a customer
J5
Being Rent for 1 year received in advance
Answer:
net income for 20x2 is $220,000
Explanation:
if the company changes to the FIFO method, the adjusting entry should be:
Dr Inventory 15,000
Cr Cost of goods sold 15,000
This means that COGS will decrease by $15,000.
20x2 income statement
Sales $1,200,000
Cost of goods sold <u>($705,000)</u>
Gross profit $495,000
S&A expenses <u>($275,000)</u>
Net income $220,000
Answer:
Not 100% sure what the question is but this is a true statement :)
Solution:
The calculation of interest rates using the financial calculator for these inputs;
PV = -$9,968,843;
PMT = $1,521,875;
N = 19;
FV = 0;
CPT I/Y = 13.9999% or approximately 14%
The discount rate used by the potential buyer is approximately 14%
Baker,chef,personal cook,professional chef,and many others
