Answer:
Part A
Cost of Goods Sold reported in the company's year-end income statement is $11000000
Part B
Merchandise Inventory reported in the company's year-end balance sheet is $84000000
Part C
The balance of the Cost of Goods Sold account Immediately prior to recording inventory shrinkage is $ 10000000
The balance of the Merchandise Inventory account Immediately prior to recording inventory shrinkage is $85000000
Explanation:
Cost of Goods Sold
Ranns Supply use the perpetual inventory system. This means that cost of goods sold is calculated after every sale agreement.
In this case Cost of Sales figure reported at company`s year end can be calculated using missing figure approach in the Income Statement
Calculation of the Cost of Sales figure is as follows:
Net Sales $2600000 - Gross Profit $15000000 = $1100000
Merchandise
The merchandise account records assets of inventory in hand during the year.
The Merchandise used during the year should match with the cost of sales figure.But if the figure is lower than the cost of sales figure, then inventory was written down to its replacement value in terms of IAS 2.
Calculation of Merchandise in Hand is as follows:
Purchase of Merchandise $9500000 - Shrinkage During the year $10000000 - Write down of Inventory $1000000 = $ 84000000
Answer:
The estimated Bad Debt Expense for the period is $13,600
Explanation:
Quill Industries estimates of uncollectible receivables resulting from the aging analysis equals $20,000. The company uses the aging of accounts receivable method and the Allowance for Doubtful Accounts has credit balance of $6,400 before adjusting.
Bad debt Expense = $20,000 - $6,400 = $13,600
The entry:
Debit Bad debts expense $13,600
Credit Allowance for doubtful accounts $13,600
Answer:
$25,800
Explanation:
The units-of-production deprecation method depreciates an asset based on the total units produced each year.
Unit of production depreciation expense = (units produced / total expected units of production) × (cost of asset - salvage value)
(64,500 / 300,000) x ($135,000 - $15,000)
0.215 x $120,000 = $25,800
I hope my answer helps you
Employers can reduce safety dangers and workers compensation costs by investigating all accidents with an eye toward future deterrence.
Definition of Workers' Compensation
Employees who sustain diseases or injuries at work are given benefits under workers' compensation insurance, a sort of commercial insurance. This insurance specifically aids in covering expenses such as medical care, lost wages from missed work, and more. Benefits from workers' compensation insurance might vary by state.
Three ways that workers' compensation insurance safeguards your company. These include things like providing coverage for employee illnesses and workplace accidents, defending your company in legal proceedings, and maintaining compliance with state laws.
to know more about workers compensation
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Answer and Explanation:
Waster materials are created in the cells when lysosomes digest the particles by hydrolyzing chemicals and discharge them outside the cells in vesicles. Then again, stomach related framework separates the intricate particles into littler ones which are effectively or inactively assimilated in the circulatory system.
Both these marvel are comparable in real life since enzymatic activity realizes breakdown of enormous particles into littler ones. Notwithstanding, they are subsequently extraordinary since cell enzymatic processing makes squandered items while intestinal assimilation produces supplements.
