Determining the Beginning and Ending Inventory from a Partial Spreadsheet: Periodic Inventory System
From the following partial spreadsheet, indicate the dollar amount of beginning and ending merchandise inventory to be used to compute cost of goods sold.
ACCOUNT TITLE
Merchandise Inventory
Estimated Returns Inventory
Supplies
Prepaid Insurance
Customer Refunds Payable
Income Summary
Sales
Sales Returns and Allowances
Beginning inventory
Ending inventory
Feedback
T Chack My Word
ADJUSTMENTS
DEBIT
X
60,000.00
6,000.00
55,000.00
5,500.00
2,200.00
CREDIT
55,000.00
5,500.00
4,700.00
1,600.00
2,200.00
60,000.00
6,000.00
ADJUSTED TRIAL BALANCE
DEBIT
60,000.00
6,000.00
3,300.00
3,800.00
55,000.00
5,500.00
16,700.00
CREDIT
7,200.00
60,000.00
6,000.00
525,140.00

The two types of adjustments to net income for the indirect method are adjustments for :

Net income can be defined as the amount a company or organization generated after deducting all expenses .

On the other hand the indirect method has to do with  carrying out all the necessary adjustment of net income so as to enables a company to know the amount of cash they  make.

Components of net income that do not affect cash as well as changes in operating assets and  operating liabilities  of a company during the period that affected cash and were not in net income of the company are the two adjustment to the net income  when making use of the indirect method.

Therefore we can conclude that Components of net income that do not affect cash is one of the adjustment to net income.

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The accounting statement that lists the overall financial condition of an organization is balance sheet.

Balance sheet can be defined as the statement that help to show the financial position of a company.

Balance sheet help to show a company  assets, their liabilities as well as their shareholder equity as this will enable the company to know their financial position. This financial statement is essential for every companies or organization as it help them to evaluate their finances at a specific period of time.

When preparing a company balance sheet both the assets side and liabilities side of the balance sheet must equal or balance.

Therefore we can conclude that balance sheet help to show a company finances.

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a) The journal entries to record materials purchases in June  for Yellen Furnishings are as follows:

Debit Raw Materials Inventory:

Fabric $396,000

Polyester $162,000  

Lumber $324,000

Glue $36,000

Credit Accounts Payable/Cash $918,000

b) The journal entries to record materials requisitions in June  for Yellen Furnishings are as follows:

Debit Factory Overhead $31,300

Credit Raw Materials Inventory: Glue $31,300

Debit Work in Process (Job 601) $361,000

Credit Raw materials Inventory:

Fabric $185,000

Polyester  $68,000

Lumber $108,000

Debit Work in Process (Job 602) $210,000

Credit Raw materials Inventory:

Fabric $99,000

Polyester  $32,000

Lumber $79,000

Debit Work in Process (Job 603) $280,000

Credit Raw materials Inventory:

Fabric $1117,000

Polyester  $50,000

Lumber $113,000

c) The determination of the June 30 balances in the materials ledger accounts is as follows:

                                    Fabric    Polyester     Lumber        Glue        Total

Beginning inventory $36,500    $25,700   $56,200     $5,900    $124,300

June purchases        396,000    162,000    324,000     36,000      918,000

Materials available $432,500  $187,700  $380,200    $41,900 $1,042,300

Total requisitions    $401,000 $150,000  $300,000    $31,300   $882,300

Ending inventory     $31,500    $37,700    $80,200    $10,600   $160,000

a) Raw Materials Inventory: Fabric $396,000 Polyester $162,000  Lumber $324,000  Glue $36,000Accounts Payable/Cash $918,000

b) Factory Overhead $31,300

Raw Materials Inventory: Glue$31,300

Work in Process (Job 601) $361,000 Raw materials Inventory: Fabric $185,000 Polyester  $68,000 Lumber $108,000  

Work in Process (Job 602) $210,000 Raw materials Inventory: Fabric $99,000 Polyester  $32,000 Lumber $79,000                

Work in Process (Job 603) $280,000 Raw materials Inventory: Fabric $1117,000 Polyester  $50,000 Lumber $113,000    

                                    Fabric    Polyester     Lumber        Glue        Total

Beginning inventory $36,500    $25,700   $56,200     $5,900    $124,300

June purchases        396,000    162,000    324,000     36,000      918,000

Materials available $432,500  $187,700  $380,200   $41,900 $1,042,300

Material requisitions:

Job 601                   $185,000   $68,000  $108,000                    $361,000

Job 602                     99,000      32,000      79,000                      210,000

Job 603                     117,000     50,000      113,000                     280,000

Factory overhead-

indirect materials                                                           $31,300       31,300

Total requisitions  $401,000  $150,000 $300,000     $31,300 $882,300

Ending inventory     $31,500    $37,700   $80,200     $10,600 $160,000

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A Worker in Microworkers can also be an Employer: After placing an initial deposit of $10, and launching a valid campaign.

An unique, international internet network called Microworkers links employers and employees from all around the world. Our distinctive method assures Employers that a task paid is a task effectively completed, and ensures Workers that a job successfully completed receives payment.

They are known as "microjobs" because the activities given to Workers and paid for by employers are straightforward and typically finished in a short period of time. These activities range from data mining to data categorization to data tagging to data labeling to data matching to sentiment analysis to event sequencing to transcription to content comparison to application testing.

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If Wolfgang Kitchens has always used the FIFO inventory costing method for both financial reporting and tax purposes. the journal entry at the beginning of 2024to record the change in accounting principle is: Debit, Retained earnings  $30 million, Credit Inventory $30 million.

If  cost of goods sold increase by $7 million that year in which the  cumulative net income for all years have been lower by  the amount of $23 million , The appropriate journal entry to record the transaction is :

Wolfgang Kitchens Journal entry

Debit Retained earnings  $30 million

Credit Inventory $30 million

($23 million + $7 million)

( To record the change in accounting principle)

Therefore the journal entry is Debit Retained earnings  $30 million, Credit Inventory $30 million.

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The complete question is:

Wolfgang Kitchens has always used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of 2024, Wolfgang decided to change to the LIFO method. Net income in 2024 was correctly stated as $90 million. If the company had used LIFO in 2023, its cost of goods sold would have been higher by $7 million that year. Company accountants are able to determine that the cumulative net income for all years prior to 2023 would have been lower by $23 million if LIFO had been used all along, but have insufficient information to determine specific effects of using LIFO in 2022. Last year, Wolfgang reported the following net income amounts in its comparative income statements:

($ in millions) 2021 2022 2023

Net income $90 $92 $94

Prepare the journal entry at the beginning of 2024to record the change in accounting principle. (Ignore income taxes.)

The answer choice that is an example of dysfunctional behavior from the list of available answer choices is D. Harassment

This refers to the term that is used to describe and define the impairment, disturbance in any human's actions or activities that affects the way he relates with people

Hence, it can be seen that from the answer choices given, a clear example of dysfunctional behavior is harassment because this has to do with persistent aggressive behavior towards a person.

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The movement of physical materials from acquisition to production and distribution is referred to as logistics. As a result, choice (D) is the appropriate approach.

In general, logistics refers to the meticulous planning and execution of a complex task. In a broad sense, logistics coordinate the movement of products from their point of origin to their final destination in order to satisfy the needs of consumers or businesses.

In logistics, resources can be managed in the form of consumables like food and other consumables as well as tangible assets like materials, equipment, and supplies.

Since an army without supplies and transportation is vulnerable, logistics in military science is concerned with preserving army supply lines while undermining those of the enemy.

Hence, option (D) is accurate.

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No, we cannot really trust people to correctly interpret the information flowing on social media and in media in general because the opinions of people differs, what you seen this way, another person will interpret in another way hence, it is better to trust your own interpretation or from a correct source.

Social media bots are crucial for disseminating content from sources as soon as it is published online. They serve the purpose of amplifying material before an article becomes popular. Low-credibility sources receive a lot of social media bot support, which increases their persuasiveness.

In the context of social media, trust offers proof of the people we can rely on to share information with and whose information we can accept without further verification.

Therefore, According to a new study, people are far less inclined to believe news that they find on social media, search engines, and messaging apps than they are to believe news in general. However, the trust gap is smaller for news found on Go ogle. There are many people who have unfavorable opinions of journalists.

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The permanent members of the security council (the p5) are more important to its functioning than the rotating members as They have a veto on substantive issues

Generally, China, the United States, France, the United Kingdom, and the Russian Federation are the five permanent members of the United Nations Security Council. The other 10 members of the Security Council are elected officials.

The five sovereign entities to whom the United Nations Charter of 1945 accords a permanent seat on the United Nations Security Council are collectively referred to as the permanent members of the United UN Security Council (also known as the Permanent Five, the Big Five, or the P5).

Due to the fact that they have the power to veto all decisions made by the Security Council, the five permanent members, often known as the P5, are more crucial to the organization's overall operation.

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The capitalist system in the United States is one of the  large-scale economic shifts that have created our present service economy

Economic change, which can be characterized as a change in the economy's structure, policies, or growth, is one of the external factors that influence company decision-making.

Every country's economy has expansionary and contractionary eras. The levels of employment, productivity, and the overall demand and supply of the country's goods and services are what lead to these changes. These adjustments cause short-term expansionary and deflationary episodes.

An economic system known as a service economy is one in which the provision of services, as opposed to the production of products, is the primary activity. Road construction, medical treatment, food, lodging, and other professional services are some of these services.

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Undisclosed multiple agencies is permitted in FSBO residential transactions. Thus, option B is correct.

Multiple agency relationships that are not reported and approved in writing are referred to as unreported dual agencies. If this happens, the representative has failed with his or their fiduciary obligations to a client.

Whenever a fiduciary represents the primary parties in a single purchase with receiving consent from it and complete transparency from any other participants in the deal.

The money upfront when buying or selling a home "For Sale By Owner" (FSBO). The realtor will typically keep the initial payment in escrow again until a sale is finalized.

Therefore, option B is the correct option.

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2762.31 is  the correct value of the coefficient of correlation when It was discovered that the pair (X= 6,Y= 7) had wrongly been taken as (16,17) when working out the above values.

Any statistical relationship, whether causal or not, between two random variables or bivariate data  is correlation or dependence.

Given data is:

The initial values are:

ΣΧ; = 40

ΣΥ; = 45

ΣΥ1² =495

ΣX1²=440

Σ X1Y1=420

It was discovered that the pair (X= 6,Y= 7) had wrongly been taken as (16,17) when working out the above values.

Now after correction

ΣΧ; = 40-16+6=30

ΣΧ; = 30

ΣΥ; = 45-17+7=35

ΣΥ; = 35

ΣΥ1² =495-17^2+7^2=255

ΣX1²=440 -16^2+6^2=220

Σ X1Y1=420-16*17+6*7=190

Now for the correct value of the coefficient of correlation

[tex]\frac{n∑xy−(∑x)(∑y)}{[n∑x 2 −(∑x) 2 ][n∑y 2 −(∑y) 2 ]}[/tex]

r=5*190-30*35/√[5*220-30^2][5*255-35^2]

r=-2762.31

Hence, 2762.31 is  the correct value of the coefficient of correlation.

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Rapid innovation in the tech sector increase frictional unemployment.

Less generosity of insurance programs would have no effect frictional unemployment.

Improved LinkedIn algorithms would decrease frictional unemployment.

Frictional unemployment is a type of unemployment. Frictional unemployment is  the period of time a person is unemployed from the period he leaves his current job and the time he gets another job.

Rapid innovation in the tech sector would increase the demand for new skills. This would increase the turnover of labour. This would increase unemployment. This would ensure people get job quicker. Improved LinkedIn algorithms would ensure that people get jobs faster. These would reduce the length of the job search process and reduce frictional unemployment.

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Answer: Commission payable to the salesman

Explanation: According to the money measurement concept, the commission payable to the salesman will be recorded in the books of accounts.

Quality control in business, extra profits made due to the introduction of a budgetary control system are qualitative in nature and cannot be recorded, as according to the money measurement concept, only those transactions which can be measured in terms of money are recorded in the books of accounts.

The percentage share of the company that owners give to the investors in exchange for their investment is called an IPO.

The procedure through which a private firm might become public by selling its equity to the general public is known as an initial public offering. It could be a brand-new, youthful business or an established one that decides to list on a market and subsequently goes public. It benefits both the public and the company.

An initial public offering (IPO) refers to the transfer of a portion of the company's ownership to investors in exchange for their investment.

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The Gross Domestic Product is the most important economic indicator that tells you about the future expected profits of businesses.

The standard measurement of the value added produced via the production of goods in a nation over a specific period is the gross domestic product (GDP). Consequently, it also accounts for the revenue generated by that manufacturing, or the entire amount spent on finished items and services.

Gross domestic product (GDP) is a monetary indicator of the total market value of all of the final commodities and services that nations generate and sell over a given period. This measurement is frequently changed before it can be trusted as an indicator due to how complicated and subjective it is.

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Based on a socio-political perspective, Marble cake federalism" is associated with the "pattern of intergovernmental cooperation that has blurred the lines between the states and the national governments."

Marble cake federalism is a term that is used to describe the type of federalism whereby the state and the federal government will work hand in hand without defined limitations.

Usually, Marble Cake federalism is a type of federalism that is often referred to as Cooperative federalism because it involved both the state and the federal government to have collaborated on policy and actions for the development of the nation.

Hence, in this case, it is concluded that the correct answer is option C "pattern of intergovernmental cooperation that has blurred the lines between the states and the national governments."

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If In January 2010, the U.S. Treasury issued a $1000 par, ten-year, inflation-indexed note with a coupon of 4%.  The principal payment that was made in January 2020 is closest to:D. $1500.

Firsts step is to find the CPI appreciated

CPI appreciated = 300/200

CPI appreciated = 1.50

Now let find the principal payment

Principal payment = $1000 × 1.50

Principal payment  = $1500

Therefore the correct option is D.

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According to the central tenet of the basic strategy paradigm, in order to maximize its profitability a firm must do what three things which rae:

Profitability can be described as the degree to which a business or activity is bringing profit or financial gain to the business.

It should be noted that to achieve the profitability, the company can Configure internal operations and in this case they would be able to support the position selected on the efficiency frontier.

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The  three apportionment factors are:

The percentage of a company's profits that are liable to corporate income taxes or other business taxes in a particular jurisdiction is determined through a process known as apportionment. According to some combination of the proportion of a company's assets, payroll, and sales that are located within their boundaries, U.S. states divide up commercial profits.

Hence, Trades or businesses who receive more than 50% of their gross revenue from QBA are required to divide their revenue among three factors: property, wages, and a single-weighted sales component.

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The three apportionment factors includes the:

The rule explains the percentage of a company's profits that are liable to corporate income taxes or other business taxes in a particular jurisdiction is determined According to some combination of the proportion of a company's assets, payroll, and sales that are located within their boundaries, U.S. states divide up commercial profits.

Hence, the businesses who receive more than 50% of their gross revenue from QBA are required to divide their revenue among three factors: property, wages, and a single-weighted sales component.

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A buyer's loan borrowing money from the seller to buy the house, the loan can be shown on the worksheet as a debit to the seller and a credit to the buyer.

You can choose the software of your choice to create a loan amortization spreadsheet in an organized and safe way, where dates, credits, debits and extra payments will be configured, for example.

By creating a loan spreadsheet, you have greater control over the accounts, dates and the entire payment schedule, helping to better understand the situation in which the loan amortization is found.

Therefore, in a loan situation, it is the buyer's responsibility to meet all their payment obligations on time and in the correct amount, as failure to do so can incur high interest rates and even legal notice.

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Karrie wants to call attention to a few brief assertions in her document. The best way to draw the readers deeper into the text is by inserting pull quotes. Hence, Option A is correct.

Pull quotes are composed of text that is taken from the original text, reproduced, and presented as a visually arresting feature on the page.

Pull quotes are condensed passages from the text that is being read. They are employed to interrupt the reader's flow and give a text passage a more prominent place in the post or article.

Therefore, Option A is correct.

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A deficiency which implies that there is a reasonable possibility of misstatement in the financial statements that is significant but not material is a significant deficiency.

In accounting, a significant deficiency refers to a single weakness or combination of weaknesses in the internal controls associated with the financial reporting, that is, it is less severe than a material control weakness and yet, it is sufficient to merit the scrutiny of those responsible for administering an entity's financial reporting.

In a financial statement, the presence of this deficiency does not mean that a material misstatement has occurred, but rather, it indicates the possibility of such an occurrence in the future. So, the job of a company’s external auditors is to make the management aware of any significant deficiencies they find.

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Answer:

“A high credit score means that you will most likely qualify for the lowest interest rates and fees for new loans and lines of credit,

Explanation:

If you have good credit, you can probably get additional loans and credit lines at the best interest rates and costs.

Impact is the result of two objects violently colliding with one another.

A credit score is a number that lenders use to determine a borrower's likelihood of repaying debts and likelihood of experiencing a default. It is an unbiased evaluation of the person's credit-application risk.

Despite the fact that ranges differ based on the credit scoring model, generally speaking, credit scores between 580 and 669 are regarded as fair, 670 to 739 as good, 740 to 799 as very good, and 800 and up as exceptional.

Therefore, You can definitely receive more loans and credit lines at the best interest rates and fees if you have good credit.

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Answer:

Explanation:

Confirmation of accounts receivable that have been categorized initially by an auditor as “exceptions" most likely could be due to:

O Responses that were mailed rather than faxed to the auditor. O Customers who have the credit or zero balances with the client.

Payments mailed to the client that have not been recorded.

O Accounts receivable that have been classified as uncollectable

Limited-assortment supermarkets only carry one or two brands and quantities of laundry detergent, one of which is a store brand, as opposed to carrying 15 different brands. Hence, Option E is correct.

A supermarket is a self-service store that has many categories of food, drinks, and household goods.

Compared to earlier grocery stores, this type of store is bigger and offers a wider variety of products, but it is smaller and offers a smaller assortment of goods than a hypermarket or big-box market.

Therefore, Option E is correct.

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The complete question has been attached in text form:

Rather than carrying 15 brands of laundry detergent, ________ offer one or two brands and sizes, one of which is a store brand.

extreme-value retailers

category specialists

off-price retailers

department stores

limited-assortment supermarkets

Bob, Frank, and Frances are equal partners in a closely held business. Although the partners work well together, their spouses and children do not.the most appropriate business transfer technique for the partners to use considering these circumstances is "An entity buy-sell agreement between the business and each partner" option A

Generally, To begin, one of the most significant disadvantages of a buy-sell agreement is that it prevents a business owner from selling his or her interest in the company to third parties who are not specifically named in the contract while the owner is still alive.

This is perhaps the most important disadvantage.

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An accurate statement on American Public Opinion is d. A majority of Americans regularly say they would prefer a larger government with more services, and polls also reveal strong support for increasing spending on nearly every government program.

Polls have shown that the American people generally believe that the government should be larger and offer more services to the people.

As a result, most polls also show that Americans in their majority, strongly support increasing spending on government programs in order to be able to offer these increased services.

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If the stock market was to crash and make people feel poorer then the decrease in wealth might lead people to d. decrease consumption, which shifts aggregate demand left.

If there is a stock market crash, then people will lose money. This was seen with the Stock Market Crash in the 1920s and the Black Friday incident in the late 1900s. Because people have lost money, they might feel poorer because the other money they have would need to be used to take care of the other needs and wants they have. Which means that they will have to reduce their spending.

A reduction in spending means that people would most likely reduce their consumption. The effect that this would have on the Aggregate Demand curve is to shift it to the left which is what happens when there is a fall in aggregate demand.

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The reliability dimension of quality asks how long a product can go between failures or the need for maintenance.

The possibility that a product won't malfunction within a certain time frame is known as reliability. For customers who depend on the product to always work, this is a crucial component. This factor shows the likelihood that a product may malfunction or fail within a given time frame.

As downtime and maintenance costs rise, consumers often place greater importance on reliability. For instance, during the brief harvest season, farmers are particularly sensitive to downtime. A good year and spoiled crops can both be caused by unreliable equipment.

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