NEBRASKA Co. has two merchandise outlets, its main store in Anchorage and its Fairbanks branch. For control purposes, all purchases are made by Anchorage main store and shipped to Fairbanks branch at cost plus 10%. On January 1, 2018, the inventories in Anchorage and Fairbanks are $1,360 and $396, respectively. During 2018, Anchorage purchased merchandise costing $4,000 and shipped 40% of it to the branch. At Year Ended 2018, the following journal entry to prepare the books for the next accounting period was prepared: Sales 3,200 Inventory 484          Inventory                      396          Shipments from main store                    1,760          Expenses                    1,048          Main Store                      480 What is the amount of overvaluation that was realized from the branch sales?

StickUps Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following transactions occurred during the month of September 2020: Sept.   3 Purchased merchandise on credit for $6,200 from Pacer Co.     7 Sold merchandise on credit to J. Namal for $1,800, subject to a 2% sales discount if paid by the end of the month. Cost, $1,000.     9 Borrowed $5,500 by giving a note to the bank.     13 The owner, Dale Trent, invested an additional $7,000 cash into the business.     18 Sold merchandise to B. Baird for $460 cash. Cost, $280.     22 Paid Pacer Co. $6,200 for the merchandise purchased on September 3.     27 Received $1,764 from J. Namal in payment of the September 7 purchase.     30 Paid salaries of $3,200. Journalize the September transactions that should be recorded in the Cash Receipts Journal, assuming the perpetual inventory system. (Enter transactions in order)  Image attached…

At the beginning of June, Circuit Country has a balance in inventory of $2,650. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2,350, terms 2/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $330. June 8 Return defective radios to Radio World and receive credit, $300. June 10 Pay Radio World in full. June 11 Sell radios to customers on account, $4,300, that had a cost of $2,850. June 18 Receive payment on account from customers, $3,300. June 20 Purchase radios on account from Sound Unlimited for $3,450, terms 2/10, n/30. June 23 Sell radios to customers for cash, $4,950, that had a cost of $3,250. June 26 Return damaged radios to Sound Unlimited and receive credit of $400. June 28 Pay Sound Unlimited in full.

On December 31, 2021, Titanium Inc. had recorded $175,000 in its inventory account.  The controller found the following invoices that had not been entered on January 3, 2022: Sold goods costing $7,500 to Silver Co. for $12,000, terms FOB shipping point.  The goods were shipped on December 29, and delivered to Silver on January 2, 2022. Sold goods costing $9,000 to Platinum Ltd. for $18,000 on account.  The goods were delivered on December 20, 2021, and payment is due January 15, 2022. Purchased goods costing $6,500 on December 21,2021.  The shipping terms are FOB destination.  The inventory was shipped on December 28, 2021, and received January 3, 2022. What amount should Titanium record as its ending inventory on December 31, 2021?   Question 7 options:   $145,000   $165,000   $198,000   $158,500