FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- please enter the journal entriesarrow_forward1. Which statement applies to the specific identification inventory method? This method is also known as the average cash flow method. The ending inventory is made up of the most recent purchases. Each unit sold is identified with a specific purchase. This is closely related to a perpetual inventory system. 2. Why does the specific identification inventory method work well for business such as automobile dealerships? The inventory keeps track of the automobiles that are first-in first-out. This method works because each automobile has a unique serial number. It best shows the current cash flow at all times. It’s the easiest method to factor the perpetual inventory costs.arrow_forward1. Identifying alternative accounting treatments: A new restaurant is opening in one month, and the manager will be holding a one-week intensive training session for new employees. Describe two possible accounting methods for accounting for the costs of training the employees. Codification research is not required for this exercise; your goal on this exercise is just to brainstorm. 2. Identify at least one researchable question for the following issue:A vendor ships goods to a customer on credit but does not have previous credit experience with this customer. 3. Identify at least one researchable question for the following issue:A cable network has just entered into an agreement granting it the right to show reruns of a hit TV series. In exchange for this right, the network must pay the TV show’s creators a fee each time the show airs. 4. The six decision traps and biases are not an all-inclusive list. Perform an Internet search for one other bias that you believe could be applicable…arrow_forward
- What post reference number is usually used for a 'bad debt expense' account in a merchandising business? I know expenses are in the 500's but I'm unsure as to where the bad debt expense account should go.arrow_forwardSituation: To pump up sales of all brands, Chapman Inc. is moving aggressively to ship extra cases of inventory into distributors’ warehouses and record them as sales, a practice generally known as “trade loading.” Chapman’s president has asked you whether these shipments may be recognized as revenue. Directions: Research the related generally accepted accounting principles and prepare a short memo to the president. Cite your references and applicable paragraph numbers.arrow_forwardPlease help me to solve this problemarrow_forward
- Consider the following transactions for Hampton Drug Store: View the transactions. Requirements 1. Journalize the purchase transactions. Explanations are not required. 2. In the final analysis, how much did the inventory cost Hampton Drug Store? Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Round the answers to the nearest whole dollar. Record debits first, then credits. Exclude explanations from journal entries.) Feb. 2: Hampton Drug Store purchased $21,500 worth of inventory on account with credit terms of 2/15, n/45, FOB shipping point from Ingles Medical Supplies. Date Feb. 2 Accounts Debit Credit Transactions - Feb. 2 Feb. 5 Hampton Drug Store purchased $21,500 worth of inventory on account with credit terms of 2/15, n/45, FOB shipping point from Ingles Medical Supplies. Hampton Drug Store paid a $140 freight charge. Feb. 8 Hampton Drug Store returned $5,600 of the merchandise due to…arrow_forwardHow do retail companies correctly match expenses with revenue for the period to get an accurate net income? a. With a modern POS system. b. With the consistency principle. c. With a goods-on-hand estimate from the Controller. d. With a physical inventory. According to the Home Depot’s financial statement example provided by the author, which is the predominant method of inventory valuation used by the company? a. FIFO b. LIFO c. NRV d. LCM please provide me a coerrect answer explains tep by steparrow_forward
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