Sarasota Enterprises Ltd. 's records reported an inventory cost of $ 56, 500 and a net realizable value of $ 52, 100 at December 31, 2021 At December 31, 2022, the records indicated a cost of $ 70,700 and a net realizable value of $ 60,500. All opening inventory had been sold during the year. (a) Your answer is correct. Assuming that Sarasota Enterprises uses a perpetual inventory system, prepare the December 31, 2022 entry that is needed under the direct method and the indirect method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Assume that at December 31, 2023, the records show inventory with a cost of $ 60, 900 and a net realizable value of $ 62,800. Prepare the December 31, 2023 entry that is needed under the direct method and the indirect method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)

Sarasota Enterprises Ltd. 's records reported an inventory cost of $ 56, 500 and a net realizable value of $ 52, 100 at December 31, 2021 At December 31, 2022, the records indicated a cost of $ 70,700 and a net realizable value of $ 60,500. All opening inventory had been sold during the year. (a) Your answer is correct. Assuming that Sarasota Enterprises uses a perpetual inventory system, prepare the December 31, 2022 entry that is needed under the direct method and the indirect method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Assume that at December 31, 2023, the records show inventory with a cost of $ 60, 900 and a net realizable value of $ 62,800. Prepare the December 31, 2023 entry that is needed under the direct method and the indirect method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)

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Description: Sarasota Enterprises Ltd.'s records reported an inventory cost of $ 56, 500 and a net realizable value of $ 52, 100 at December 31, 2021 At December 31, 2022, the records indicated a cost of $70, 700 and a net realizable value of $ 60,500. All openi

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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