The December 31, 2024, year-end inventory balance of the Almond Corporation is $212,000. You have been asked to review the following transactions to determine if they have been correctly recorded.Goods shipped to Almond f.o.b. destination on December 26, 2024, were received on January 2, 2025. The invoice cost of $31,000 is included in the preliminary inventory balance.At year-end, Almond held $15,000 of inventory on consignment from the Hardgrove Company. This inventory is included in the preliminary inventory balance.On December 29, inventory costing $6,100 was shipped to a customer f.o.b. shipping point and arrived at the customer’s location on January 3, 2025. The inventory is not included in the preliminary inventory balance.At year-end, Almond had inventory costing $16,000 on consignment with the Juniper Corporation. The inventory is not included in the preliminary inventory balance. Deteretermine the correct inventory amount to be reported in Almond’s 2024 balance sheet.

Name: The December 31, 2024, year-end inventory balance of the Almond Corpor
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Description: The December 31, 2024, year-end inventory balance of the Almond Corporation is $212,000. You have been asked to review the following transactions to determine if they have been correctly recorded.Goods shipped to Almond f.o.b. destination on December

INTRODUCTION: A balance sheet summarizes a company's assets, liabilities, and shareholder equity at…

Answered: The December 31, 2024, year-end…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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The December 31, 2024, year-end inventory balance of the Almond Corporation is $212,000. You have been asked to review the following transactions to determine if they have been correctly recorded.

Goods shipped to Almond f.o.b. destination on December 26, 2024, were received on January 2, 2025. The invoice cost of $31,000 is included in the preliminary inventory balance.
At year-end, Almond held $15,000 of inventory on consignment from the Hardgrove Company. This inventory is included in the preliminary inventory balance.
On December 29, inventory costing $6,100 was shipped to a customer f.o.b. shipping point and arrived at the customer’s location on January 3, 2025. The inventory is not included in the preliminary inventory balance.
At year-end, Almond had inventory costing $16,000 on consignment with the Juniper Corporation. The inventory is not included in the preliminary inventory balance.

Deteretermine the correct inventory amount to be reported in Almond’s 2024 balance sheet.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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