1 answer

Blossom Company asks you to review its December 31, 2017, inventory values and prepare the necessary...

Question:

Blossom Company asks you to review its December 31, 2017, inventory values and prepare the necessary adjustments to the books. The following information is given to you. 1. Blossom uses the periodic method of recording inventory. A physical count reveals $446,291 of inventory on hand at December 31, 2017. 2. Not included in the physical count of inventory is $25,498 of merchandise purchased on December 15 from Browser. This merchandise was shipped f.o.b. shipping point on December 29 and arrived in January. The invoice arrived and was recorded on December 31. 3. Included in inventory is merchandise sold to Champy on December 30, f.o.b. destination. This merchandise was shipped after it was counted. The invoice was prepared and recorded as a sale on account for $24,320 on December 31. The merchandise cost $13,965, and Champy received it on January 3. 4. Included in inventory was merchandise received from Dudley on December 31 with an invoice price of $29,697. The merchandise was shipped f.o.b. destination. The invoice, which has not yet arrived, has not been recorded. 5. Not included in inventory is $16,226 of merchandise purchased from Glowser Industries. This merchandise was received on December 31 after the inventory had been counted. The invoice was received and recorded on December 30. 6. Included in inventory was $19,832 of inventory held by Blossom on consignment from Jackel Industries. 7. Included in inventory is merchandise sold to Kemp f.o.b. shipping point. This merchandise was shipped on December 31 after it was counted. The invoice was prepared and recorded as a sale for $35,910 on December 31. The cost of this merchandise was $19,988, and Kemp received the merchandise on January 5. 8. Excluded from inventory was a carton labeled “Please accept for credit.” This carton contains merchandise costing $2,850 which had been sold to a customer for $4,940. No entry had been made to the books to reflect the return, but none of the returned merchandise seemed damaged; Blossom will honor the return.

Determine the proper inventory balance for Blossom Company at December 31, 2017.

Inventory balance as on December 31, 2017

Answers

$446,291 $25,498 | Answer: Inventory December 31, 2017 unadjusted Transaction & Transaction 3 Transaction 4 Transaction 5 Tra

.

Similar Solved Questions

1 answer
Order:phenytoin 300mg po now and every morning.       Available:phenytoin 200mg tablets.                      &nbsp
Order:phenytoin 300mg po now and every morning.       Available:phenytoin 200mg tablets.                              &n...
1 answer
Olo SAT coaching: A sample of 10 students took a class designed to improve their SAT...
olo SAT coaching: A sample of 10 students took a class designed to improve their SAT math scores. Following are their scores before and after the class. Can you conclude that the mean increase in scores is greater than 15 points? Let , represent the mean score after the class and Md = H, -Hz. Use th...
1 answer
5. (5 Points) What is the major difference between fine-grain and coarse-grain multi-threading? ANSWER
5. (5 Points) What is the major difference between fine-grain and coarse-grain multi-threading? ANSWER...
1 answer
Check my wor Required information [The following information applies to the questions displayed below.] Part 1...
Check my wor Required information [The following information applies to the questions displayed below.] Part 1 of 4 IO Bedrock Inc. is owned equally by Barney Rubble and his wife Betty, each of whom hold 1,100 shares in the company. Betty wants to reduce her ownership in the company, and it was deci...
1 answer
Draw a circuit with one emf battery, two resistors in parallel, and one switch where it...
Draw a circuit with one emf battery, two resistors in parallel, and one switch where it turns off only one resistor....
1 answer
Q3. (25 points) Solve the given set of linear algebraic equations in which (A,b) is given....
Q3. (25 points) Solve the given set of linear algebraic equations in which (A,b) is given. Show all steps of elementary row operations and clearly indicate which of the variables are free (if they exist). Your answer must also include: a. The rank of matrix A. b. The rank of matrix (A,b) C. Whether ...
1 answer
In the figure below the five wires all carry a current of 5 amps. Calculate the...
In the figure below the five wires all carry a current of 5 amps. Calculate the magnitude and direction of the force on: (a) wire 1 from the other 4 wires (b) wire 2 from the other 4 wires (c) wire 3 from the other 4 wires (d) wire 4 from the other 4 wires (e) wire 5 from the other 4 wires...
1 answer
Need help with questions 3,4,5,6 please You have purchased 500 shares of MSFT (Microsoft) at $100...
need help with questions 3,4,5,6 please You have purchased 500 shares of MSFT (Microsoft) at $100 per share using the maximum percentage of borrowed (marained) funds per FRB Regulation T. The maintenance margin can Tevel on your brokerage account is 25%. When will you receive a margin call on yo...
1 answer
20 Help Save & Exit Submit Check my work OceanGate sells external hard drives for $280...
20 Help Save & Exit Submit Check my work OceanGate sells external hard drives for $280 each. Its total fixed costs are $40 million, and its variable costs per unit are $230. The corporate tax rate is 30% of the economy is strong, the firm will sell 2 million drives, but if there is a recession, ...
1 answer
Explain in your own words what Data Management is and what its functions are. Contrast the...
Explain in your own words what Data Management is and what its functions are. Contrast the terms Data Warehouses, Data Marts and Data Lakes. Give an example of the use of each in a company....
1 answer
Adam Company Inc. 2018. Journalize the ollowing transactions On J value of stock $10. uly 1",...
Adam Company Inc. 2018. Journalize the ollowing transactions On J value of stock $10. uly 1", 2018 Adam Company issued 50,000 shares of common stock at $14 per share, par th Adam Company issued 500 shares of common stock at S 10 par value for legal services rendered by Start Your Company Right I...
1 answer
Pharmacology questions Part IIl-Multiple Choice answer to each multiple-choice question, and write the appropriate on the...
pharmacology questions Part IIl-Multiple Choice answer to each multiple-choice question, and write the appropriate on the answer sheet: ate letter 14. Individuals who prepare and administer medications are expected to be a) licensed b) registered, or certified c) authorized by a physician to do so ...
1 answer
Consider the following three vectors of R: (0, 0,-5, 5] ал —D [-2, 2, —4, 5)],...
Consider the following three vectors of R: (0, 0,-5, 5] ал —D [-2, 2, —4, 5)], 2[0,5,2, -2], a3 There exists a linear equation in the coordinates x, y, z, u whose solution coincides with spanfa1, a2, a3} Determine such an equation (recall an equation must contain an =sign)...
1 answer
QUESTION 2 An astronaut lands on a distant unmanned planet having a radius of 4000 km....
QUESTION 2 An astronaut lands on a distant unmanned planet having a radius of 4000 km. When he jumps with an initial speed of 4.00 m/s, he rises to a height of 1.60 m. (a) What is the mass of the planet? (b) Calculate the escape velocity associated with the planet (12 points) Τ Τ Τ. &bul...
1 answer
Suppose that many stocks are traded in the market and that it is possible to borrow...
Suppose that many stocks are traded in the market and that it is possible to borrow at the risk-free rate, rƒ. The characteristics of two of the stocks are as follows: Stock Expected Return Standard Deviation A 6 % 20 % B 10 % 80 % Correlation = –1 a. Calculate t...