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How should this transaction be recorded in the journal entry if merchandise inventory that cost 620000 is reported on the balance sheet at 690000?
debit owners equity 70000credit inventory 70000
Merchandise inventory is reported as a long-term asset on the balance sheet?
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Does consignment stock have to be reported as inventory?
Yes, consignment stock must be recorded and reported. It is a non-asset inventory and must be documented.
Is inventory reported at cost or retail for balance sheet reporting?
Inventory is recorded at the lower of cost or market value.
The Cost of Goods Sold account is classified as?
Expense on the income statement. The COI or Merchandise Inventory is reported on the balance sheet as an asset.
Are temporary investments are reported on the balance sheet at cost?
NO,Inventory is recorded at the lower of cost or market value.
Where is inventory is reported in financial statement?
Value of Inventory is an asset on the balance sheet.
How is this shrinkage recorded in the accounting record?
Shrinkage is recorded in the accounting records as a loss, typically by adjusting the inventory account. This is done by debiting a loss account (often called "inventory shrinkage" or "shrinkage loss") and crediting the inventory account to reflect the decrease in inventory value. This adjustment helps maintain accurate financial statements by ensuring that the reported inventory levels match the physical counts. Additionally, regular shrinkage analysis can help identify underlying issues such as theft or inventory management problems.
Can advertising expenses reported as inventory?
well no you cant
How do you figure Cost of Merchandise Sold?
in 2007, best buy reported revenue of $35,934 million. its gorss profit was $8,679 million. what was the amount of of best buy's cost of merchandise sold
Generally accepted accounting principles require that the inventory of a company be reported at?
lower of cost or market
How many UFO sightings were reported in 1900?
None recorded.
