Home / Questions / Boston Bait Shop uses a periodic inventory system. At December 31, year 2, the accounting ...
Boston Bait Shop uses a periodic inventory system. At December 31, year 2, the accounting records include the following information:
A complete physical inventory was taken at December 31. Year 2 indicates merchandise costing $3000 remains in stock.
a. how are the amounts of beginning and ending inventory determined?
b. Compute the amount of cost of goods sold in year 2.
c. Prepare two closing entries at December 31. Year 2: the first to create a cost of goods sold account with the appropriate balance and the second to bring the inventory account up to date.
d. Prepare a partial income statement showing the shop's gross profit for the year.
e. Describe why a company such as Boston Bait Shop would use a periodic inventory system rather than a perpetual inventory system.
May 15 2021 View more View Less
Define several common types of links used in a navigation system.
Jun 21 2021The density of a gas of unknown molar mass was measured as a function of pressure at 0 °C, as in the table that follows. (a) Determine a precise molar mass for the gas. [...
Aug 23 2021retract =(a) disavow,(b) reorganize,(c) reciprocate,(d) hide
Jul 21 2021Budfast Inc, is evaluating three investment opporunities. There are three products that management wants to investigate. these products have all the life of 14 years and ...
Apr 13 2020The bar-tailed godwit is a type of shorebird that makes an annual migration from Alaska to New Zealand and back. The birds make each 11,500-kilometer (7,145-mile) trip by...
Jul 04 2021Together, EMI, Sony BMG Music Entertainment, Universal Music Group Recordings, Inc., and Warner Music Group Corp. produced, licensed, and distributed 80 percent of the di...
Jul 09 2021Discuss the importance of credibility and how you attribute communication to make this concept most effective.
Aug 27 2020Circular Motion In Exercises 47-50, consider a particle moving on a circular path of radius b described bywhere is the constant angular speed.Find the velocity vector an...
Jul 30 2021Pro forma income statement The marketing department of Metroline Manufacturing estimates that its sales in 2016 will be $1.52 million. Interest expense is expected to rem...
May 28 2020Good web design involves using value-added content that attracts, informs, and entices website visitors. Team up with two other students to examine the content on the fol...
Jun 21 2021