Accounting: What the Numbers Mean
11th Edition
ISBN: 9781259535314
Author: David Marshall, Wayne William McManus, Daniel Viele
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 5, Problem 5.37C
Case 5.37
LO 5, 7, 8
Focus company-accounts receivable and inventory disclosures In Exercise 1.1, you were asked to obtain the most recent annual report of a company that you were interested in reviewing throughout this term.
Required:
Review the note disclosures provided in your focus company’s annual report and discuss what you’ve learned about how your company’s accounts receivable and inventory are accounted for and presented.
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Students have asked these similar questions
Question 12 of 20
Which one of the following statements is NOT true?
A. Details from the purchases journal are posted to the debtors ledger.
B. Details from the sales journal are posted to the debtors ledger.
C. When subsidiary journals for a month have been completed, the joumal columns are added up and the totals are posted to the
general ledger.
D. The combined totals of the individual accounts contained in the debtors ledger must balance with the balance of the debtors contral
account in the general ledger.
PROBLEM 3
You were engaged to audit the financial statements of Goblin Corporation as of and for the year ended December 31, 2018.
Information directly obtained from your client's working trial balance are as follows:
Accounts receivable
950,000
Inventory, January 1
Net purchases
Accounts payable
544,500
2,450,000
430,000
Sales
3,940,000
Goblin conducted an inventory count on its warehouse on December 31, 2018 and determined its inventory balance to be P365,000.
Based from your audit procedures, you were able to ascertain the following:
Inventory costing P55,000 (sold for P90,000) were shipped on December 27, 2018 with freight term FOB Destination. The sale
was recorded upon shipment.
Goods costing P12,000 were sold for P18,000 on December 30, 2018. The term is FOB Destination. The sale was recorded on
January 3, 2019 when the goods were received by the customer.
Goods costing P8,500 were purchased on December 28, 2018; term is FOB Shipping Point. The purchase was recorded upon
receipt…
Question 28
The sum of customers' unpaid balances that is compared to the general ledger comes from:
the total of sales invoices
a total of shipping orders
the sales journal
the accounts receivable trial balance
Chapter 5 Solutions
Accounting: What the Numbers Mean
Ch. 5 - Prob. 5.1MECh. 5 - Prob. 5.2MECh. 5 - Mini-Exercise 5.3 LO 5 Accounts receivable, bad...Ch. 5 - Mini-Exercise 5.4 LO 5 Bad debts...Ch. 5 - Mini-Exercise 5.5 LO 7, 8 Cost flow...Ch. 5 - Mini-Exercise 5.6 LO 7, 8 Cost flow...Ch. 5 - Prob. 5.7ECh. 5 - Prob. 5.8ECh. 5 - Prob. 5.9ECh. 5 - Prob. 5.10E
Ch. 5 - Exercise 5.11 LO 5 Bad debts analysis-Allowance,...Ch. 5 - Exercise 5.12 LO 5 Bad debts analysis-Allowance...Ch. 5 - Exercise 5.13 LO 5 Cash discounts-ROI Annual...Ch. 5 - Prob. 5.14ECh. 5 - Exercise 5.15 LO 6 Notes receivable-interest...Ch. 5 - Exercise 5.16 LO 6 Notes receivable-interest...Ch. 5 - Exercise 5.17 LO 7, 8 LIFO versus FIFO-matching...Ch. 5 - Prob. 5.18ECh. 5 - Prob. 5.19ECh. 5 - Prob. 5.20ECh. 5 - Exercise 5.21 LO 5, 6, 8 Transaction...Ch. 5 - Exercise 5.22 LO 5. 8, 10 Transaction...Ch. 5 - Exercise 5.23 LO 5, 6, 7 Transaction...Ch. 5 - Exercise 5.24 LO 7, 8, 10 Transaction...Ch. 5 - Prob. 5.25PCh. 5 - Prob. 5.26PCh. 5 - Problem 5.27 LO 5 Bad debts analysis-Allowance...Ch. 5 - Problem 5.28 LO 5 Bad debts analysis-Allowance...Ch. 5 - Problem 5.29 LO 5 Analysis of accounts receivable...Ch. 5 - Problem 5.30 LO 5 Analysis of accounts receivable...Ch. 5 - Problem 5.31 LO 7, 8 Cost flow assumptions-FIFO...Ch. 5 - Problem 5.32 LO 7, 8 Cost flow assumptions-FIFO,...Ch. 5 - Prob. 5.33PCh. 5 - Prob. 5.34PCh. 5 - Problem 5.35 LO 7 Effects of inventory errors If...Ch. 5 - Prob. 5.36PCh. 5 - Case 5.37 LO 5, 7, 8 Focus company-accounts...Ch. 5 - Case 5.38
LO 5, 7
Comparative analysis of current...
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Chapter 6 Merchandise Inventory; Author: Vicki Stewart;https://www.youtube.com/watch?v=DnrcQLD2yKU;License: Standard YouTube License, CC-BY
Accounting for Merchandising Operations Recording Purchases of Merchandise; Author: Socrat Ghadban;https://www.youtube.com/watch?v=iQp5UoYpG20;License: Standard Youtube License