Dimitri Company, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 31, 2012.
|
Inventory at December 31, 2012 (based on physical count of goods |
||
|
in Dimitri’s plant, at cost, on December 31, 2012) |
$1,530,800 |
|
|
Accounts payable at December 31, 2012 |
1,306,600 |
|
|
Net sales (sales less sales returns) |
8,156,500 |
Additional information is as follows.
|
1. |
Included in the physical count were tools billed to a customer f.o.b. shipping point on December 31, 2012. These tools had a cost of $31,610and were billed and recorded at $40,610. The shipment was on Dimitri’s loading dock waiting to be picked up by the common carrier. |
|
|
2. |
Goods were in transit from a vendor to Dimitri on December 31, 2012. The invoice cost was $76,610, and the goods were shipped f.o.b. shipping point on December 29, 2012. |
|
|
3. |
Work in process inventory costing $30,610was sent to an outside processor for plating on December 30, 2012. |
|
|
4. |
Tools returned by customers and held pending inspection in the returned goods area on December 31, 2012, were not included in the physical count. On January 8, 2013, the tools costing $32,610were inspected and returned to inventory. Credit memos totaling $47,610were issued to the customers on the same date. |
|
|
5. |
Tools shipped to a customer f.o.b. destination on December 26, 2012, were in transit at December 31, 2012, and had a cost of $26,610. Upon notification of receipt by the customer on January 2, 2013, Dimitri issued a sales invoice for $42,610. |
|
|
6. |
Goods, with an invoice cost of $27,610, received from a vendor at 5:00 p.m. on December 31, 2012, were recorded on a receiving report dated January 2, 2013. The goods were not included in the physical count, but the invoice was included in accounts payable at December 31, 2012. |
|
|
7. |
Goods received from a vendor on December 26, 2012, were included in the physical count. However, the related $56,610vendor invoice was not included in accounts payable at December 31, 2012, because the accounts payable copy of the receiving report was lost. |
|
|
8. |
On January 3, 2013, a monthly freight bill in the amount of $8,610was received. The bill specifically related to merchandise purchased in December 2012, one-half of which was still in the inventory at December 31, 2012. The freight charges were not included in either the inventory or in accounts payable at December 31, 2012. |
Prepare a schedule of adjustments as of December 31, 2012, to the initial amounts per Dimitri’s accounting records. (If an amount reduces the account balance then enter either with a negative sign preceding the number, e.g. -15,000 or in parenthesis, e.g. (15,000).)
Choose an academic level, add pages, and the paper type you want.
To reduce the cost of our essay writing services, select the lengthier deadline.
We can't believe we just said that to you.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more
Recent Comments