Solved

At the End of Fiscal 2017, Nick's Greenhouse Counted Inventory

Question 18

Short Answer

At the end of fiscal 2017, Nick's Greenhouse counted inventory and determined that inventories of $87,160 were on hand. The end of fiscal year the unadjusted inventory account balance is $95,000. Inventory at the start of the year was $99,880.
Which of the following accounting adjustments should Nick's Greenhouse record?
At the end of fiscal 2017, Nick's Greenhouse counted inventory and determined that inventories of $87,160 were on hand. The end of fiscal year the unadjusted inventory account balance is $95,000. Inventory at the start of the year was $99,880. Which of the following accounting adjustments should Nick's Greenhouse record? D) No accounting adjustment is required. At the end of fiscal 2017, Nick's Greenhouse counted inventory and determined that inventories of $87,160 were on hand. The end of fiscal year the unadjusted inventory account balance is $95,000. Inventory at the start of the year was $99,880. Which of the following accounting adjustments should Nick's Greenhouse record? D) No accounting adjustment is required. At the end of fiscal 2017, Nick's Greenhouse counted inventory and determined that inventories of $87,160 were on hand. The end of fiscal year the unadjusted inventory account balance is $95,000. Inventory at the start of the year was $99,880. Which of the following accounting adjustments should Nick's Greenhouse record? D) No accounting adjustment is required. D) No accounting adjustment is required.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q13: How would a sale of $400 of

Q14: During fiscal 2016, Caleres Inc. (formerly Brown

Q15: During 2016, Nike Inc., reported net income

Q16: On January 1, Fey Properties collected $7,200

Q17: When shareholders contribute capital to a company,

Q19: Sales on account would produce what effect

Q20: Examine the financial statements effects template below.

Q21: Record the following transactions in the financial

Q22: Companies make adjustments to more accurately reflect

Q23: Weimar World, a tax-preparation service, had