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. Determine the ending balance for the account discussed…

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. Determine the...
. Determine the ending balance for the account discussed in each scenario:

a. Flores Manufacturing has a year end inventory balance of $526,000 in its accounting software. Flores holds consigned goods at a warehouse which cost $56,000, and is not included on the books. The inventory warehouse manager has determined that $24,575 in inventory was damaged during a recent flood.
b. PFP, Inc. is a financial planning firm which has an accounts receivable balance of $97,600. PFP uses the direct write-off method for bad debt. PFP, Inc. determined that one of its clients which owes $7,300 has filed bankruptcy. Also, when reviewing the books, the CPA determined that one customer was overbilled by $275 and another customer was underbilled by $790. In addition, a payment collected before month end for $400 had not been recorded.
c. Sherri’s Ballet Studio has a balance of $124,780 for its checking account on its balance sheet. The balance per the bank statement is $175,000. One of the differences between the book and bank balance is $20,000 which Sherri has in her checking account, but has set aside to buy some new apparatus for her studio. She has not shown the amount on her books because she has reserved it for that purchase. In addition, Sherri received a check before month end for $750 which has not been recorded on the books yet, nor has it been deposited in the bank.
d. Talbertson’s Jewelry has beginning retained earnings of $457,000. Liz Talbertson, one of the owners, contributed $25,000 in capital during the year. Net income for the year was $23,490. Dividends of $3,000 were paid to each of the three owners. Dividends of $1,100 were received by the company as a result of an investment. Determine the ending retained earnings balance.
Submitted: 8 years ago.Category: Homework
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6/12/2010
Tutor: Manal Elkhoshkhany, Tutor replied 8 years ago
Manal Elkhoshkhany
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Hello nbruce

 

Please advise the name of the book you are using: Title, author's name, and edition

 

Thank you

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Customer reply replied 8 years ago
it is a quiz for one of my classes - original questions not from a text book.
Tutor: Manal Elkhoshkhany, Tutor replied 8 years ago
That is ok, I just need to check something, I am not looking for the solutions in the textbook manual.
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Customer reply replied 8 years ago
That's fine. I have worked through most of the problem anyway, i just wanted to verify my answers. Thanks.
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