Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. gotham city acquires $25,000 of inventory on novem

Gotham City acquires $25,000 of inventory on November 1, 20X7, having held no inventory previously....

80.2K

Verified Solution

Question

Accounting

Gotham City acquires $25,000 of inventory on November 1, 20X7, having held no inventory previously. On December 31, 20X7, the end of Gotham City's fiscal year, a physical count shows $8,000 still in stock. During 20X8, $6,500 of this inventory is used, resulting in a $1,500 remaining balance of supplies on December 31, 20X8.

46) Based on the preceding information, which of the following would be the correct account balances for 20X7 if Gotham City used the purchase method of accounting for inventories?

Expenditures

Inventory of

Supplies

A)

$

25,000

$

0

B)

$

17,000

$

8,000

C)

$

17,000

$

0

D)

$

25,000

$

8,000

A) Option A

B) Option B

C) Option C

D) Option D

Answer: D

Please explain using math

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

In a given transistor amplifier RC 2 2 k and r e 20 02 the...

Basic Math
1.2K views

Find y as a function of x if y′′′+25y′=0 y(0)=2,  y′(0)=20,  y′′(0)=−100 y(x)=

Chemistry
1.2K views

Preparation of Ammine Complexes of Cobalt(III) 1) Give at least two differences between the two preparations that...

Civil Engineering
1.2K views

Which elements of the construction industry has the greatest effect on productivity rates and why?

Civil Engineering
1.2K views

Which of the following is responsible for the strength and durability of hydrated cement? (a) CH(b) Ettringite(c)...

Operations Management
1.2K views

Hp laptop company. Size of market. expain in 300 words

Physics
1.2K views

An isolated metallic spherical thin shell has given a charge Q as shown The parameter...

Geometry
1.2K views

8 ft SA 12 ft 7 Find the surface area of the figure 22 ft...

Basic Math
1.2K views

A cylindrical water tank used in lifting water to the top of a tower is...

Algebra
1.2K views

ewrite the expression by 7u u 5 2 u 5 0

Algebra
1.2K views

7B HW Determine whether 18 is a solution of the equation x 12 30 Is...

Accounting
1.2K views

Could you please research and explain if account balances in the general ledger are adjusted...