Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. q5: in your audit of garcia company, you find that

Q5: In your audit of Garcia Company, you find that a physical inventory...

60.1K

Verified Solution

Question

Accounting

image

Q5: In your audit of Garcia Company, you find that a physical inventory on December 31, 2022, showed merchandise with a cost of $439,470 was on hand at that date. You also discover the following items were all excluded from the $439,470. 1. Merchandise of $57,370 which is held by Garcia on consignment. The consignor is the Bontemps Company. 2. Merchandise costing $38,090 which was shipped by Garcia f.o.b. destination to a customer on December 31, 2022. The customer was expected to receive the merchandise on January 6, 2023. 3. Merchandise costing $46,760 which was shipped by Garcia f.o.b. shipping point to a customer on December 29, 2022. The customer was scheduled to receive the merchandise on January 2, 2023. 4. Merchandise costing $85,260 shipped by a vendor f.o.b. destination on December 30, 2022, and received by Garcia on January 4, 2023. 5. Merchandise costing $50,750 shipped by a vendor f.o.b. shipping point on December 31, 2022, and received by Garcia on January 5, 2023. Based on the above information, calculate the amount that should appear on Garcia's statement of financial position at December 31, 2022, for inventory

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

Solve the differential equation by variation of parameters. 2y'' + y' = 6x

Biology
1.2K views

What is the connection between importers and pathways. List the lactic acid bacteria in these pathways,...

Psychology
1.2K views

Do you believe that death by lethal injection is humane based on what you learned in...

Biology
1.2K views

ion 3 Multiple Choice Worth 4 points What does lightning contribute to that can ultimately...

Geometry
1.2K views

EXPLAIN 1 Proving Opposite Sides Are Congruent Read the section below and complete the following...

Statistics
1.2K views

Here are the scatter plots for two sets of bivariate data with the same response...

Algebra
1.2K views

Find the value of x for which d m X Simplify your answer Type an...

Accounting
1.2K views

Explain an avoidable cost, and provide an example of a decision that involves avoidable costs....

Accounting
1.2K views

Could someone help me correct the errors indicated in red? Please include formulas and calculations....

Accounting
1.2K views

Torres Company accumulates the following summary data for the year ending December 31, 2017, for...

Accounting
1.2K views

a has invested $30000 in equipment with a 5-year useful life. The no salvage value....

Finance
1.2K views

Question 5 12.5 pts What is the PV of an annuity with cash flows of...