Upon inspection of the records of Ally Company, the following facts were discovered for ended December 31, 2017. A fire insurance premium of 120,000 was paid and charge ance expense for 2017. The fire insurance policy covers one year from April 1, 2017. Inventory on January 1, 2017 was overstated by 80,000. Inventory on December 31, 2 overstated by 120,000. Taxes of 60,000 for the fourth quarter of 2017 were paid on Januan and charged as expense of 2018. On December 5, 2017 a cash advance of 90,000 by a customer was received for goods ered in January 2018. The amount of 90,000 was credited to sales. The gross profit on sal CEO 000

Upon inspection of the records of Ally Company, the following facts were discovered for ended December 31, 2017. A fire insurance premium of 120,000 was paid and charge ance expense for 2017. The fire insurance policy covers one year from April 1, 2017. Inventory on January 1, 2017 was overstated by 80,000. Inventory on December 31, 2 overstated by 120,000. Taxes of 60,000 for the fourth quarter of 2017 were paid on Januan and charged as expense of 2018. On December 5, 2017 a cash advance of 90,000 by a customer was received for goods ered in January 2018. The amount of 90,000 was credited to sales. The gross profit on sal CEO 000

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 4PA: The following accounts appear in the ledger of Celso and Company as of June 30, the end of this...

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