The Following Information Is Taken from the General Ledger of Ben's

question 61

Essay

The following information is taken from the General Ledger of Ben's BMX Bikes at September 30, 2014. A physical count of the inventory indicates that the actual amount on hand is $5,450. Ben's uses the perpetual inventory system.
Instructions
a. Prepare the journal entry to adjust inventory.
b. Prepare the closing entries.
c. Prepare the post-closing trial balance.
d. Prepare a multiple-step income statement.
e. Calculate Ben's gross profit margin.

---

Definitions:

Basic Option

An entry-level or minimal-feature version of a product or service that serves as a starting point for customization or upgrades.

Altering Demand

Methods or strategies employed to influence or change the level of demand for products or services, often for balancing with supply capabilities.

Demand Option

Strategies or actions a company can take to manage customer demand, such as pricing adjustments or promotional activities.

Disaggregation

The process of breaking down aggregated data or information into more detailed components for analysis or management.