Baltic Supplies Provides the Worksheet Shown Below at the End

question 63

Essay

Baltic Supplies provides the worksheet shown below at the end of the year.
A count of the physical inventory at year end shows that there is actually $11,000 of inventory left.Assuming this is the only adjusting entry needed at year-end,please post the inventory adjustment to the worksheet and update the adjusted trial balance.Then complete the worksheet.

Recognize the purpose and implementation of different network types.

Understand the foundational elements of web development and responsive design.

Know the functionalities and advantages of using a Content Management System (CMS) and Integrated Development Environments (IDEs).

Understand how to record transactions involving forward contracts under fair-value and cash-flow hedge accounting.

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Definitions:

Revenues

The total amount of income generated by the sale of goods or services related to the company's primary operations.

Profits

Financial gains obtained when the revenue from business activities exceeds the expenses, taxes, and costs of operating.

Temporary Difference

A discrepancy between the carrying amount of an asset or liability in the balance sheet and its tax base, creating taxable or deductible amounts in the future.

Straight-Line Depreciation

A technique for distributing the cost of an asset uniformly over its lifespan.