Sherman, Inc counted its ending inventory as $178,000 at year-end, January 31, 2016 . Upon review of the records, it was noted that the following items were in transit during the count: A) $2,000 of goods shipped by a supplier to Sherman sent FOB destination on January 31 were received February 5, and were not counted by Sherman. B) $5,000 of goods shipped by a supplier to Sherman sent FOB
shipping point on January 30 were received February 2, and were not counted by Sherman. C) $6,000 of goods shipped by Sherman to a customer FOB shipping point on January 31 were received by the customer February 3, and were counted by Sherman. Determine the correct inventory balance at January 31.
a. $172,000
b. $174,000
c. $178,000
d. $177,000
d
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Which of the following is a similarity between trade sales promotion and consumer sales promotion?
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The ________ Act of 1976 specifically imposes penalties and fines for the willful understatement of a client's tax liability
A) Tax Reform B) Racketeer Influenced and Corrupt Organizations C) Private Taxation Litigation Reform D) Uniform Securities
Res ipsa loquitur means:
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