On December 31, Year 6, the Merchandise Inventories account of a Japanese electronics
January 13th, 2018
On December 31, Year 6, the Merchandise Inventories account of a Japanese electronics firm had a balance of ¥408,710 million, based on the firm’s financial reports for fiscal Year 7. Assume that during Year 7, the firm purchased merchandise inventories on account for ¥1,456,412 million. On December 31, Year 7, it finds that merchandise inventory on hand is ¥412,387 million. The Accounts Payable account had a balance of ¥757,006 million on December 31, Year 6, and ¥824,825 million on December 31, Year 7.