User Account

All Pages

Calculate amount that should appear on martin balance sheet

Assignment Help Accounting Basics
Reference no: EM132720650

Question - In your audit of Donald Martin Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $399,450 was on hand at that date. You also discover the following items were all excluded from the $399,450.

1. Merchandise of $61,320 which is held by Martin on consignment. The consignor is the Max Suzuki Company.

2. Merchandise costing $39,580 which was shipped by Martin f.o.b. destination to a customer on December 31, 2020. The customer was expected to receive the merchandise on January 6, 2021.

3. Merchandise costing $42,890 which was shipped by Martin f.o.b. shipping point to a customer on December 29, 2020. The customer was scheduled to receive the merchandise on January 2, 2021.

4. Merchandise costing $75,730 shipped by a vendor f.o.b. destination on December 30, 2020, and received by Martin on January 4, 2021.

5. Merchandise costing $52,310 shipped by a vendor f.o.b. shipping point on December 31, 2020, and received by Martin on January 5, 2021.

Required - Based on the above information, calculate the amount that should appear on Martin's balance sheet at December 31, 2020, for inventory.

Reference no: EM132720650

Questions Cloud

Give journal entries accounts in the books of sohan : Mohan is entitled to a commission @ 5% on sales. Mohan settles his account by bank draft. Give journal entries and necessary accounts in the books of Sohan.
Minimum total annual cost for managing : A company stocks a component that costs $25 per unit. Annual usage of this item is expected to be 2184 units. The firm is open for business
Evaluate the company strengths and weaknesses : Analyze a company's Balance Sheet and notes as found in the company's Form 10-K. Evaluate the company's strengths and weaknesses.
Evaluate the company strengths and weaknesses : Analyze a company's Balance Sheet and notes as found in the company's Form 10-K. Evaluate the company's strengths and weaknesses.
Calculate amount that should appear on martin balance sheet : Based on the above information, calculate the amount that should appear on Martin's balance sheet at December 31, 2020, for inventory
Determine the sequence to see patients : How emergency rooms determine the sequence to see patients.
Exchange/swipe out shoes tool : Create a video that will shoe the following tool Proposed Topic: Exchange/Swipe out shoes tool ? The tool will connect users to people whose fashion they admire
Prioritize health problems within given community : Describes the four types of needs and compares them. Explains the interaction of the four types and the role of each type of need in the community
How treasury stock affects the stockholders equity section : How treasury stock affects the stockholders' equity section of the balance sheet and the impact on the calculation of earnings per share.

Reviews

Write a Review

Accounting Basics Questions & Answers

  At what amount should the trading securities be reported

By year's end, it had decreased in value to $90,000. At what amount should the trading securities be reported on the year-end balance sheet

  Discuss ppe class of aircraft frames and fittings

At the time of acquisition, the residual value of the frame was estimated to be $30,000 and its useful life to be 20 years

  Find the amount of interest expense that should be reported

Assuming that Coral Equipment maintains its books on a calendar year basis, find the amount of interest expense that should be reported

  Prepare a multiple-step income statement combined with a

the accounts of consolidated can contain the following amounts at december 31 2008nbspcost of products sold nbsp nbsp

  Identify costs as variable and calculate the expected costs

Identify the above costs as variable, fixed, or mixed and calculate the expected costs when production is 5,000 units.

  Costs of operating the helpline

Mire Corporation staffs a helpline to answer questions for customers. The costs of operating the helpline are variable with respect to the number of calls in a month.

  Explain tax treatment if Taupe Corporation is S corporation

The corporation makes no distributions to Torsten during the year. explain the tax treatment if Taupe Corporation is: An S corporation

  Briefly describe moore law. what are the implications

Briefly describe Moore Law. What are the implications of this law? Are there any practical limitations to Moore Law?

  A subway train after the brakes

If the velocity v (m/s) of a subway train after the brakes are applied can be expressed as  where t is the time in seconds, how far does it travel in coming to a stop?

  Calculate salmon company pre-determined overhead rate

Salmon Company estimates that 8,000 machine hours will be used during 2019. Calculate Salmon Company's pre-determined overhead rate

  What is impact on cash from sony selling its old headquarter

What is the impact on cash from Sony selling its old Tokyo headquarters? Would the sale of the Tokyo buildings be a source of cash or a use of cash for sony

  What are the the exact steps to get to this solution

On October 1, 2012, Renfro Co. purchased to hold to maturity, 2,000. What are the the exact steps to get to this solution

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd