User Account

All Pages

Calculate the amount that should appear

Assignment Help Finance Basics
Reference no: EM131546228

In your audit of Garza Company, you find that a physical inventory on December 31, 2010, showed merchandise with a cost $541,000 was on hand at that date. You also discover the following items were all excluded from the inventory count.

  • Merchandise of $71,000, which is held by Garza on consignment. The consignee is the Bontemps Company.
  • Merchandise costing $33,000, which was shipped by Garza f.o.b. shipping point to a customer on December 31, 2010.The customer was expected to receive the merchandise on January 6, 2011.
  • Merchandise costing $46,000, which was shipped by Garza f.o.b. destination to a customer on December 29, 2010.The customer was scheduled to receive the merchandise on January 2, 2011.
  • Merchandise costing $73,000 shipped by a vendor f.o.b. shipping point on December 30, 2010, and received by Garza on January 4, 2011.
  • Merchandise costing $51,000 shipped by a vendor f.o.b. destination on December 31, 2010, and received by Garza on January 5, 2011.

Based on the above information, calculate the amount that should appear on Garza's balance sheet at December 31, 2010, for inventory.

Reference no: EM131546228

Questions Cloud

Calculate mitsubishi cash conversion cycle : Calculate Mitsubishi's cash conversion cycle. Assuming Mitsubishi holds negligible amount of cash and market securities, calculate its total assets turnover.
What is the gamma of a share : What is the gamma of a share of stock if the stock price is $55, and a $50 call on the stock is priced at $7 while a $50 put is priced at $4?
Cost of equity and weighted average cost of capital : What are Marine Oils' cost of equity and weighted average cost of capital?
Demonstrate your analytical writing abilities by reading : You will demonstrate your analytical writing abilities by reading/interpreting a Shakespeare play and researching a topic drawn from that play.
Calculate the amount that should appear : Based on the above information, calculate the amount that should appear on Garza's balance sheet at December 31, 2010, for inventory.
Propose a type of message appeal to be used in advertising : Propose a type of message appeal to be used in the advertising, making sure to explain the rationale behind the appeal.
What are ten rules of e marketing : What are ten rules of E marketing - not more than 2 pages
Write an essay about a cultural practice : Write an essay about a cultural practice that others might find unusua, puzzling or even offensive. You may write an essay on a kind of cultural behaviour.
Foreign exchange accounting transaction : If CVT locks in the forward hedge at $1.22/euro, and the spot rate when the transaction was recorded on the books was $1.25/euro, this will result.

Reviews

Write a Review

Finance Basics Questions & Answers

  Similarities of common stocks and bonds

Contrast the differences/similarities of common stocks and bonds. Explain how they would be used in the corporate environment.

  What are annual credit sales

A7X, Inc., has an average collection period of 33 days. Its average daily investment in receivables is $92,000.

  Impact of standard-poor downgrading

Discuss the impact of Standard & Poor's downgrading the U.S. credit rating in 2011. Address current and likely future impact on U.S. business, individuals, the global economy and current financial practices. Provide specific examples to support yo..

  Computation of share price that affected by acquisition

Computation of share price that affected by acquisition and expect to happen to the Financial architecture of corporations in these countries over the decade

  Improve the operating profit margin

If you were the operations manager of a Fortune 500 company; what steps can you take to improve the operating profit margin?

  Valuing a corporate bond issue

American Airlines is currently considering the issuance of a series of $1,000 par bonds. The coupon rate offered, based on current market interest rates and the Standard & Poor's based AMR bond rating

  Calculate the new bond price

Consider a 8.80 percent coupon bond with five years to maturity and a current price of $956.20. Suppose the yield on the bond suddenly increases by 2 percent.

  Digital image-processing machine

Gaia Research hospital purchased a digital image-processing machine three years ago at a cost of $45,000. The machine had an expected life of eight years at the time of purchase and an expected salvage value of $5,000 at the end of the eight years..

  Find real cost of hedging payables

Suppose zero transaction costs. If the ninety day forward rate of the euro is an accurate estimate of the spot rate 90 days from now, then the real cost of hedging payables will be:

  Difference between a firm''s cash cycle

a. What is the difference between a firm's cash cycle and its operating cycle? b. How will a firm's cash cycle be affected if a firm increases its inventory, all else being equal? c. How will a firm's cash cycle be affected if a firm begins to take t..

  How does each contribute to making information asymmetric

What is the difference between moral hazard and adverse selection? How does each contribute to making information asymmetric?

  Objective type questions based on cost of capital

Objective type questions based on cost of capital and portfolio management and what is the expected price of the stock seven years from now

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