User Account

All Pages

Define outstanding noncancelable purchase commitments

Assignment Help Accounting Basics
Reference no: EM131755984

Question: At December 31, 2017, Kingbird Company has outstanding noncancelable purchase commitments for 38, 500 gallons, at $4.38 per gallon, of raw material to be used in its manufacturing process. The company prices its raw material inventory at cost or market, whichever is lower.

Assuming that the market price as of December 31, 2017, is $3.9 record the journal entry.

Give the entry in January 2018, when the 38, 500-gallon shipment is received, assuming that the situation given in (b2) above existed at December 31, 2017, and that the market price in January 2018 was $3.94 per gallon. Prepare the journal entry for when the materials are received in January 2018.

Reference no: EM131755984

Questions Cloud

Differences between data integrity and data consistency : Compare and contrast the differences between data integrity and data consistency. Please provide an example for each one.
Calculate xyz companys sales commissions : XYZ Company recorded the following information related to their inventory accounts
Phone hacking used frequently in the media industry : Are practices such as phone hacking used frequently in the media industry?
The case of joan von willebrand : Please re-read the Case Study, The Case of Joan von Willebrand, on page 312 in Chapter 16 of your text and respond
Define outstanding noncancelable purchase commitments : At December 31, 2017, Kingbird Company has outstanding noncancelable purchase commitments for 38, 500 gallons, at $4.38 per gallon, of raw material to be used.
Research on the strategic priorities of your organization : Research on the strategic priorities of your selected organization. Through the use of a SWOT analysis, define the strategic priorities.
When addressing a conflict involving two employees : When addressing a conflict involving two employees, your investigation concludes that one member is innocent and the other person is guilty and caused.
Reflects the major points of your final project : Applying the principles outlined by Holzl (1997), create a five-slide PowerPoint presentation that reflects the major points of your final project.
Standard deviation of the grades : The professor wants to know the standard deviation of the grades - Which of the following descriptions of confidence interval is correct

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute the basic earnings per share for year

Cedalion Corporation had 360,000 shares of common stock outstanding at January 1, 2017. Compute the basic earnings per share for year 2017

  Potential impact on the organization profitability

You have been asked to assess certain risks of an organization and quantify their potential impact on the organization's profitability. As a result of your inquiry, you have determined that the firm is exposed to two primary risks.

  Firm l had net assets at the end of the year of 415000 the

firm l had net assets at the end of the year of 415000 .the only transactions affecting stockholders equity during the

  Review and discuss what the general rules are under us gaap

You are the Chief Accounting Officer of Dream Job Corporation and have been asked for your expert opinion on the following future transaction.

  Understanding of industry security practices

The following assessment gives you the opportunity to demonstrate your knowledge of participants in the financial services industry, understanding of industry security practices, the role of one of the financial regulators and the legislation unde..

  Vagabond inc issues 800000 of 9 bonds due in 20 years with

vagabond inc. issues 800000 of 9 bonds due in 20 years with interest payable at year-end. the current market rate of

  What is the depreciation expense in year 2012

What is the Depreciation expense in year 2012:

  What four statements are contained in most annual reports

If a "typical" firm reports $20 million of retained earnings on its balance sheet, could its directors declare a $20 million cash dividend without any qualms.

  Determine the internal rate of return for each project

1omega company is considering three capital expenditure projects. relevant data for the projects are as follows.

  Which may cause it a problem when seeking donations

Which may cause it a problem when seeking donations and grants. The doctors do not want the value of their services recorded. How would you respond to this situation?

  Equivalent to its contrapositive

1. (a) Use truth tables to prove that an implication is always equivalent to its contrapositive. Give an example, in English, where this is so. (b) Use truth tables to prove that an implication may not be equivalent to its converse. Give an exampl..

  What gross income will pat recognize in 2014

a) What gross income will Pat recognize in 2014 and each year thereafter?

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