User Account

All Pages

Give the entries on december and on february

Assignment Help Financial Accounting
Reference no: EM132915603

During 2019, USTFU Company signed a non-cancelable contract with Nueva Ecija Milling Company to purchase 1,000 sacks of rice at P1,200 per sack with delivery to be made in 2020. On December 31, 2019, the price of rice had fallen to P1,150 per sack.

Required:

Problem 1: Give the entries on December 31, 2019 and on February 28,2020 (the date of actual purchase) when the market price on February 28, 2020 of each sack of rice is

(a) P1,150
(b) P1,100
(c) P1,220

 

Reference no: EM132915603

Questions Cloud

Determine the net effect of the foregoing errors on profit : Examination of the records of Grand Company, Determine the net effect of the foregoing errors on profit before income tax for the year 2018.
Differentiate dominant from dominated strategy : 1. Classify and define games that are sequential, simultaneous and strategic.
How much is the value added tax on the sales account : Based on reliable estimates, 60% of the total sales were sold on account. How much is the value added tax on the sales account for the second quarter
What are the strategic issues that the company : Identify the strategic problems or issues that TOP GLOVE CORPORATION BHD is facing and paying attention to. What are the strategic issues that the company shoul
Give the entries on december and on february : Give the entries on December 31, 2019 and on February 28,2020 (the date of actual purchase) when the market price on February 28, 2020 of each sack of rice is
The world would be like without photography : What do you think the world would be like without photography? How much of what we see in a photograph is real?
Components of property and stock agents regulation 2014 : What are some example key components of property and stock agents regulation 2014?
What is the npv break-even level of diamonds sold per year : What is the NPV break-even level of diamonds sold per year assuming a tax rate of 21%, a 10-year project life, and a discount rate of 10%?
What is the current ratio : SDJ, Inc., has net working capital of $2,170, current liabilities of $4,590, and inventory of $3,860. What is the current ratio

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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