Reference no: EM132838877
Questions -
Q1. In 2020, which is the first year of operation, Priscilla Inc. made various investments in trading securities. The investments had the following cost and market value on December 31, 2020:
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Cost
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Market Value (December 31, 2020)
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ABC
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$1,300,000
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$1,250,000
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DEF
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800,000
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900,000
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GHI
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1,000,000
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700,000
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For the year 2020, what amount should be included as unrealized loss on the income statement?
Q2. SM Supermarket makes use of the retail method in estimating its interim inventory balance. The current reporting period shows the following information:
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Particulars
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Cost
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Retail
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Beginning inventory
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$800,000
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$1,300,000
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Purchases
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5,900,000
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9,500,000
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Freight in
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240,000
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Purchase returns and allowances
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460,000
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600,000
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Purchase discount
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300,000
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Markups, net
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500,000
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Markdowns, net
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400,000
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Sales
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9,200,000
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Sales returns and allowances
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300,000
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Sales discount
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250,000
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Normal inventory loss
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400,000
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At what amount would the estimated ending inventory be if SM Supermarket uses the average retail method?
Q3. The beginning Accounts Receivable and Allowance for Doubtful Accounts balances of Rose Corporation are $500,000 and $50,000 respectively. Net credit sales has a total of $4,500,000 during the year while collections amounted to $4,400,000. Bad debts expense for the year is $30,000. Included in the collections was a $10,000 account which was written off in the prior year and was recovered during the current year. At year end, how much is the net realizable value of the Accounts Receivable?
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