How the resulting financial statements would be misstated

Assignment Help Finance Basics
Reference no: EM131415548

1. Ordered $50,000 of inventory on December 29, 2011. The goods were shipped on December 30, 2011, with the terms FOB shipping point. Dallas received the inventory on January 4, 2012.

2. Received an order to sell inventory with a cost of $40,000. The goods were shipped to the customer on December 31, 2011, and received on January 3, 2012. The terms of the sale were FOB shipping point.

3. Received an order to sell inventory with a cost of $15,000. The goods were shipped to the customer on December 29, 2011, and received on January 2, 2012. The terms of the sale were FOB destination.

4. Ordered $10,000 of inventory on December 27, 2011. The inventory was shipped on December 27, 2011, with the terms FOB destination. Dallas received the inventory on December 31, 2011.

5. Ordered $75,000 of inventory on December 30, 2011. The inventory was shipped on December 31, 2011, with the terms FOB destination. Dallas received the inventory on January 3, 2012.

Assume that Dallas included in inventory (12/31/11) all items from the five cases above. Explain how the resulting financial statements would be misstated.

Reference no: EM131415548

Questions Cloud

Structure selections - dent in national human organ shortage : Use the argument forms presented in this section to structure the selections as specifically named arguments.- There is a simple way to put a big dent in the national human-organ shortage: Allocate organs first to the people who have agreed to dona..
Build a reliable regression model : Advanced Quantitative Methods - Statistical Case Study - build a reliable regression model which explains the correlates with school performance. Your dependent variable is acadperf, which is a measure of school wide standardized test scores (high..
Find a single measure of the construct : Do not describe the design or results of the experiment that you find that uses the particular test for mood. Your focus here is to find a single measure of the construct (a single test or questionnaire)
Correlation between gdp growth and health outcomes : Discuss the correlation between GDP growth and health outcomes. Compare short-term trends vs. long-term trends. Why would this be an example of the fallacy of composition in health economics?
How the resulting financial statements would be misstated : Assume that Dallas included in inventory (12/31/11) all items from the five cases above. Explain how the resulting financial statements would be misstated.
What are the key elements of strategy formulation : At the beginning of this course, you developed a graphic representation of the strategic-planning process. How has your understanding of this process grown? For this Application Assignment, you will integrate ideas and perspectives presented throu..
International country comparison-colombia-usa : Please pick a country and compare the health care system of that country with the US system. Comparison must include:
What problems are associated with assessing students with id : What problems are associated with assessing students with ID? What are the characteristics of the teacher's students with ID that result in eligibility for special education?
Structure the selections as specifically named arguments : Use the argument forms presented in this section to structure the selections as specifically named arguments.- Okay, I've tried it for a week again this year, but I still don't like daylight saving time.

Reviews

Write a Review

Finance Basics Questions & Answers

  Financial reporting and analysis

Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..

  A report on financial accounting

This report is specific for a core understanding for Financial Accounting and its relevant factors.

  Describe the types of financial ratios

Describe the types of financial ratios and other financial performance measures that are used during venture's successful life cycle.

  Differences between sole proprietorship and corporation

Briefly describe the major differences between a sole proprietorship and a corporation

  Prepare a cash budget statement

Calculate the expected value of the apartment in 20 years' time. What is the mortgage loan repayment at the beginning of each month

  What are the implied interest rates

What are the implied interest rates in Europe and the U.S.?

  State pricing theory and no-arbitrage pricing theory

State pricing theory and no-arbitrage pricing theory

  Small business administration

Identify the likely stage for each venture and describe the type of financing each venture is likely to be seeking and identify potential sources for that financing.

  Effect of financial leverage

The Effect of Financial Leverage and working capital management

  Evaluate the basis for the payment to the lender

Evaluate the basis for the payment to the lender and basis for the payment to the company-counterparty.

  Importance of opps, ipps, mpfs and dmepos

Research and discuss the differences and importance of : OPPS, IPPS, MPFS and DMEPOS.

  Time value of money

Time Value of Money project

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!

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