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Question - In November, 2020, to secure supply of raw material vital to its manufacturing process, the Vice-President, Manufacturing was anxious to lock into a purchase commitment with the raw material supplier to cover all of its 2021 production. The contract would be for 800,000kg. with deliveries in 2021 to be coordinated with the production schedule. The contract cost to secure this long term supply is $26.50/kg. On January 20, 2021, while the financial statements for the year ended December 31, 2020 were still under audit, a new global supplier of the raw material caused a permanent drop (not a short term market supply and demand) in the price to $23.50/kg. LGL has yet to take any deliveries of the raw material in 2021.
Required - Ignoring taxes, how will this event be handled/reported, if at all, in the financial statements for the year ended December 31, 2020? Be specific and provide any adjusting entries should they be required.
Denver Corporation issued $2,300,000, What amount of total interest expense should Denver report on its 2020 year-end income statement?
Examples of nonoperating items that would appear on an income statement are:
Feb 20, issued 40,000 shares of common, What is the journal entry for dec 31, there are two journal entries? Prepare the equity section of the balance sheet
Explain when a company makes a sale to a customer who uses a credit card such as Visa or Master Card, the company? recognizes revenue for full amount of sale.
Explain what is meant by 'capital expenditure' and by 'revenue expenditure' and how each is treated in the financial records of a company.
What is the difference between adjusting entries and correcting entries? make a journal to journalize and adjust entries required at March 31.??
Regarding the language to be used in performance appraisals: A. the language, if negative, should be as forceful as possible to convey the negative evaluation B. should be measured and professional, whether conveying a positive or..
The company used 25,000 direct labor hours and actual total direct labor costs were Php375,000. How much is the direct labor efficiency variance?
On February 1, 2013, Garzon purchased 6% bonds issued by PBS Utilities at a cost of $40,000, which is their par value. The bonds pay interest semiannually on July 31 and January 31. For 2013, prepare entries to record Garzon's July 31 receipt of inte..
Explain the concept of cost allocation as it pertains to property, plant, and equipment and intangible assets. How do you do an adjusted trial balance after these entries? What is the present value of 10 equal payments of $24,000 to be made at the e..
Assuming annual compounding, how long will it take for the $10,000 to double if it is invested at an annual interest rate of 14 percent?
Brenda's Bar and Grill has current liabilities of $15 million. Calculate the value of inventory listed on the firm's balance sheet
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