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Problem - Loss on Purchase Commitment - During 2019, Boge Corporation signed a noncancelable contract to purchase 10,000 bushels of soybeans at $5 per bushel with delivery to be made in 2020. On December 31, 2019, the price of soybeans had fallen to $4.50 per bushel. On May 1, 2020, Boge takes delivery of the soybeans when the price is $4.75 per bushel.
Required - Prepare the journal entries required on December 31, 2019, and May 1, 2020.
Prepare journal entries for Tanzania Inc for: Accounts receivable of $700,000 that were assigned to Chad Finance Co by Tanzania as security for loan of $580,000
when inventories are valued at a lower of costs or market it would result in the allowance of a deduction for the
Introduce the organization you have selected. Briefly describe the organization's historical background. What is the primary focus of the organization?
Prepare a cash budget for the month of September showing your supporting calculations and heading. Indicate in the financing section any borrowing
nick and jolene are married. nick is 61 and retired in 2011 from his job with amalgamated company. jolene is 56 and
The bonds were sold for $2,700,000. The value of the warrants at the time of issuance was $85,000. How do prepare the journal entry to record this transaction
Flounder Corporation made credit sales of $43,800 which are subject to 7% sales tax. Prepare the entry to record Flounder's credit sales
Prepare the adjusting journal entry to correctly report the balance of the Supplies account and the Supplies Expense account as of December 31, 2009.
Which is the primary cause for discrepancy between the bank statement and the company's general ledger cash account? Explain in detail with an example
Assuming there are 170 units on hand, compute the cost of the ending inventory under the (a) FIFO method. What is the LIFO cost of the ending inventory
Discuuss junior vice president of HR presentation at your organization. You need to prepare your first presentation on appropriate communication to a group
KLD Co. is analyzing a proposed project. The company expects to sell 12,000 units, What is KLD unlevered cost of equity
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