User Account

All Pages

What amount of inventory is recorded

Assignment Help Accounting Basics
Reference no: EM132623986

Question - A company has an account payable to a U.S. company, a supplier of inventory, in the amount of US$230,000. The payable was incurred when the exchange rate was US$1 = Cdn$0.74. At year-end, the rate is $0.70.

Required -

1. What amount of inventory is recorded?

2. What amount of exchange gain or loss will the company report for the year?

Reference no: EM132623986

Questions Cloud

How calculate the net income allocation to each partner : How Calculate the net income ( loss ) allocation to each partner if the Net losses for the year is $ 38,300 and Journalize the allocation of net income
Describe the concept or theory : Explain in a short paragraph why you selected the word to describe the concept or theory you selected from each of the 2 chapters
Calculate the johnson equity share : On January 2, 2018, Smith and Jones agree to accept, The equity of Smith and Jones $174,000. Calculate the Johnson's equity share and prepare journal entries
Describe a significant clinical issue : Describe a Significant Clinical Issue. Please review a current literature and provide an article that relates to the topic. In this thread, please discuss how.
What amount of inventory is recorded : A company has an account payable to a U.S. company, a supplier of inventory, in the amount of US$230,000. What amount of inventory is recorded
What was the best and worst parts of your overall experience : How did this internship help prepare you for future endeavors, both academically and in the workplace? What surprised you about this internship?
What amount of warranty expense should be recorded in april : Helpi Auto Parts Ltd. offers a six-month warranty on parts that the company has installed. What amount of warranty expense should be recorded in April
Discuss the usage of big data in radical platforms : Please pick an organization or two and discuss the usage of big data in RADICAL platforms including how big data analytics is used in those situations.
What products does your company make and sell : What products does your company make and sell? Do they manufacture their products or purchase from others? Are sales increasing or decreasing year to year

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute the cost allocations for each product

Chikin, Inc., specializes in chicken farming. Chickens are raised, packaged, Compute the cost allocations for each product, using relative sales value method

  Horizontal model to record the effects of subscription fees

Use the horizontal model to record the effects of subscription fees received in advance during August 2016

  Journalize all entries required on the given dates

Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Pronghorn Company

  Compute the carrying value of patent no

Compute the carrying value of patent No, Amortization is computed for a full year if the cost is incurred prior

  Discuss product and equipment sales to and royalties

Our receivables are mainly comprised of receivables for product and equipment sales to and royalties

  Describe an auditor audit documentation requirements

Describe an auditor's audit documentation requirements regarding the assessment of the risk of material misstatement due to fraud

  Identify concept that you know prior to completing research

Explore the FASB Codification sections related to pensions (plan accounting) (§960, 962 & 965). Identify one concept that you did not know prior to completing.

  Michael inc uses a process-costing system a newly hired

michael inc. uses a process-costing system. a newly hired accountant has identified the following procedures that must

  Do these expenditures qualify as intangible assets explain

The entity capitalized $2,650,000 as an intangible asset. Required - Do these expenditures qualify as intangible assets? Explain

  Describe potential risks associated with the project

Describe potential risks associated with this project, and explain what risk management processes can be utilized. Discuss the tools

  Calculate sandhill net income as a percent of sales

Vertical analysis (common-size) percentages for Sandhill Co.'s sales revenue, cost of goods sold, Calculate Sandhill's net income as a percent of sales

  How they account for other than-temporary impairments

Do U.S. GAAP and IFRS differ in how they account for other-than-temporary impairments? Explain.

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