Reference no: EM132794730
The balance in Vloom Company's inventory account on December 31, 2019 was P1,225,000 before the following information was considered:
(a) Goods shipped FOB destination, on December 20, 2019 from a vendor to Vloom were lost in transit. The invoice cost of P45,000 was not recorded by Vloom. On December 28, 2019, Vloom notified the vendor of the lost shipment.
(b) Goods were in transit from a vendor to Vloom on December 31, 2019. The invoice cost was P60,000, and the goods were shipped FOB shipping point on December 28, 2019.
Problem 1: Vloom received the goods on January 4, 2020. What amount of inventory should be reported in the December 31, 2019 Statement of Financial Position?
|
What is the carrying amount of the biological assets on dec
: Decrease in fair value due to harvest 100,000.00; Decrease due to sales 2,000,000.00. What is the carrying amount of the biological assets on December 31?
|
|
Find how much did paul received from james as full payment
: On January 1, 2021, Paul Corp sold merchandise with a list price of P100,000. On January 10, 2021, how much did Paul received from James as full payment?
|
|
What amount of inventory should be reported in the december
: Vloom received the goods on January 4, 2020. What amount of inventory should be reported in the December 31, 2019 Statement of Financial Position?
|
|
What amount of loss on purchase commitment be included
: What amount of loss on purchase commitment should be included? During 2020, Mighty Company signed a non-cancelable contract to purchase 5,000 sacks
|
|
What amount of inventory should be reported in the december
: Vloom received the goods on January 4, 2020. What amount of inventory should be reported in the December 31, 2019 Statement of Financial Position?
|
|
What is the total current liabilities at december
: What is the total current assets at December 31, 2020? Using the information of Achiever Company, what is the total current liabilities at December 31, 2020?
|
|
How much is the net income or net losss
: Assuming there are no changes in retained earnings except for net income and a dividend payment of P19,500, how much is the net income (net loss) for 2020?
|
|
How much is the net income or net loss
: Two thirds of operating expenses relate to sales activities. The company is subject to 30% income tax. How much is the net income (net loss) during 2020?
|
|
Explain the relative resistance of the microbes
: Explain the relative resistance of the following microbes to disinfectants and antiseptics: gram-negative bacteria, gram-positive bacteria
|