User Account

All Pages

What amount of loss on purchase commitment be included

Assignment Help Accounting Basics
Reference no: EM132794731

Problem 1: During 2020, Mighty Company signed a non-cancelable contract to purchase 5,000 sacks of rice at P1,200 per sack with delivery to be made in 2021. On December 31, 2020, the price of rice had fallen to P1,000 per sack. On April 1, 2021, the Company accepts delivery of rice when the price is P1,120 per sack. In the December 31, 2020 Income Statement, what amount of loss on purchase commitment should be included?

Reference no: EM132794731

Questions Cloud

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 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?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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