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Jensen Tire had two large shipments in transit at December 31. One was a $125,000 inbound shipment of merchandise (shipped December 28, F.O.B. shipping point), which arrived at Jensen's receiving dock January 2. The other shipment was a $95,000 outbound shipment of merchandise to a customer, which was shipped and billed by Jensen on December 30 (terms F.O.B. shipping point) and reached the customer on January 3.
In taking a physical inventory on December 31, Jensen counted all goods on hand and priced the inventory on the basis of average cost. The total amount was $600,000. No goods in transit were included in this figure.
What amount should appear as inventory on the company's balance sheet at December 31? Explain. If you indicate an amount other than $600,000, state which asset or liability other than inventory also would be changed in amount.
A master budget is a detailed and comprehensive analysis of organizations long- and short-term goals. 1. Identify the major inputs to the master budget and the usefulness of each.
Answer the following questions based on Scottsdale, AZ CAFR year ending June 30, 2012.
Examine the corporate financial decision-making procedure at your selected organization (Walt Disney). In your analysis be sure to address the following items:
What is vertical analysis? When would you use vertical analysis instead of horizontal? Do companies use one or the other? Please explain. What about industry averages? How do people use industry averages for comparative analysis?
Columbia Corp held 1,500 of Vianco common stock with a cpst of $74,387. These shares were classified as a long term available-for-sale investment. It sold the shares on December 31st for $55,275. Prepare the journal entry to record this sale.
Create a formula to calculate your rate of return for each year. What is your overall return over the life of your investment? What is the average annual return over the life of the investment? Use the geomean function.
Prepare responses to the following assignments from the e-text, Fundamentals of Financial Accounting 1st ed., by Phillips, Libby, and Libby-Identifying Outstanding Checks and Deposits in Transit and Preparing a Bank Reconciliation and Journal Entri..
Lockhart had no units in beginning inventory. During 2009, 6,000 units were produced and 5,000 units were sold. Which of the following statements is true when comparing net income using absorption versus variable costing?
The Richmond Company uses the weighted-average method in its process costing system. The company has only a single processing department.
Jackson Corporations have 12 years remaining to maturity. Interest is paid annually, the bonds have a $1000 par value and the coupon interest rate is 8%. The bonds have a yield to maturity of 9%.
Determine whether or not TRIARC'S acquisitions of Wendy's through a stock swap was good for either company and state your rationale?
DNA Corporation issued $4,000,000 in 8 percent, 10-year bonds on February 1, 2010, at 115. Semiannual interest payment dates are January 31 and July 31. Use the straight-line method and ignore year-end accruals.
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