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Problem 1: On October 1, 20X4, Austin Refining Corp. (ARC) entered into a non-cancellable contract to purchase 100,000 barrels of WTI crude oil at $50.00 per barrel. ARC took delivery of 40,000 barrels on November 15 when the price for immediate delivery (spot price) of WTI crude oil was $48.00. ARC had not yet taken delivery of the remaining barrels by its December 31, 20X4, year end. The spot price on December 31, 20X4, was $44.00 per barrel. Refining costs are $25.00 per barrel and the refined product can be sold under contract for $72.00 per barrel. ARC uses IFRS for reporting its financial results. If the time value of money element is immaterial, what amount should ARC recognize as a provision for this contract?
a) $180,000 b) $260,000 c) $300,000 d) $360,000
On June 1, 2016, Herbal Co. received $18,900 for the rent of land for 12 months. - Journalize the adjusting entry required for unearned rent on December 31, 2016.
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You are Maria Herrera and have been recently promoted to the position of director of financial analysis for a medium-sized consumer goods firm.
This association takes place in the CPU Assembly Department. The company freshly hired a new accountant who prepared the following report for the department for May using the weighted-average method
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