User Account

All Pages

What amount should be debited to purchases on march

Assignment Help Accounting Basics
Reference no: EM133184605

Question - On December 1, 2015, Jade Company entered into a commitment to purchase 100,000 barrels of aviation fuel for P55 per barrel on March 31, 2016. The entity entered into this purchase commitment to protect itself against the volatility in the aviation fuel market. By December 31, 2015, the purchase price of aviation fuel had fallen to P50 per barrel. However, by March 31, 2016, when the entity took delivery of the 100,000 barrels the price of aviation fuel had risen to P53 per barrel. What amount should be debited to purchases on March 31, 2016?

Reference no: EM133184605

Questions Cloud

Business in post-pandemic era : Which industries will thrive, and which ones are likely to perish under the new norm of doing business in the post-pandemic era?
How should xyz recognize the revenues for the performance : For XYZ, the total cost (or transaction price) of the contract is $1,000,000. How should XYZ recognize the revenues for the performance
Compute the total equity at december : The Messacar Company's January 1 balance sheet included Total Equity of $100,000. Compute the Total Equity at December 31
Elections and the economy : As you heard in the debates and town hall meetings during the last election, the candidates often differed on the state of the economy.
What amount should be debited to purchases on march : The entity entered into this purchase commitment to protect itself against the volatility in the aviation fuel market. What amount should be debited
Record the entry necessary for the adoption of the budget : Question - Based on the following information, record the entry necessary for the adoption of the budget for the 2023 fiscal year
Fiscal and monetary tools to apply to economy : Analyze economic indicators to determine which fiscal and/or monetary tools to apply to the economy.
Calculate a fair premium for home insurance : Question - Refer to the following table: Calculate a fair premium for home insurance. Calculate total wealth after both insurances have been purchased
Type of government and type of economy and currency : Describe the type of government and type of economy and its currency. Enumerate the most important natural resources.

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