User Account

All Pages

What amount should be reported as inventory at yearend

Assignment Help Financial Accounting
Reference no: EM132940489

Questions -

Q1. The difference between the cost of a financial asset at fair value through OCI and its market value 6 years after its acquisition is presented as:

OCI in the statement of comprehensive income

OCI in retained earnings

None of the choices

OCI in the statement of financial position

Q2. Scotch Company took a physical inventory at the end of the year and determined that 240,000 of goods purchased were in transit shipped FOB destination. The goods were actually received three days after the inventory count. The entity sold $100,000 worth of inventory FOB destination. Such inventory is in transit at year-end. What amount should be reported as inventory at yearend? 

$1,900,000

$2,140,000

$2,000,000

$2,240,000

Q3. In the sale of an equity instrument whose fair value changes are classified in OCI, any excess from the cash proceeds over the cost of the investment is

debited to retained earnings

debited to OCI

credited to retained earnings

credited to OCI

Reference no: EM132940489

Questions Cloud

Manage environmental management practices and processes : 1. How does your organisation go about assessing the effectiveness and efficiency of the environmental management recording and reporting systems and preparatio
Develop a recruiting strategy : You will be meeting with the President and the outgoing Director. For that meeting, you need to come prepared to communicate and discuss the entire hiring proce
Prepare the journal entry on Fish Sail Company books : Bird Company will pay $800,000 cash down, sign and issue a Note Payable to Fish Sail Company in the amount of $500,000, Prepare the journal entry
What is the total factory overhead applied during September : For the current year, estimated direct labor hours are 85,000. What is the total factory overhead applied during September
What amount should be reported as inventory at yearend : The entity sold $100,000 worth of inventory FOB destination. Such inventory is in transit at year-end. What amount should be reported as inventory at yearend
Discuss the history of franchising in canada : Discuss the history of Franchising in Canada and how it relates to the Canadian business environment, the application of different approaches to business in tha
How much is the year-end balance of the present value : Present value of defined benefit obligation, Jan 1 340,000. ow much is the year-end balance of the present value of defined How benefit obligation
Explain recruitment and selection process : Why is it important to understand performance as part of the recruitment and selection process? Back up your position with facts and reasoning.
Differentiates between training and development : 1. In Cappelli's article "Your Approach to Hiring is all Wrong," he asserts that one strategy to consider is a return to hiring from within (i.e., promotions).

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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