User Account

All Pages

What amount should be reported as inventory on December

Assignment Help Financial Accounting
Reference no: EM133041779

Problem - Czech Company reported inventory on December 31, 2020 at P6,400,000 based on a physical count of goods priced at cost, and before any necessary year-end adjustment relating to the following:

Included in the physical count were goods billed to a customer FOB shipping point on December 31, 2020. These goods had a cost of P125,000 and were picked up by the carrier on January 10, 2021.

Goods shipped FOB shipping point on December 28, 2020 from a vendor were received on January 4, 2021. The invoice cost was P300,000.

Required - What amount should be reported as inventory on December 31, 2020?

Reference no: EM133041779

Questions Cloud

How much interest will you own next month : Your minimum payment is $40 and your annual interest rate is 20%. If you only pay the minimum payment, how much interest will you own NEXT month
What is the correct amount of inventory : Goods sold to a customer which are being held for the customer's convenience with a cost of P200,000. What is the correct amount of inventory
Explain the measurement project : Assume you are in the HR department in your organization and have been asked to lead a measurement project.
How does the use of technology support teamwork : In what way does the use of teamwork contribute to high performance at Johnson Controls? How does the use of technology support teamwork?
What amount should be reported as inventory on December : These goods had a cost of P125,000 and were picked up by the carrier on January 10, 2021. What amount should be reported as inventory on December
BIM303 Optimizing and Modeling Assignment : BIM303 Optimizing and Modeling Assignment Help and Solution - What is the distribution type of the interarrival times
How much is the lease liability on December : If the equipment is to have a guaranteed residual value of 500,000 at the end of the lease, how much is the lease liability on December 31, 2019
Determine the retained earnings as of September : If Retained Earnings balance on September 30, 2018 was $57,860, determine the retained earnings as of September 1, 2018
Demonstrate cultural sensitivity : Discuss various ways an administrator can relate to diverse audiences and demonstrate their cultural sensitivity.

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