User Account

All Pages

What disclosures petrex is required to make at year-end

Assignment Help Accounting Basics
Reference no: EM133093224

Question - In May of the current year, Petrex Corporation, a Canadian refining company listed on the Toronto Stock Exchange, signed a contract to purchase a large volume of crude oil from a supplier. Petrex's business was to refine the crude oil into various petroleum products and sell the products to its customers; this particular purchase represented about 1/3 of the year's production. The non-cancellable purchase contract, on the day it was signed, specified a purchase price of $8,500,000 for the total volume of crude oil. On December 31, Petrex's fiscal year end, the market value of crude oil had fallen dramatically, and the market value of the contracted oil was now $6,800,000. Explain what disclosures Petrex is required to make at year-end.

Reference no: EM133093224

Questions Cloud

Create a two-page hospital inpatient managed care contract : Select one managed care organization and create a two-page hospital inpatient managed care contract. The contract can be written from the perspective of the MCO
Develop a data dictionary for the data elements : Choose a healthcare-related task, such as patient registration. Determine the data elements which would need to be collected and stored for the task.
Business intelligence systems used in amazon : What are the Business Intelligence Systems Used in Amazon?
Maintain successful workforce in global environment : During this culminating project, you will complete a professional PowerPoint presentation consisting of seven slides. In each slide, you will choose a leadershi
What disclosures petrex is required to make at year-end : The market value of the contracted oil was now $6,800,000. Explain what disclosures Petrex is required to make at year-end
Aspect of the measurement instrument : The instrument requires that if the participant answered "NO" to question 4, that the next question the participant should be asked is question 7.
Determine the total selling expenses for month of february : For February, sales revenue is $582,000, sales commissions are 7% of sales, Determine the total selling expenses for month of February
How to perform the rate of return pricing : Give a brief description of how to perform the rate of return pricing.
Currency risk mitigation summary : Provide a chart showing the exchange rates over the last 5 years between the Canadian dollar and the currency used in your potential target market.

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