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On 1/1/X1, Airline Inc. signed a purchase agreement to purchase 10,000 gallons of jet fuel from Seller Co. for $5.20 per gallon on 1/1/X3. The contract stipulates that, at settlement on 12/31/X3, Airline Inc. can choose to either accept physical delivery of the jet fuel or can accept settlement in cash of the difference between the then-current market price and the contract price for the jet fuel. At the time the contract was signed, jet fuel was selling for $5.15 per gallon. On 12/31/X1, jet fuel was selling for $5.25 per gallon. As of 12/31/X2, jet fuel was selling for $5.30 per gallon.
Problem 1: What entries should Airline Inc. record as of 1) contract inception, 2) then at 12/31/X1, 3) then at 12/31/X2?
Cansela Corporation uses a periodic inventory system and the LIFO method to value its inventory. Calculate cost of goods sold for 2013, 2014, and 2015
Question - Calculating the Predetermined Overhead Rate, Applying Overhead to Production. Calculate the overhead applied to production in March
Toyland, a national chain of discount toy stores, wants to buy 100,000 Dye Monsters at $8 each. Discuss three qualitative factors that might be considered
At the begining of the year , Addison Company's assets are 259,000 and it's equity is 194,250. During the year ,assets increased 80,000 and liabilities increase 52,643. What is the equity at the end of the year?
What is the computer equipments book value on May 31 - Post the purchase of May 1 and the depreciation on May 31 to T-accounts
Suppose a company will issue new 20-year debt with a par value of $1,000 and a coupon rate of 9 percent, paid annually. The tax rate is 40 percent.
What is the relationship between interest rates and bond prices? When is a bond sold at (i) a premium, (ii) at a discount, and (iii) at par
On January 15, 2016, bravo company purchased $4,000 of of construction supplies on, account, from Zulu company. Prepare bravo company's general journal entry
Actual labor rate $13 per hour Actual hours incurred and used 4,200 hours. Compute the total, price, and quantity variances for materials and labor
How much reliance you will place on this oral evidence you have acquired from Brad Parker
The bonds make annual payments and have a par value of $1,000. If the bonds currently sell for $961.50, what is the YTM
Schwering Corporation uses activity-based costing to assign overhead costs to products. What is the overhead cost assigned to Product
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