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Assume that a walnut farmer supplies 100,000 pounds of Walnuts to Diamond on Sept 15, 2010 (the Fall 2010 crop season) when Diamond's estimated price is $0.80/pound. Diamond agrees to pay (and pays) 35% of the estimated price on Oct 15, 2010, 50% of the estimated price on Feb 15, 2011, and the balance on Aug 15, 2011. On Apr 15, 2011 Diamond estimates (but does not announce to farmers) the final purchase price for the Fall 2010 crop to be $1.00 per pound. Assume that by 7/31/2011 (end of FY2011), Diamond sold 80% of the walnuts purchased at a selling price of $2.00/pound. Show necessary journal entries for Diamond from Sept 15, 2010 through Aug 15, 2011 (including adjusting entries on 7/31/2011). [Debit the Purchases account at the time of purchase. Omit closing entries.]
Problem 1: If in fact the Company was using the momentum payment to shift costs into the next year, what would the journal entries?
Problem 2: What is the amount of COGS expense?
What the percentage of bonus issue that the directors should declare is? The directors of Pete Corporation, whose P50 par value ordinary share
Form the necessary adjusting entry for salaries expense on December 31, 2019. Record the company's payment of salaries on January 5, 2020.
A company has sales that range from $16 mil to $19 mil. Those same conditions produce profits from $550K to $1,112K. What is the DOL?
David, a cash basis taxpayer, owns two rental properties. Based on the following information, compute the amount that he must include in his 2012 gross rental income.
Tellico Company used the following information to prepare its bank reconciliation for May of the current year: • The bank statement balance at May 31 is $3,016. The company’s cash account balance at May 31 is $2,611. outstanding checks amounted to $5..
Calculate Johnson's expense deduction and fill-in 2011 Form 2106 (Employee Business Expenses) based on actual automobile expenses and other employee business expenses as shown above.
What is interest expense for 2020 using straight line amortization?Interest is paid on June 30 and December 31. The proceeds from the bonds are Php 5, 150, 000.
What is the amortization of the competing patent for 2019?Safe Company was granted a patent on a product on January 1, 2019 with a 20-year useful life.
Stark Corporation reports the following account balances on December 31, 2014: Accounts receivable $ 80,000 Land $ 60,000 Accounts payable 90,000 Merchandise inventory 68,000. What amount will Stark classify as current assets on its classified balanc..
What is the total amount of interest expense Jimbo will pay over the life of the loan? On January 1, 2018, Jimbo Enterprises purchased new equipment
Find the present Value of your Housing unit. Your application for a housing unit in a newly built housing complex has been qualified
Discuss reasons that explain the size of the premium. Also explain why NuVasive decided to issue convertible bonds instead of regular bonds.
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