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Question - On December 31, 2020, Wallace Co. is determining whether goods in-transit should be included or excluded from the physical inventory count.
One shipment in-transit to Wallace Co. for $42,000 was shipped f.o.b. shipping point from a vendor and was expected to arrive on January 1, 2021.
One shipment in-transit to Wallace Co. for $114,000 was shipped f.o.b. destination from a vendor. The goods are expected to arrive on January 2, 2021.
One shipment in-transit from Wallace Co. for $19,400 was shipped f.o.b. destination to a customer. The merchandise is expected to arrive on January 3, 2021.
What shipment amount(s) (if any) should be included in the physical inventory count on December 31, 2020?
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: - Explain the goals and uses of special journals.
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