User Account

All Pages

What the required journal entries related to this contract

Assignment Help Accounting Basics
Reference no: EM133028895

Question - Hard Wood Builders Ltd. uses fir 2x6 lumber as its framing material. On November 15, 2020, Hard Wood Builders enters into a forward contract for 1,500,000 board feet of lumber at $0.25 per board foot for March 2021 delivery. At December 31, 2020, the market price for March delivery is $0.26. On March 5, 2021, Hard Wood Builders took delivery of 1,500,000 board feet for $0.25 and settled the forward contract. The market rate on this date was $0.28 per board foot. What the required Journal entries related to this contract?

Reference no: EM133028895

Questions Cloud

Describe a potential work situation : What would they look for by interacting with another person? How might using EI make them more effective as a coworker, mentor or supervisor?
What was the percentage underpricing : Question - Your investment bankers price your IPO at $15.25 per share for 10.2 million shares. What was the percentage underpricing
Prepare case study - marketing of new products : Marketing case study - Marketing of new products and How many lines and references (aka SKUs) per line are they offering
Services of a strategic hr department : Identify the unique attributes of the following services of a strategic HR department, including Corporate HR, Services Inc., Solutions Inc., and Organization C
What the required journal entries related to this contract : Hard Wood Builders took delivery of 1,500,000 board feet for $0.25 and settled the forward contract. What the required Journal entries related to this contract
Major types of classroom training : Chapter 6 described five major types of "classroom" training. Identify and describe each of the five types of training, as well as major strengths and weaknesse
Prepare general journal entries to record transactions : Question - Prepare general journal entries to record the following merchandising transactions for United Sales. United uses a perpetual inventory system
Prepare the financing activities section of the cash flow : Common shares, unlimited number authorized, 600,000 issued and outstanding 6,000,000. Prepare the financing activities section of the cash flow
Research and discuss the cyber security tools : Research and discuss the cyber security tools and practices from the topics, (Network traffic analysis, Vulnerability assessment, Risk mitigation

Reviews

Write a Review

Accounting Basics Questions & Answers

  How will the corporation identify the distributions

A-corp distributed $10,000 cash to John, its sole Class A common stockholder in May, 2009. How will the corporation identify the distributions to John and Bill

  Prepare all journal entries for Grace Herron

Grace was loaned $232,000 at an annual interest rate of 6%. Prepare all journal entries for Grace Herron for the first 2 fiscal years ended June 30, 2014

  Perform the hypothesis test and state your conclusions

Late payment of medical claims can add to the cost of health care. Perform the hypothesis test and state your conclusions and evidence

  Indicate how each item should be classified in the

an analysis of comparative balance sheets the current years income statement and the general ledger accounts of judd

  Determine the method of inventory valuation

Merle Hawkins, the president of Pathway Company, is pleased. Pathway substantially increased its net income in 2017 while keeping its unit inventory relatively.

  Where is the beginning balance of retained earnings found

What financial information does a statement of stockholders' equity report?

  Compute average collection period for accounts receivable

Compute average collection period for accounts receivable. What conclusions concerning the management of accounts receivable can be drawn from this data?

  What should be the cost of the new truck

On January 2, 2020, Bramble Corp. traded in an old delivery truck for a newer model. What should be the cost of the new truck

  Compute the expected return and standard deviation

Suppose your expectations regarding the stock market are as follows: State of the Economy Probability HPR Boom 0.3 44% Normal growth 0.4 14% Recession 0.3 -16% Compute the expected return and standard deviation of the HPR on stocks.

  How much conversion cost was assigned to the ending work

How much conversion cost was assigned to the ending work in process inventory in the Production Department for November

  Calculate the total avoidable costs

Calculate the total avoidable costs in keeping the old machine and buying a new machine. Should the machine be replaced

  Under what circumstance should company begin depreciating

According to MD&A, the Company opened new restaurants during 2015. Under what circumstance(s) should the Company begin depreciating costs associated with the Lima, Ohio plant expansion?

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