Which the valuation assertion means

Assignment Help Financial Accounting
Reference no: EM133000663

Question 1: If RED company reports $370,000 in inventory, the valuation assertion means:

Option 1: Inventory in the balance sheet physically exists.

Option 2: The company has legal title to all of the inventory.

Option 3: Inventory quantities include all items on hand, in transit and stored at outside locations.

Option 4: Inventory listings are accurately included in the inventory accounts and inventory is properly recorded at the lower of cost and net realizable value

Reference no: EM133000663

Questions Cloud

What is the value of the retirement fund now : The defined contribution plan was set 20 years ago where 100,000 has been contributed by the company every year end. What is the value of the retirement fund
Determine the company weighted average cost of capital : Big Brothers, Inc. capital structure, compute the company's weighted average cost of capital (WACC). The company's marginal tax rate is 40%.
How many files of every type were present : How many files of every type were present on the system? What percentage of these files relate to the offence? What does this mean for the overall investigation
Does the length of time to maturity affect the extent : Does the length of time to maturity affect the extent to which a given change in interest rates will affect the bond's price? Why or why not?
Which the valuation assertion means : If RED company reports $370,000 in inventory, the valuation assertion means? Inventory quantities include all items on hand, in transit and stored at outside
How much was Celtics net cash flow from investing activities : Cash payments to banks for repayment of money borrowed totaled $9,700. How much was Celtics' net cash flow from investing activities
How much of the expenses is allocated : Under the IRS method, how much of the $16,000 in Tier 3 expenses (depreciation) is allocated above the line
How do calculate the minimum number of units of silpol : What is the expected operating income? Calculate the minimum number of units of SilPol that would have to be sold in order to justify further processing of GR37
What the company ending equity is : What the company's ending equity is? Darden has beginning equity of 277000 total revenues of 63000 and total expenses of 25000.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Illustrates the steps in the accounting cycle

Adhere to APA formatting guidelines when writing your response. Additionally, your response should be free of grammatical errors, use complete sentences, and give specific details to support statements made.

  What is the expected return on RKP

The risk-free rate of return is currently 0.02, whereas the market risk premium is 0.07. If the beta of RKP, Inc., stock is 1.4, then what is expected return

  What the correcting entry is

The transaction was erroneously recorded as a debit to Cash of $360 and a credit to Accounts Payable, $360. What The correcting entry is

  Necessary to account for private placement and the call

Y Ltd is listed on the Australian Securities Exchange. On 1 January 2015, Y Ltd invited Madi Ltd to purchase 700 000 shares at $2.50 per share. At the time of accepting the offer, Madi Ltd only had cash resources available of $900 000. Provide the jo..

  What is the net income of rst partnership for the year

During 2019, Royce and Stan made additional investments of P800,000 and P2,000,000, What is the net income of RST Partnership for the year

  What do you understand by the term faithful representation

What do you understand by the terms 'relevance' and 'faithful representation' in accounting? Consider the following situation where your father has purchased an apartment and renovated.

  Prepare the entry to record receipt of funds from the loan

Jenny Kanne and Cindy Travis borrowed $21,840 on a 7-month, 5% note from Golden State Bank to open their business, KT’s Coffee House. The money was borrowed on June 1, 2014, and the note matures January 1, 2015. Prepare the entry to record the receip..

  What is the total cost of equipment to be capitalized by nfl

What is the total cost of equipment to be capitalized by NFL on January 1, 2014? NFL purchased equipment to be used for mixing its products

  Calculated their average tax rate

Fatimah and Ahmad, who make $50,000 per year, calculated their average tax rate at 20 percent. They contribute 15 percent of their income to charity and pay themselves 10 percent of their income. They have 25 years and $100,000 remaining on their 6-p..

  How lubradite would make entry when default occur

Subscriber would be refunded, Lubradite would make the following entry when the default occurs, assuming that the refund was to be paid at a later date

  Determine the taxable portion of social security benefits

Dan and Diana file a joint return. Dan earned $31,000 during the year before losing his job. Diana received Social Security benefits of $5,000. Determine the taxable portion of the Social Security benefits. What is the taxable portion of the Social S..

  1on january 1 forrester county is holding investments for

1.on january 1 forrester county is holding investments for tinsel town valued at 800000 in an investment pool accounted

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd