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Q. What is Net realizable value?
Companies must not carry goods in inventory at more than their net realizable value. Net realizable value is the approximate selling price of an item less the estimated costs that the company incurs in preparing the item for sale and selling it. Obsolete, Damaged or shopworn goods often have a net realizable value lower than their historical cost and must be written down to their net realizable value. But goods don't have to be obsolete, damaged or shopworn for this situation to occur.
Technological changes as well as increased competition have caused significant reductions in selling prices for such products as DVD players, computers, TVs and digital cameras.
What is Purchase Returns?
Home Inc. is considering buying a new piece of equipment, which will cost $715,000 and has an economic life of 5 years, in order to make a new line of product. The company believe
Q. Steps used in retail inventory method? The retail inventory method approximation the cost of the ending inventory by applying a cost/retail price ratio to ending inventory s
Q. What is transposition or slide error explain? When the trial balance doesn't balance try re-totalling the two columns. If this step doesn't locate the error divide the diffe
hi is any one out there?
decrease in assat & decrease in capital
A light truck is purchased on January 1 at a cost of $27,000. It is expected to serve for eight years and have a salvage value of $3,000. Calculate the depreciation expense for t
Exercise 5-2 - Harwick company. 1) On April 5, purchased merchandise from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point. 2)On April 6, paid freight costs of $
A time of 12 consecutive months used by an organization to account for and report the results of its operations.
The Company changed its process of accounting for pre-opening costs. These changes had no cash impact and the pro forma amounts accessible in the consolidated statement of income r
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