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At December 31, 2020, Nash Company has outstanding noncancelable purchase commitments for 38,500 gallons, at $4.38...
*Exercise 9-12 b2-c2 (Part Level Submission) At December 31, 2020, Pharoah Company has outstanding noncancelable purchase...
*Exercise 9-12 b2-c2 (Part Level Submission) At December 31, 2020, Pharoah Company has outstanding noncancelable purchase commitments for 38,400 gallons, at $3.60 per gallon, of raw material to be used in its manufacturing process. The company prices its raw material inventory at cost or market, whichever is lower. *(62) Your answer is correct Assuming that the market price as of December 31, 2020, is $3.24, record the journal entry. (Credit account titles are automatically indented when amount is entered. Do...
Question 10 At December 31, 2020, Windsor Co. has outstanding purchase commitments for 122,000 gallons, at...
Question 10 At December 31, 2020, Windsor Co. has outstanding purchase commitments for 122,000 gallons, at $5.50 per gallon, of a raw material to be used in its manufacturing process. The company prices its raw material inventory at cost or market, whichever is lower. Assuming that the market price as of December 31, 2020, is $5.20, how would you treat this situation in the accounts? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If...
E9.12 (LO 3 ) (Purchase Commitments) At December 31, 2020, Indigo Girls Company has outstanding noncancelable...
E9.12 (LO 3 ) (Purchase Commitments) At December 31, 2020, Indigo Girls Company has outstanding noncancelable purchase commitments for 36,000 gallons, at $3.00 per gallon, of raw material to be used in its manufacturing process. The company prices its raw material inventory at cost or market, whichever is lower. Instructions a. Assuming that the market price as of December 31, 2020, is $3.30, how would this matter be treated in the accounts and statements? Explain. b. Assuming that the market...
Windsor Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials...
Windsor Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $981,000. At December 31, 2021, the raw materials to be purchased have a market value of $932,500. Prepare any necessary December 31, 2021 entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles...
At December 31, 2020, Cullumber Company has outstanding noncancelable purchase commitments for 36,500 gallons, at $3.84...
At December 31, 2020, Cullumber Company has outstanding noncancelable purchase commitments for 36,500 gallons, at $3.84 per gallon, of raw material to be used in its manufacturing process. The company prices its raw material inventory at cost or market, whichever is lower. (b2) Assuming that the market price as of December 31, 2020, is $3.46, record the journal entry.
Presented below is information related to equipment owned by Nash Company at December 31, 2020. Cost...
Presented below is information related to equipment owned by Nash Company at December 31, 2020. Cost $9,180,000 Accumulated depreciation to date 1.020,000 Expected future net cash flows 7.140,000 Fair value 4,896,000 Assume that Nash will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required,...
Brief Exercise 9-08 Sunland Company signed a long-term noncancelable purchase commitment with a major supplier to...
Brief Exercise 9-08 Sunland Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $919,600. At December 31, 2020, the raw materials to be purchased have a market value of $869,100. In 2021, Sunland paid $919,600 to obtain the raw materials which were worth $869,100. Prepare the entry to record the purchase. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry...
Presented below is information related to equipment owned by Nash Company at December 31, 2020. Cost...
Presented below is information related to equipment owned by Nash Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,180,000 1,020,000 7,140,000 4,896,000 Nash intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $20,400. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the...
On January 1, 2020, Sandhill Company issued $310,500, 9%, 5-year bonds at face value. Interest is...
On January 1, 2020, Sandhill Company issued $310,500, 9%, 5-year
bonds at face value. Interest is payable annually on January 1.
Prepare the journal entry to record the issuance of the bonds.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1, 2020
Prepare the journal entry to record the accrual of interest on
December 31, 2020. (Credit account titles are
automatically indented when amount is entered....
Presented below is information related to equipment owned by Swifty Company at December 31, 2020. Cost...
Presented below is information related to equipment owned by Swifty Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,270,000 1,030,000 7,210,000 4,944,000 Assume that Swifty will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required,...
*Exercise 9-12 b2-c2 (Part Level Submission) At December 31, 2020, Pharoah Company has outstanding noncancelable purchase commitments for 38,400 gallons, at $3.60 per gallon, of raw material to be used in its manufacturing process. The company prices its raw material inventory at cost or market, whichever is lower. *(62) Your answer is correct Assuming that the market price as of December 31, 2020, is $3.24, record the journal entry. (Credit account titles are automatically indented when amount is entered. Do...
Question 10 At December 31, 2020, Windsor Co. has outstanding purchase commitments for 122,000 gallons, at $5.50 per gallon, of a raw material to be used in its manufacturing process. The company prices its raw material inventory at cost or market, whichever is lower. Assuming that the market price as of December 31, 2020, is $5.20, how would you treat this situation in the accounts? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If...
Windsor Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $981,000. At December 31, 2021, the raw materials to be purchased have a market value of $932,500. Prepare any necessary December 31, 2021 entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles...
Presented below is information related to equipment owned by Nash Company at December 31, 2020. Cost $9,180,000 Accumulated depreciation to date 1.020,000 Expected future net cash flows 7.140,000 Fair value 4,896,000 Assume that Nash will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required,...
Brief Exercise 9-08 Sunland Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $919,600. At December 31, 2020, the raw materials to be purchased have a market value of $869,100. In 2021, Sunland paid $919,600 to obtain the raw materials which were worth $869,100. Prepare the entry to record the purchase. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry...
Presented below is information related to equipment owned by Nash Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,180,000 1,020,000 7,140,000 4,896,000 Nash intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $20,400. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the...
On January 1, 2020, Sandhill Company issued $310,500, 9%, 5-year
bonds at face value. Interest is payable annually on January 1.
Prepare the journal entry to record the issuance of the bonds.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1, 2020
Prepare the journal entry to record the accrual of interest on
December 31, 2020. (Credit account titles are
automatically indented when amount is entered....
Presented below is information related to equipment owned by Swifty Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,270,000 1,030,000 7,210,000 4,944,000 Assume that Swifty will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required,...
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