year end balance | 247,680 |
1.goods shipped by seller of FOB shipping point need not be included in the closing stock | nil |
2.goods shipped to buyer under FOB destination need not be included in the closing stock of buyer | nil |
3.goods shipped to buyer under FOB shipping point can be included in stock from the date of shipping | 25,880 |
4.goods shipped by seller under FOB destination shall be included in stock till they reach the buyer | 54,220 |
5.goods send to buyer under FOB destination shall not be included in the stock of buyer till they are received on january 2. (since they are included on december 31 stock, they will be reduced) | (43,380) |
correct inventory amount on December 31 | 284,400 |
Exercise 6-01 Umatilla Bank and Trust is considering giving plush Brothers Inc. a loan. Before doing...
Exercise 6-01 Umatilla Bank and Trust is considering giving Sarasota Corp. a loan. Before doing so, it decides that further discussions with Sarasota's accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $284,470. Discussions with the accountant reveal the following. 1. Sarasota shipped goods costing $50,150 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until January 12. The goods were not...
Umatilla Bank and Trust is considering giving Carla Vista Co. a loan. Before doing so, it decides that further discussions with Carla Vista’s accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $249,390. Discussions with the accountant reveal the following. 1. Carla Vista shipped goods costing $49,520 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until January 12. The goods were...
Umatilla Bank and Trust is considering giving Sheffield Corp. a loan. Before doing so, it decides that further discussions with Sheffield’s accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $273,850. Discussions with the accountant reveal the following. 1. Sheffield shipped goods costing $53,860 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until January 12. The goods were not included in...
Umatilla Bank and Trust is considering giving Pharoah Company a loan. Before doing so, it decides that further discussions with Pharoah's accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $263,510. Discussions with the accountant reveal the following. 1. Pharoah shipped goods costing $60,340 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until January 12. The goods were not included in the...
Umatilla Bank and Trust is considering giving Bridgeport Corp. a loan. Before doing so, it decides that further discussions with Bridgeport Corp.'s accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $302,140. Discussions with the accountant reveal the following 1. Bridgeport Corp. sold goods costing $57,920 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock untl January 12. The goods were not...
Umatilla Bank and Trust is considering giving Indigo Corporation a loan. Before doing so, it decides that further discussions with Indigo's accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $278,800. Discussions with the accountant reveal the following. 1. Indigo shipped goods costing $55,500 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until January 12. The goods were not included in the...
1. Windsor Bank and Trust is considering giving Pohl Company a loan. Before doing so, it decides that further discussions with Pohl’s accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $335,500. Discussions with the accountant reveal the following. 1. Pohl shipped goods costing $67,100 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until January 12. The goods were not included...
Tri-State Bank and Trust is considering giving Metlock, Inc. a loan. Before doing so, management decides that further discussions with Metlock's accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $290,900. Discussions with the accountant reveal the following: 1. Metlock sold goods costing $31,300 to Sorci Company, FOB shipping point, on December 28. The goods are not expected to arrive at Sorci until January 12 The goods were not included...
Tri-State Bank and Trust is considering giving Pharoah Company a loan. Before doing so, management decides that further discussions with Pharoah’s accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $326,300. Discussions with the accountant reveal the following. 1. Pharoah shipped goods costing $42,700 to Sorci Company, FOB shipping point, on December 28. The goods are not expected to arrive at Sorci until January 12. The goods were not included...
E6.1 (LO 1) Premier Bank and Trust is considering giving Alou Company a loan. Before doing so, management decides that further discussions with Alou's accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of £297,00o. Discussions with the accountant reveal the following. Determine the correct inventory amount 1. Alou sold goods costing £38,000 to Comerico Company, FOB shipping point, on December 28. The goods are not expected to arrive at Comerico...