Homework Answers
| BE 9.7 | Date | Account titles and explanation | Debit | Credit | ||||||
| Dec 31,2020 | Unrealized holding loss (Purchase commitments) | (1000000-950000) | 50000 | |||||||
| Estimated liability on purchase commitments | 50000 | |||||||||
| (Unrealized loss on purchase commitment recorded) | ||||||||||
| BE 9.8 | Date | Account titles and explanation | Debit | Credit | ||||||
| 2021 | Inventory (or Purchase) | 950000 | ||||||||
| Estimated liability on purchase commitments | 50000 | |||||||||
| Cash | 1000000 | |||||||||
| (Purchase made) | ||||||||||
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BE9.8 (LO 3) Use the information for Kemper Company from BE9.7. In 2021, Kemper paid $1,000,000...
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...
need help please SALE HY INSTRUCTOR ESCRINI ERI Brief Exercise 9-08 Bumble Company signed a long-term noncancelable...
need help please
SALE HY INSTRUCTOR ESCRINI ERI Brief Exercise 9-08 Bumble Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2001 at a cost of $1,000,300. At December 31, 2020, the raw materials to b purchased have a market value of $954,700. In 2021, Bramble paid $1,000,300 to obtain the raw materials which were worth $954,700. Prepare the entry to record the purchase. (Credit accounts automatically indented when amount is entered. Do...
signment TOP CHE INTER VERSION MACK NEXT Brief Exercise 9-08 Waterway Company signed a long-term noncancelable...
signment TOP CHE INTER VERSION MACK NEXT Brief Exercise 9-08 Waterway Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $983,500. At December 31, 2020, the raw materials to be purchased have a market value of $929,100. In 2021. Waterww paid $93.500 to obtain the raw materials which were worth 5929,100. Prepare the entry to record the purchase. (Credit account ties are automatically indented when amount is entered....
0.6 Question 4 View Policies Show Attempt History Current Attempt in Progress . Your answer is...
0.6 Question 4 View Policies Show Attempt History Current Attempt in Progress . Your answer is partially correct. Kingbird Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $966,100. At December 31, 2020, the raw materials to be purchased have a market value of $921,000. In 2021, Kingbird paid $966,100 to obtain the raw materials which were worth $921,000. Prepare the entry to record the purchase. (Credit account...
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...
Brief Exercise 9-8 Tamarisk Company signed a long-term noncancelable purchase commitment with a major supplier to...
Brief Exercise 9-8 Tamarisk Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2018 at a cost of $1,001,000. At December 31, 2017, the raw materials to be purchased have a market value of $955,300. In 2018, Tamarisk paid $1,001,000 to obtain the raw materials which were worth $955,300. Prepare the entry to record the purchase. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry...
Grouper Corp., a public company using IFRS, signed a long-term non-cancellable purchase commitment with a major...
Grouper Corp., a public company using IFRS, signed a long-term non-cancellable purchase commitment with a major supplier to purchase raw materials at an annual cost of $2,600,000. At December 31, 2019, the raw materials to be purchased in 2020 have a market price of $2,540,000. Prepare any December 31, 2019 entry that is needed. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account...
Flounder Company has been having difficulty obtaining key raw materials for its manufacturing process. The company...
Flounder Company has been having difficulty obtaining key raw
materials for its manufacturing process. The company therefore
signed a long-term noncancelable purchase commitment with its
largest supplier of this raw material on November 30, 2020, at an
agreed price of $430,400. At December 31, 2020, the raw material
had declined in price to $394,050.
What entry would you make on December 31, 2020, to recognize these
facts? (Credit account titles are automatically
indented when amount is entered. Do not indent...
Brief Exercise 8-10 Sheffield Corp., a public company using IFRS, signed a long-term non-cancellable purchase commitment...
Brief Exercise 8-10
Sheffield Corp., a public company using IFRS, signed a long-term
non-cancellable purchase commitment with a major supplier to
purchase raw materials at an annual cost of $2,300,000. At December
31, 2019, the raw materials to be purchased in 2020 have a market
price of $2,250,000.
Prepare any December 31, 2019 entry that is needed.
(Credit account titles are automatically indented when
the amount is entered. Do not indent manually. If no entry is
required, select "No Entry"...
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...
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...
need help please
SALE HY INSTRUCTOR ESCRINI ERI Brief Exercise 9-08 Bumble Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2001 at a cost of $1,000,300. At December 31, 2020, the raw materials to b purchased have a market value of $954,700. In 2021, Bramble paid $1,000,300 to obtain the raw materials which were worth $954,700. Prepare the entry to record the purchase. (Credit accounts automatically indented when amount is entered. Do...
signment TOP CHE INTER VERSION MACK NEXT Brief Exercise 9-08 Waterway Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $983,500. At December 31, 2020, the raw materials to be purchased have a market value of $929,100. In 2021. Waterww paid $93.500 to obtain the raw materials which were worth 5929,100. Prepare the entry to record the purchase. (Credit account ties are automatically indented when amount is entered....
0.6 Question 4 View Policies Show Attempt History Current Attempt in Progress . Your answer is partially correct. Kingbird Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $966,100. At December 31, 2020, the raw materials to be purchased have a market value of $921,000. In 2021, Kingbird paid $966,100 to obtain the raw materials which were worth $921,000. Prepare the entry to record the purchase. (Credit account...
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...
Brief Exercise 9-8 Tamarisk Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2018 at a cost of $1,001,000. At December 31, 2017, the raw materials to be purchased have a market value of $955,300. In 2018, Tamarisk paid $1,001,000 to obtain the raw materials which were worth $955,300. Prepare the entry to record the purchase. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry...
Flounder Company has been having difficulty obtaining key raw
materials for its manufacturing process. The company therefore
signed a long-term noncancelable purchase commitment with its
largest supplier of this raw material on November 30, 2020, at an
agreed price of $430,400. At December 31, 2020, the raw material
had declined in price to $394,050.
What entry would you make on December 31, 2020, to recognize these
facts? (Credit account titles are automatically
indented when amount is entered. Do not indent...
Brief Exercise 8-10
Sheffield Corp., a public company using IFRS, signed a long-term
non-cancellable purchase commitment with a major supplier to
purchase raw materials at an annual cost of $2,300,000. At December
31, 2019, the raw materials to be purchased in 2020 have a market
price of $2,250,000.
Prepare any December 31, 2019 entry that is needed.
(Credit account titles are automatically indented when
the amount is entered. Do not indent manually. If no entry is
required, select "No Entry"...
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