Homework Answers
| Date | Account Titles and Explanation | Debit | Credit |
| Dec. 31 | Unrealized loss {122000*(5.50 - 5.20)} | $36,600 | |
| Estimated purchase commitment liability | $36,600 |
Add Answer to:
Question 10 At December 31, 2020, Windsor Co. has outstanding purchase commitments for 122,000 gallons, at...
At December 31, 2020, Nash Company has outstanding noncancelable purchase commitments for 38,500 gallons, at $4.38...
At December 31, 2020, Nash Company has outstanding noncancelable purchase commitments for 38,500 gallons, at $4.38 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. Assuming that the market price as of December 31, 2020, is $3.94, record the journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry"...
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.
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...
*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...
Presented below is information related to equipment owned by Windsor Company at December 31, 2020. Cost...
Presented below is information related to equipment owned by Windsor Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,720,000 1,080,000 7,560,000 5,184,000 Assume that Windsor will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required, select "No...
Exercise 11-16 Presented below is information related to equipment owned by Windsor Company at December 31,...
Exercise 11-16 Presented below is information related to equipment owned by Windsor Company at December 31, 2020. Cost $9,720,000 Accumulated depreciation to date 1,080,000 Expected future net cash flows 7,560,000 Fair value 5,184,000 Assume that Windsor will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Your answer is partially correct. Try again. Prepare the journal entry (if any) to record the impairment of the asset...
Presented below is information related to equipment owned by Windsor Company at December 31, 2020. Cost...
Presented below is information related to equipment owned by Windsor Company at December 31, 2020. Cost $9,720,000 Accumulated depreciation to date 1.080,000 Expected future net cash flows 7,560,000 Fair value 5,184,000 Windsor intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $21,600. 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...
Windsor, Inc. had net sales in 2020 of $1.464.200.At December 31, 2020, before adjusting entries, the balances in...
Windsor, Inc. had net sales in 2020 of $1.464.200.At December 31, 2020, before adjusting entries, the balances in selected accounts were Accounts Receivable $248.800 debit and Allowance for Doubtful Accounts $1,807 debit. Assume that 10of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt expense of no entry is more select "No Entry for the accounts and enter for the amounts. Credit account titles are automatically indeed when the amount in Denetindent manual) Date 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...
Presented below is information related to equipment owned by Windsor Company at December 31, 2020. Cost...
Presented below is information related to equipment owned by Windsor Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,720,000 1,080,000 7,560,000 5,184,000 Windsor intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $21,600. As of December 31, 2020, the equipment has a remaining useful life of 5 years. - Your answer is partially currect. Prepare the journal entry (if anyl...
At December 31, 2020, Nash Company has outstanding noncancelable purchase commitments for 38,500 gallons, at $4.38 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. Assuming that the market price as of December 31, 2020, is $3.94, record the journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry"...
*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...
Presented below is information related to equipment owned by Windsor Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,720,000 1,080,000 7,560,000 5,184,000 Assume that Windsor will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required, select "No...
Exercise 11-16 Presented below is information related to equipment owned by Windsor Company at December 31, 2020. Cost $9,720,000 Accumulated depreciation to date 1,080,000 Expected future net cash flows 7,560,000 Fair value 5,184,000 Assume that Windsor will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Your answer is partially correct. Try again. Prepare the journal entry (if any) to record the impairment of the asset...
Presented below is information related to equipment owned by Windsor Company at December 31, 2020. Cost $9,720,000 Accumulated depreciation to date 1.080,000 Expected future net cash flows 7,560,000 Fair value 5,184,000 Windsor intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $21,600. 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...
Windsor, Inc. had net sales in 2020 of $1.464.200.At December 31, 2020, before adjusting entries, the balances in selected accounts were Accounts Receivable $248.800 debit and Allowance for Doubtful Accounts $1,807 debit. Assume that 10of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt expense of no entry is more select "No Entry for the accounts and enter for the amounts. Credit account titles are automatically indeed when the amount in Denetindent manual) Date 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...
Presented below is information related to equipment owned by Windsor Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,720,000 1,080,000 7,560,000 5,184,000 Windsor intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $21,600. As of December 31, 2020, the equipment has a remaining useful life of 5 years. - Your answer is partially currect. Prepare the journal entry (if anyl...
Most questions answered within 3 hours.
-
can someone please explain for me in any easy way what does
Dipole mean ?
asked 3 minutes ago -
Consider the following grammar:
<S> → <A> a <B> b
<A> → <A> b | b...
asked 4 minutes ago -
Chapter’s 2 “Dominos Sizzles with Pizza Tracker” Case Study.
Ansewer the following questions:
1) What kinds...
asked 6 minutes ago -
It's a snowy day and you're pulling a friend along a level road
on a sled....
asked 6 minutes ago -
4.14D Select a diameter of a steel driveshaft
that transmits 250 hp at 5000 rpm. Bending...
asked 11 minutes ago -
1 4 7 10
2 5 8 11
3 6 9 12
I want to print...
asked 10 minutes ago -
In a statistics class there are 12 students. Five of the
students are seniors and the...
asked 14 minutes ago -
Preparation of Cyclohexene From
Cyclohexanol
organic chemistry
What is the function of each of the following...
asked 35 minutes ago -
***EDIT: This was all the data that was provided.
Please show all work and formulas used!...
asked 37 minutes ago -
Assume that when adults with smartphones are randomly selected,
48% use them in meetings or classes....
asked 1 hour ago -
A motor spins up from rest to an angular velocity of 165 rad/s
in 1.2 s....
asked 52 minutes ago -
An entomologist sprayed 120 adult Melon flies with a specific
low concentration of malathion and observed...
asked 56 minutes ago