Homework Answers
Answer : $18,900
Reason; Goods sent on consignment is also the property of consignor as he only gives the right to the consignee to sell goods on his behalf. Hence it will be included in the inventory of Stone Co. transportation to send goods is also included in inventory as it is required to bring the goods at the selling point. Similarly, goods received from Alpha co will be included in the inventory of Alpha co. Hence inventory as on 31st December in the books of Stone co will be 18000+900 =$18,900.
Add Answer to:
Stone Co had the following consignment transactions during December 900 Inventory shipped on consignment to Beta...
Max's Co.'s inventory on December 31, 2005 was $1,500,000, based on a physical count priced at...
Max's Co.'s inventory on December 31, 2005 was $1,500,000, based on a physical count priced at cost, and before any necessary adjustment for the following: • Merchandise costing $90,000, shipped FOB shipping point from a vendor on December 30, 2005, was received and recorded on January 5, 2006. • Goods in the shipping area were excluded from inventory although shipment was not made until January 4, 2006. The goods, billed to the customer FOB shipping point on December 30, 2005,...
The December 31, 2021, year-end inventory balance of the Raymond Corporation is $212,000. You have been asked to review the following transactions to determine if they have been correctly recorded. Goods shipped to Raymond f.o.b. destination on December
The December 31, 2021, year-end inventory balance of the Raymond Corporation is $212,000. You have been asked to review the following transactions to determine if they have been correctly recorded.Goods shipped to Raymond f.o.b. destination on December 26, 2021, were received on January 2, 2022. The invoice cost of $31,000 is included in the preliminary inventory balance.At year-end, Raymond held $15,000 of merchandise on consignment from the Harrison Company. This merchandise is included in the preliminary inventory balance.On December 29,...
Abel Company's business year ends on December 31. Listed below are purchase transactions which occurred during...
Abel Company's business year ends on December 31. Listed below are purchase transactions which occurred during the last few days of 2017 or during the first few days of 2018. The inventory, determined by physical count, was taken after the close of business on December 31, 2017. The only adjusting entry recorded to date has been to enter the December 31 physical inventory on the books and to remove the beginning inventory. Instructions On the accompanying chart, indicate the effect...
Question: 1 On December 1, 2020, Company had the following account balances. Debit Cash $ 7,200...
Question: 1 On December 1, 2020, Company had the following account balances. Debit Cash $ 7,200 Accumulated Depreciation- Equipment Accounts receivable 4.600 Accounts Payable Inventory 12.000 Salaries and Wages Payable Supplies 1,200 Owner's Capital Equipment 22.000 $47.000 Credit $ 2,200 4,500 1.000 39,300 $47.000 During December, the company completed the following summary transactions. December 5 Purchased golf bags, clubs, and balls on account from Tiger Co. $1,200, FOB shipping point, terms 2/10, 1/60. Appropriate party paid freight on purchases $50....
4. Inventory (8 points) The December 31, 2020, year-end inventory balance of the Sabre Company is...
4. Inventory (8 points) The December 31, 2020, year-end inventory balance of the Sabre Company is $317,000. You have been asked to review the following transactions to determine if they have been correctly recorded. 1. Materials purchased from a supplier and shipped to Sabre f.o.b. destination on December 28, 2020, were received on January 2, 2021. The invoice cost of materials of $50,000 and the shipping cost of $1,500 are not included in the preliminary inventory balance. 2. At year-end,...
Problem # 3 (Inventory Errors) At December 31, 2016, McGlaggen Corporation reported current assets of $638,000...
Problem # 3 (Inventory Errors) At December 31, 2016, McGlaggen Corporation reported current assets of $638,000 and current liabilities of $384,000. The following items may have been recorded incorrectly. McGlaggen uses the periodic method. 1. Goods purchased costing $10,000 were shipped f.o.b. destination by a supplier on December 26. McGlaggen received and recorded the invoice on December 31, 2016 but the goods were not included in McGlaggen’s physical count of inventory because they were not received until January 2, 2017....
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during March of the current year: Mar. 1. Purchased merchandise from Haas Co., $17,700, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $150 was added to the invoice. 5. Purchased merchandise from Whitman Co., $11,100, terms FOB destination, n/30. 10. Paid Haas Co. for invoice of March 1. 13. Purchased merchandise from Jost Co., $6,700, terms FOB destination, 1/10, n/30. 14. Issued debit memo...
The following situations are independent. Cullumber Co., a wholesale company, had the following information in its...
The following situations are independent. Cullumber Co., a wholesale company, had the following information in its general ledger for the year 2018. Merchandise purchased for resale Purchase returns Marketing expense Freight-in Interest on notes payable to vendors Freight-out (delivery expense on sales) Cash discounts on purchases $537,500 9,500 6,200 19,600 4,800 21.450 5,130 What is Cullumber's inventoriable cost for 2018? Cullumber's inventoriable cost for 2018 $ Shamrock, Inc's inventory of $858,000 at December 31, 2017, was based on a physical...
Question: 1 On December 1, 2020, Company had the following account balances. Debit Cash $ 7,200...
Question: 1 On December 1, 2020, Company had the following account balances. Debit Cash $ 7,200 Accumulated Depreciation- Equipment Accounts receivable 4.600 Accounts Payable Inventory 12.000 Salaries and Wages Payable Supplies 1,200 Owner's Capital Equipment 22.000 $47.000 Credit $ 2,200 4,500 1.000 39,300 $47.000 During December, the company completed the following summary transactions. December 5 Purchased golf bags, clubs, and balls on account from Tiger Co. $1,200, FOB shipping point, terms 2/10, 1/60. Appropriate party paid freight on purchases $50....
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during March of the current year. Niles Co. uses the net method under a perpetual inventory system. Mar. 1. Purchased merchandise from Haas Co., $9,700, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $230 was added to the invoice. 5. Purchased merchandise from Whitman Co., $13,639, terms FOB destination, n/30. 10. Paid Haas Co. for invoice of March 1. 13. Purchased merchandise from Jost...
Question: 1 On December 1, 2020, Company had the following account balances. Debit Cash $ 7,200 Accumulated Depreciation- Equipment Accounts receivable 4.600 Accounts Payable Inventory 12.000 Salaries and Wages Payable Supplies 1,200 Owner's Capital Equipment 22.000 $47.000 Credit $ 2,200 4,500 1.000 39,300 $47.000 During December, the company completed the following summary transactions. December 5 Purchased golf bags, clubs, and balls on account from Tiger Co. $1,200, FOB shipping point, terms 2/10, 1/60. Appropriate party paid freight on purchases $50....
4. Inventory (8 points) The December 31, 2020, year-end inventory balance of the Sabre Company is $317,000. You have been asked to review the following transactions to determine if they have been correctly recorded. 1. Materials purchased from a supplier and shipped to Sabre f.o.b. destination on December 28, 2020, were received on January 2, 2021. The invoice cost of materials of $50,000 and the shipping cost of $1,500 are not included in the preliminary inventory balance. 2. At year-end,...
The following situations are independent. Cullumber Co., a wholesale company, had the following information in its general ledger for the year 2018. Merchandise purchased for resale Purchase returns Marketing expense Freight-in Interest on notes payable to vendors Freight-out (delivery expense on sales) Cash discounts on purchases $537,500 9,500 6,200 19,600 4,800 21.450 5,130 What is Cullumber's inventoriable cost for 2018? Cullumber's inventoriable cost for 2018 $ Shamrock, Inc's inventory of $858,000 at December 31, 2017, was based on a physical...
Question: 1 On December 1, 2020, Company had the following account balances. Debit Cash $ 7,200 Accumulated Depreciation- Equipment Accounts receivable 4.600 Accounts Payable Inventory 12.000 Salaries and Wages Payable Supplies 1,200 Owner's Capital Equipment 22.000 $47.000 Credit $ 2,200 4,500 1.000 39,300 $47.000 During December, the company completed the following summary transactions. December 5 Purchased golf bags, clubs, and balls on account from Tiger Co. $1,200, FOB shipping point, terms 2/10, 1/60. Appropriate party paid freight on purchases $50....
Most questions answered within 3 hours.
-
How would you train your employees to avoid risks of using
mobile devices?
asked 18 minutes ago -
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 1 hour ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 2 hours ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 2 hours ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 4 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 4 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 5 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 6 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 6 hours ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 6 hours ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 6 hours ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 7 hours ago