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 manually. If no
entry is required, select "No entry" for the account titles and
enter 0 for the amounts.)
| Date |
Account Titles and Explanation |
Debit |
Credit |
| Dec. 31 |
|
|
|
|
|
|
|
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Flounder Company has been having difficulty obtaining key raw
materials for its manufacturing process. The company...
Windsor Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials...
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Brief Exercise 9-08 Sunland Company signed a long-term noncancelable purchase commitment with a major supplier to...
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Brief Exercise 9-8 Tamarisk Company signed a long-term noncancelable purchase commitment with a major supplier to...
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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
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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
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required, select "No Entry"...
0.6 Question 4 View Policies Show Attempt History Current Attempt in Progress . Your answer is...
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need help please SALE HY INSTRUCTOR ESCRINI ERI Brief Exercise 9-08 Bumble Company signed a long-term noncancelable...
need help please
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*Exercise 9-12 b2-c2 (Part Level Submission) At December 31, 2020, Pharoah Company has outstanding noncancelable purchase...
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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"...
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...
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...
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