Homework Answers
Requirement (a)
| Valuation of Inventory | ||||
| Inventory Category | Cost | Market Value | Lower | |
| Equipment | 18000 | 17700 | 17700 | Market Value |
| Truck | 14000 | 14600 | 14000 | Cost |
| Computer | 21000 | 19500 | 19500 | Market Value |
| Total Inventory | 51200 | |||
Requirement (b)
Constraint of Conservatism
Requirement (c)
The conservatism constraint ensures that the amounts disclosed are
the most nearest estimated value. The goal is to ensure that the
amounts are neither over-stated nor under-stated. It aims to
provide the most true and fair value of the state of affairs.
The definition of conservatism constraint is "It refers to an
accounting constraint that states when in doubt, report information
that does not overstate income or assets or does not understate
expenses or liabilities."
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Question 2: (10 Points): Intructions: a.) Compute the Lower of Cost or M e the Lower...
please help thats all the informatoin given Instructions a.) Compute the Lower of Cost or Market...
please help
thats all the informatoin given
Instructions a.) Compute the Lower of Cost or Market che lower of Cost or Market Valuations for the Howe Company tory based of the following. Show all work to arrive at your answer Cost Data Market Data Inventory Categories $18,000 $17,700 Equipment $14,000 $14,600 Truck $21,000 $19,500 Computers b.) By applying Lower of Cost or Market Valuation to Inventory, the preparer of the Financial Statement would be applying the Constraint of: c.) Explain...
please help Instructions Lower of Cost or Market Valuations for the Howe Company inventory based of...
please help
Instructions Lower of Cost or Market Valuations for the Howe Company inventory based of the following. Show all work to arrive at your answer. a.) Compute the Lower of Cost or Market Cost Data Market Data Inventory Categories $18,000 $17,700 Equipment $14,000 $14,600 Truck $21,000 $19,500 Computers b.) By applying Lower of Cost or Market Valuation to Inventory, the preparer of the Financial Statement would be applying the Constraint of: c.) Explain the meaning of this Constraint:
2. Compute the lower-of-cost-or-net realizable value valuation for Aber Company's total inventory based on the following:...
2. Compute the lower-of-cost-or-net realizable value valuation for Aber Company's total inventory based on the following: (3%) Inventory Categories Cost Data Net Realizable Value Data $18,000 $17,600 14,000 14,600 21,000 20,500
The controller of Greene Yard Company is applying the lower-of-cost-or-net realizable basis of valuing its ending...
The controller of Greene Yard Company is applying the lower-of-cost-or-net realizable basis of valuing its ending inventory. The following information is available Market Value Cost Lawnmowers: Self-propelled $16,800 $17,000 Push type Total 19,500 36,300 18,000 35,000 Snowblowers: Manual Self-start Total 30,000 21,000 51,000 $85,800 $86,000 29,800 19,700 49,500 Total inventory Compute the value of the ending inventory by applying the lower-of-cost-or-net realizable basis Total ending inventory
QUESTION 16 16. What happens when prices are rising? A. LIFO will result in lower net...
QUESTION 16 16. What happens when prices are rising? A. LIFO will result in lower net income and a lower inventory valuation than will FIFO. B.LIFO will result in lower net income and a higher inventory valuation than will FIFO. C. LIFO will result in higher net income and a higher inventory valuation than will FIFO. D. LIFO will result in higher net income and a lower inventory valuation than will FIFO. QUESTION 17 Rowan Company has four different categories...
1, and the controller of Martin Corporation is applying the lower-of-cost-or-market (LCM) e following data: Data...
1, and the controller of Martin Corporation is applying the lower-of-cost-or-market (LCM) e following data: Data Table $ 380,000 Cost of goods sold Historical cost of ending inventory, as determined by a physical count 58,000 Print Done y number in the input fields and then click Check Answer. Clear All Assignments S6-10 (similar to) Question Help It is December 31, the end of the year, and the controller of Martin Corporation is applying the lower-of-cost-or-market (LCM) rule to inventories. Before...
Question 50 (2 points) When doing vertical analysis of the balance sheet, to get percentages for...
Question 50 (2 points) When doing vertical analysis of the balance sheet, to get percentages for each balance sheet item, you divide the dollar amount for the particular balance sheet item by the dollar amount of total Liabilities. the dollar amount of total Stockholders' Equity. the dollar amount of total Assets plus total Liabilities plus total Stockholders' Equity. the dollar amount of total Assets OR total Liabilities plus total Stockholders' Equity Submit Quiz 38 of 50 questions saved year. Question...
Required: 1. What is the amount of Apple’s accounts receivable as of September 30, 2017? 2....
Required:
1. What is the amount of Apple’s accounts
receivable as of September 30, 2017?
2. Compute Apple’s accounts receivable turnover as
of September 30, 2017.
3. How long does it take, on average, for
the company to collect receivables for fiscal year ended September
30, 2017?
4. Apple’s most liquid assets include (a)
cash and cash equivalents, (b) short-term marketable
securities, (c) accounts receivable, and (d)
inventory. Compute the percentage that these liquid assets (in
total) make up of...
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total...
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total liabilities S128,250 $120,000 Total stockholders oquity 95.000 80.000 compute the ratio of liabilities to stockholders' equity for each year Round to two decimal places 1.50 and 107, 11.35 and 1.50 respectively respectively 1.07 and 1.19. 1.1.19 and 1.35 respectively respectively The liabilities and stockholder's equity of a company are $132,000 and $244.000, respectively. Assets should equal SS188.00 $132.00 p $376,00 12.000 A financial statement...
please help
thats all the informatoin given
Instructions a.) Compute the Lower of Cost or Market che lower of Cost or Market Valuations for the Howe Company tory based of the following. Show all work to arrive at your answer Cost Data Market Data Inventory Categories $18,000 $17,700 Equipment $14,000 $14,600 Truck $21,000 $19,500 Computers b.) By applying Lower of Cost or Market Valuation to Inventory, the preparer of the Financial Statement would be applying the Constraint of: c.) Explain...
please help
Instructions Lower of Cost or Market Valuations for the Howe Company inventory based of the following. Show all work to arrive at your answer. a.) Compute the Lower of Cost or Market Cost Data Market Data Inventory Categories $18,000 $17,700 Equipment $14,000 $14,600 Truck $21,000 $19,500 Computers b.) By applying Lower of Cost or Market Valuation to Inventory, the preparer of the Financial Statement would be applying the Constraint of: c.) Explain the meaning of this Constraint:
2. Compute the lower-of-cost-or-net realizable value valuation for Aber Company's total inventory based on the following: (3%) Inventory Categories Cost Data Net Realizable Value Data $18,000 $17,600 14,000 14,600 21,000 20,500
The controller of Greene Yard Company is applying the lower-of-cost-or-net realizable basis of valuing its ending inventory. The following information is available Market Value Cost Lawnmowers: Self-propelled $16,800 $17,000 Push type Total 19,500 36,300 18,000 35,000 Snowblowers: Manual Self-start Total 30,000 21,000 51,000 $85,800 $86,000 29,800 19,700 49,500 Total inventory Compute the value of the ending inventory by applying the lower-of-cost-or-net realizable basis Total ending inventory
QUESTION 16 16. What happens when prices are rising? A. LIFO will result in lower net income and a lower inventory valuation than will FIFO. B.LIFO will result in lower net income and a higher inventory valuation than will FIFO. C. LIFO will result in higher net income and a higher inventory valuation than will FIFO. D. LIFO will result in higher net income and a lower inventory valuation than will FIFO. QUESTION 17 Rowan Company has four different categories...
1, and the controller of Martin Corporation is applying the lower-of-cost-or-market (LCM) e following data: Data Table $ 380,000 Cost of goods sold Historical cost of ending inventory, as determined by a physical count 58,000 Print Done y number in the input fields and then click Check Answer. Clear All Assignments S6-10 (similar to) Question Help It is December 31, the end of the year, and the controller of Martin Corporation is applying the lower-of-cost-or-market (LCM) rule to inventories. Before...
Question 50 (2 points) When doing vertical analysis of the balance sheet, to get percentages for each balance sheet item, you divide the dollar amount for the particular balance sheet item by the dollar amount of total Liabilities. the dollar amount of total Stockholders' Equity. the dollar amount of total Assets plus total Liabilities plus total Stockholders' Equity. the dollar amount of total Assets OR total Liabilities plus total Stockholders' Equity Submit Quiz 38 of 50 questions saved year. Question...
Required:
1. What is the amount of Apple’s accounts
receivable as of September 30, 2017?
2. Compute Apple’s accounts receivable turnover as
of September 30, 2017.
3. How long does it take, on average, for
the company to collect receivables for fiscal year ended September
30, 2017?
4. Apple’s most liquid assets include (a)
cash and cash equivalents, (b) short-term marketable
securities, (c) accounts receivable, and (d)
inventory. Compute the percentage that these liquid assets (in
total) make up of...
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total liabilities S128,250 $120,000 Total stockholders oquity 95.000 80.000 compute the ratio of liabilities to stockholders' equity for each year Round to two decimal places 1.50 and 107, 11.35 and 1.50 respectively respectively 1.07 and 1.19. 1.1.19 and 1.35 respectively respectively The liabilities and stockholder's equity of a company are $132,000 and $244.000, respectively. Assets should equal SS188.00 $132.00 p $376,00 12.000 A financial statement...
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