Homework Answers
For Fiscal Year ending on 31, Dec 2019 Nike would Record $ 0 in revenue because under FOB destination revenue is recognized when the goods arrive at the purchaser's place of business
the revenue recognition concept when revenues are recognized. When the transfer of ownership of goods sold is not immediate and delivery of the goods is required, the shipping terms of the sale dictate when revenue is recognized as in the Current case the Revenue is recognized only when the goods are delivered at buyers' destination on Jan 2nd, 2020. since the delivery terms of Nike is FOB destination.
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On December 23rd, 2019 Nike shipped goods to REI. The invoice was for $125,000 and specified...
On December 23rd, 2019 Nike shipped goods to REI. The invoice was for $125,000 and specified...
On December 23rd, 2019 Nike shipped goods to REI. The invoice was for $125,000 and specified FOB shipping point. The goods arrived at the REl retail store on January 2nd 2020. Both Nike and REI have December 31 fiscal year ends. For 2019 Nike would record [Select] in Revenue because under FOB shipping point Revenue is recognized (Select]
If a company records $42.5m in Revenues for the year and the balances in Sales Discounts...
If a company records $42.5m in Revenues for the year and the balances in Sales Discounts and Sales Returns are $2m and $1.5m respectively, what is the value of Net Revenue in millions? [ans 1] (If for example the answer is $54million enter 54) On December 23rd, 2019 Nike shipped goods to REI. The invoice was for $125,000 and specified FOB destination. The goods arrived at the REl retail store on January 2nd, 2020. Both Nike and REI have December...
Goods purchased were shipped Dec. 31, 2018. Goods and invoice were not received until January 10, 2019. FOB shipping. The company’s practice is not to record liability until the receipt of the invoice...
Goods purchased were shipped Dec. 31, 2018. Goods and invoice were not received until January 10, 2019. FOB shipping. The company’s practice is not to record liability until the receipt of the invoice. Is this an unrecorded liability as of 12/31/18? Was 2018 net income misstated?
Botit, Inc., purchased $10,000 of merchandise that was shipped on December 30, FOB destination. The goods...
Botit, Inc., purchased $10,000 of merchandise that was shipped on December 30, FOB destination. The goods arrived on January 5. Given Botit's yearend is December 31, should Botit include or exclude this purchase from its inventory?
Godchaux Inc. took a physical inventory at December 31, 2019 and determined that €395,000 of goods...
Godchaux Inc. took a physical inventory at December 31, 2019 and determined that €395,000 of goods were on hand. In addition, the following items were not included in the physical count: (1) €60,000 of goods purchased were in transit, shipped f.o.b. destination (goods were received by Godchaux three days on January 3, 2020) and (2) the company shipped f.o.b. destination €25,000 worth of inventory on December 29. The goods arrived at the buyer's place of business on January 2, 2020....
At December 31, 2019, Sharon Lee Corporation reported current assets of $343,980 and current liabilities of...
At December 31, 2019, Sharon Lee Corporation reported current assets of $343,980 and current liabilities of $196,600. The following items may have been recorded incorrectly. 1. Goods purchased costing $20,440 were shipped f.o.b. shipping point by a supplier on December 28. Lee received and recorded the invoice on December 29, 2019, but the goods were not included in Lee's physical count of inventory because they were not received until January 4, 2020. 2. Goods purchased costing $15,950 were shipped f.o.b....
At December 31, 2019, Laura Hall Corporation reported current assets of $335,780 and current liabilities of...
At December 31, 2019, Laura Hall Corporation reported current assets of $335,780 and current liabilities of $201,400. The following items may have been recorded incorrectly. Compute the current ratio based on Hall’s balance sheet. Recompute the current ratio after corrections are made. By what amount will income (before taxes) be adjusted up or down as a result of the corrections? Assume that goods are sold in item #4. 1. Goods purchased costing $23,220 were shipped f.o.b. shipping point by a...
At December 31, 2019, Sharon Lee Corporation reported current assets of $343,980 and current liabilities of $196,600. T...
At December 31, 2019, Sharon Lee Corporation reported current assets of $343,980 and current liabilities of $196,600. The following items may have been recorded incorrectly Goods purchased costing $20.440 were shipped f.o.b. shipping point by a supplier on December 28. Lee received and recorded the invoice on December 29, 2019, but the goods were not included in Lee's physical count of inventory because they were not received until January 4, 2020. 1. Goods purchased costing $15,950 were shipped f.o.b. destination...
At December 31, 2019, Elizabeth Brown Corporation reported current assets of $384,510 and current liabilities of...
At December 31, 2019, Elizabeth Brown Corporation reported current assets of $384,510 and current liabilities of $212,400. The following items may have been recorded incorrectly. 1. Goods purchased costing $21,860 were shipped f.o.b. shipping point by a supplier on December 28. Brown received and recorded the invoice on December 29, 2019, but the goods were not included in Brown's physical count of inventory because they were not received until January 4, 2020. 2. Goods purchased costing $14,970 were shipped f.o.b....
Additional Problem 10 The following errors were discovered on the books of Ivanhoe Inc., during the...
Additional Problem 10 The following errors were discovered on the books of Ivanhoe Inc., during the preparation of the 2020 financial statements, prior to the books being closed for the year. (a) $13,700 of goods held on consignment from Stevens Co were counted as part of Ivanhoe’s inventory at the end of fiscal 2019. The goods were not sold during fiscal 2020, and were returned to Stevens Co. They were not part of the fiscal 2020 year-end inventory count. Assume...
On December 23rd, 2019 Nike shipped goods to REI. The invoice was for $125,000 and specified FOB shipping point. The goods arrived at the REl retail store on January 2nd 2020. Both Nike and REI have December 31 fiscal year ends. For 2019 Nike would record [Select] in Revenue because under FOB shipping point Revenue is recognized (Select]
If a company records $42.5m in Revenues for the year and the balances in Sales Discounts and Sales Returns are $2m and $1.5m respectively, what is the value of Net Revenue in millions? [ans 1] (If for example the answer is $54million enter 54) On December 23rd, 2019 Nike shipped goods to REI. The invoice was for $125,000 and specified FOB destination. The goods arrived at the REl retail store on January 2nd, 2020. Both Nike and REI have December...
Godchaux Inc. took a physical inventory at December 31, 2019 and determined that €395,000 of goods were on hand. In addition, the following items were not included in the physical count: (1) €60,000 of goods purchased were in transit, shipped f.o.b. destination (goods were received by Godchaux three days on January 3, 2020) and (2) the company shipped f.o.b. destination €25,000 worth of inventory on December 29. The goods arrived at the buyer's place of business on January 2, 2020....
At December 31, 2019, Sharon Lee Corporation reported current assets of $343,980 and current liabilities of $196,600. The following items may have been recorded incorrectly. 1. Goods purchased costing $20,440 were shipped f.o.b. shipping point by a supplier on December 28. Lee received and recorded the invoice on December 29, 2019, but the goods were not included in Lee's physical count of inventory because they were not received until January 4, 2020. 2. Goods purchased costing $15,950 were shipped f.o.b....
At December 31, 2019, Sharon Lee Corporation reported current assets of $343,980 and current liabilities of $196,600. The following items may have been recorded incorrectly Goods purchased costing $20.440 were shipped f.o.b. shipping point by a supplier on December 28. Lee received and recorded the invoice on December 29, 2019, but the goods were not included in Lee's physical count of inventory because they were not received until January 4, 2020. 1. Goods purchased costing $15,950 were shipped f.o.b. destination...
At December 31, 2019, Elizabeth Brown Corporation reported current assets of $384,510 and current liabilities of $212,400. The following items may have been recorded incorrectly. 1. Goods purchased costing $21,860 were shipped f.o.b. shipping point by a supplier on December 28. Brown received and recorded the invoice on December 29, 2019, but the goods were not included in Brown's physical count of inventory because they were not received until January 4, 2020. 2. Goods purchased costing $14,970 were shipped f.o.b....
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