Please show work as i am trying to learn online classes are extremely difficult for me Required: Analyze the situations described in the scenarios and apply the historic cost principle to correctly answer the questions presented in the tables at the end of the scenarios. Write your answers to the questions in the spaces provided. Scenario #1: Tarbox Toyota and the Historic Cost of Inventory (12 points)
• On December 6, 2019, Tarbox Toyota placed an order to buy twenty-five 2019 Toyota Corollas at a total cost of $439,000 ($17,560 per vehicle) to be delivered by Auto Transport Systems.
• Tarbox Toyota received the shipment of the twenty-five 2019 Toyota Corollas on December 30, 2019 along with an invoice due in 30 days for $425,000 ($17,000 per vehicle) due to a special discount that Toyota awarded Tarbox because the dealership surpassed its budgeted sales for the year by nearly 25%.
• Tarbox Toyota received an invoice for $8,450 from Auto Transport Systems for the delivery of the Corollas on December 30, 2019.
• Based on the manufacturer’s suggested retail price (MSRP) of $19,600 per vehicle, the shipment had a total sales value of $462,500 AMOUNT
Q 1. To comply with GAAP, Tarbox Toyota would record the cars as inventory on December 30, 2019 at a total historic cost value of: (******)
Calculation Required:
Q 2. What was the average historic cost per car recorded by Tarbox Toyota in its inventory on December 30, 2019?
Calculation Required:
• Assume that Tarbox Toyota did not sell any of the cars received on December 30th until January 2020
Answer, Calculation Required
Q 3. In its GAAP balance sheet at December 31, 2019, Tarbox Toyota would report the cars received on December 30th as inventory at a total value of: (******) Calculation required
• Assume that on December 31, 2019 Tarbox Toyota sold two of the cars received on December 30th
Answer, Calculation Required
In its GAAP balance sheet at December 31, 2019, Tarbox Toyota would report the cars received on December 30th as inventory at a total value of: (*****) Answer, Calculation Required
In its GAAP income statement for the year ended December 31, 2019, Tarbox Toyota would report the cars sold on December 31st as cost of goods sold expense at a total value of: (******) Answer, Calculation Required
Q 1. To comply with GAAP, Tarbox Toyota would record the cars as inventory on December 30, 2019 at a total historic cost value of $ 17,338 each of 25 cars amount to $ 433,450.
Purchase price net of discounts : $17000 * 25 Cars = $425,000
Transport charges incurred : $ 8,450 for 25 cars (i.e., $ 338 Per car)
Total purchase value of 25 cars = $ 425,000 + $ 8,450 = $ 433, 450.
Q2. Average historic cost per car recorded by Tarbox Toyota in its inventory on December 30, 2019 was $ 17,338 per car.
Q3. As on Dec 31, 2019 , Tarbox Toyota sold 2 cars out of 25 and have 23 cars in inventoty. The total value to be accounted as inventory as on Dec 31, 2019 by Tarbox Toyota is $ 17, 338 * 23 Cars = $ 398, 774.
Q4. Tarbox Toyota would report the cars sold on December 31st as cost of goods sold expense at a total value of $ 17,338 * 2 = 34, 676
Please show work as i am trying to learn online classes are extremely difficult for me...
. Scenario #1: Tarbox Toyota and the Historic Cost of Inventory On December 6, 2019, Tarbox Toyota placed an order to buy twenty-five 2019 Toyota Corollas at a total cost of $439,000 ($17,560 per vehicle) to be delivered by Auto Transport Systems. Tarbox Toyota received the shipment of the twenty-five 2019 Toyota Corollas on December 30, 2019 along with an invoice due in 30 days for $425,000 ($17,000 per vehicle) due to a special discount that Toyota awarded Tarbox because...
I need help adjusting entries. I have a difficult time trying
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Accounting 2140 - Comprehensive Problem No On October 1, 2019, Santana Rey launched a computer services company called Business Solutions, which provides consulting services, computer system installations, and custom program development. Rey adopts the calendar year for reporting purposes and expects to prepare the company's first set of financial...
Cullumber Company, a manufacturer of small tools, provided the
following information from its accounting records for the year
ended December 31, 2017.
Inventory at December 31,
2017 (based on physical count of goods in Cullumber’s plant, at
cost, on December 31, 2017)
$1,467,950
Accounts payable at December
31, 2017
1,182,000
Net sales (sales less sales
returns)
7,990,400
Additional information is as follows.
1.
Included in the physical
count were tools billed to a customer f.o.b. shipping point on
December 31,...
Problem 8-2
Blue Company, a manufacturer of small tools, provided the
following information from its accounting records for the year
ended December 31, 2017.
Inventory at December 31, 2017 (based on physical count of
goods in Blue’s plant, at cost, on December 31, 2017)
$1,494,150
Accounts payable at December 31, 2017
1,278,600
Net sales (sales less sales returns)
8,729,500
Additional information is as follows.
1.
Included in the physical count were tools billed to a customer
f.o.b. shipping point on...
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Hello, these are 3 questions I need help with, if you
can show me how to get the answer as well. thank you for your
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please if someone can help me out with this I would be very
grateful I am not so good with excel and need this extra credit to
pass the class thank you so much to anyone who helps
Click on the "Multi-Step" tab and enter your name in Cell C1. If Cell Cl is left blank, you will not be able to see your score Each graded cell is highlighted in yellow. Select all account titles/labels using dropdowns. Enter formulas...
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Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 90 units at $40 per unit. During the year. Cortez made two batch purchases of this chair. The first was a 170-unit purchase at $45 per unit: the second was a 208-unit purchase at $48 per unit. During the period,...
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The following transactions and adjusting entries were completed by a local delivery company called Fast Delivery. The company uses straight-line depreciation for delivery vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for franchise rights. 2018 January 2 Paid $176,000 cash to purchase a small warehouse building near the airport. The building has an estimated life of 20 years...