Homework Answers
Journal entries:
| Date | Account title | Debit | Credit |
|---|---|---|---|
| December 31, 2019 |
Unrealized holding loss - income (purchase commitments) ($1,500,000 - $1,357,000) Estimated liability on purchase commitments |
$143000 . |
. $143000 |
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Brief Exercise 8-10 Bridgeport Corp., a public company using IFRS, signed a long-term non-cancellable purchase commitme...
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
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"...
Grouper Corp., a public company using IFRS, signed a long-term non-cancellable purchase commitment with a major...
Grouper 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 $2,600,000. At December 31, 2019, the raw materials to be purchased in 2020 have a market price of $2,540,000. 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" for the account...
As a result of its annual inventory count, Bridgeport Corp. determined its ending inventory at cost...
As a result of its annual inventory count, Bridgeport Corp.
determined its ending inventory at cost and at lower of cost and
net realizable value at December 31, 2019, and December 31, 2020.
December 31, 2019, was Bridgeport’s first year end. This
information is as follows:
Cost
Lower of Cost
and NRV
Dec. 31, 2019
$
321,800
$283,450
Dec. 31, 2020
385,600
352,150
Prepare the journal entries required at December 31, 2019 and
2020, assuming that the inventory is recorded...
Brief Exercise 9-08 Sunland Company signed a long-term noncancelable purchase commitment with a major supplier to...
Brief Exercise 9-08 Sunland Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $919,600. At December 31, 2020, the raw materials to be purchased have a market value of $869,100. In 2021, Sunland paid $919,600 to obtain the raw materials which were worth $869,100. Prepare the entry to record the purchase. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry...
Brief Exercise 9-8 Tamarisk Company signed a long-term noncancelable purchase commitment with a major supplier to...
Brief Exercise 9-8 Tamarisk Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2018 at a cost of $1,001,000. At December 31, 2017, the raw materials to be purchased have a market value of $955,300. In 2018, Tamarisk paid $1,001,000 to obtain the raw materials which were worth $955,300. Prepare the entry to record the purchase. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry...
Windsor Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials...
Windsor Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $981,000. At December 31, 2021, the raw materials to be purchased have a market value of $932,500. Prepare any necessary December 31, 2021 entry. (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 O for the amounts.) Account Titles...
need help please SALE HY INSTRUCTOR ESCRINI ERI Brief Exercise 9-08 Bumble Company signed a long-term noncancelable...
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...
signment TOP CHE INTER VERSION MACK NEXT Brief Exercise 9-08 Waterway Company signed a long-term noncancelable...
signment TOP CHE INTER VERSION MACK NEXT Brief Exercise 9-08 Waterway Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $983,500. At December 31, 2020, the raw materials to be purchased have a market value of $929,100. In 2021. Waterww paid $93.500 to obtain the raw materials which were worth 5929,100. Prepare the entry to record the purchase. (Credit account ties are automatically indented when amount is entered....
As a result of its annual inventory count, Bridgeport Corp. determined its ending inventory at cost...
As a result of its annual inventory count, Bridgeport Corp.
determined its ending inventory at cost and at lower of cost and
net realizable value at December 31, 2019, and December 31, 2020.
December 31, 2019, was Bridgeport’s first year end. This
information is as follows:
Cost
Lower of Cost
and NRV
Dec. 31, 2019
$
321,300
$284,050
Dec. 31, 2020
385,400
351,950
Prepare the journal entries required at December 31, 2019 and
2020, assuming that the inventory is recorded...
Brief Exercise 8-16 Bramble Enterprises Ltd's records reported an inventory cost of $55,800 and a net...
Brief Exercise 8-16 Bramble Enterprises Ltd's records reported an inventory cost of $55,800 and a net realizable value of $52,200 at December 31, 2015. At December 31, 2016, the records indicated a cost of $71,500 and a net realizable value of $61,400. All opening inventory had been sold during the year. Assuming that Bramble Enterprises uses a perpetual inventory system, prepare the necessary December 31, 2016 entry under the direct method and the indirect method. (Credit account titles are automatically...
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"...
As a result of its annual inventory count, Bridgeport Corp.
determined its ending inventory at cost and at lower of cost and
net realizable value at December 31, 2019, and December 31, 2020.
December 31, 2019, was Bridgeport’s first year end. This
information is as follows:
Cost
Lower of Cost
and NRV
Dec. 31, 2019
$
321,800
$283,450
Dec. 31, 2020
385,600
352,150
Prepare the journal entries required at December 31, 2019 and
2020, assuming that the inventory is recorded...
Brief Exercise 9-08 Sunland Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $919,600. At December 31, 2020, the raw materials to be purchased have a market value of $869,100. In 2021, Sunland paid $919,600 to obtain the raw materials which were worth $869,100. Prepare the entry to record the purchase. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry...
Brief Exercise 9-8 Tamarisk Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2018 at a cost of $1,001,000. At December 31, 2017, the raw materials to be purchased have a market value of $955,300. In 2018, Tamarisk paid $1,001,000 to obtain the raw materials which were worth $955,300. Prepare the entry to record the purchase. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry...
Windsor Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $981,000. At December 31, 2021, the raw materials to be purchased have a market value of $932,500. Prepare any necessary December 31, 2021 entry. (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 O for the amounts.) Account Titles...
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...
signment TOP CHE INTER VERSION MACK NEXT Brief Exercise 9-08 Waterway Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $983,500. At December 31, 2020, the raw materials to be purchased have a market value of $929,100. In 2021. Waterww paid $93.500 to obtain the raw materials which were worth 5929,100. Prepare the entry to record the purchase. (Credit account ties are automatically indented when amount is entered....
As a result of its annual inventory count, Bridgeport Corp.
determined its ending inventory at cost and at lower of cost and
net realizable value at December 31, 2019, and December 31, 2020.
December 31, 2019, was Bridgeport’s first year end. This
information is as follows:
Cost
Lower of Cost
and NRV
Dec. 31, 2019
$
321,300
$284,050
Dec. 31, 2020
385,400
351,950
Prepare the journal entries required at December 31, 2019 and
2020, assuming that the inventory is recorded...
Brief Exercise 8-16 Bramble Enterprises Ltd's records reported an inventory cost of $55,800 and a net realizable value of $52,200 at December 31, 2015. At December 31, 2016, the records indicated a cost of $71,500 and a net realizable value of $61,400. All opening inventory had been sold during the year. Assuming that Bramble Enterprises uses a perpetual inventory system, prepare the necessary December 31, 2016 entry under the direct method and the indirect method. (Credit account titles are automatically...
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