User Account

All Pages

How much is the loss from inventory decline

Assignment Help Accounting Basics
Reference no: EM132691020

Oust the Turtle Company records inventory using the perpetual inventory system and follows the allowance method in accounting for inventory decline. Its ending inventory's costs and net realizable values on the following dates are:

DATE                          COST                 NRV
December 31, 2020   380,000         370,000
December 31, 2021   400,000     385,000
December 31, 2022   200,000         192,000

Problem 1: How much is the loss from inventory decline in 2022?

Reference no: EM132691020

Questions Cloud

What amount should be reported as loss on note receivable : What amount should be reported as loss on note receivable discounting? Tender Company accepted from a customer a P4,000,000, 90-day
Describe the zero-coupon bond : -Describe the "zero-coupon bond." Indicate how it is issued, valued in the market, and which investor should consider a zero-coupon bond.
What amount was received from note receivable discounting : What amount was received from the note receivable discounting? Tender Company accepted from a customer a P4,000,000, 90-day, 12% note dated August 31,2019
How much is the amount of inventory for oust the turtle corp : How much is the amount of inventory? Items included in the account specifically segregated per sale contract 100,000. Items counted in the bodega 4,000,000
How much is the loss from inventory decline : Oust the Turtle Company records inventory using the perpetual inventory system. How much is the loss from inventory decline in 2022?
Interpreting inflationary expectations : If investors in the United States and Mexico require the same real interest rate, and the nominal rate of interest is 3 percent higher in Mexico
Challenges specific to the market of financial services : What are the 3 challenges specific to the market of financial services
What alternative methods for determining libor : What alternative methods for determining LIBOR were suggested and have any of these been implemented since?
How much is the gain recorded : Oust the Turtle Corporation, On December 31, 2021, the white sand retails at P605 per matric ton. How much is the gain recorded in 2021?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd