Howells correct ending inventory balance

Assignment Help Accounting Basics
Reference no: EM13130140

At December 31, 2010 Howell Company's inventory records indicated a balance of $1,128,000. Upon further investigation it was determined that this amount included the following three items:

(1) $168,000 in inventory purchases made by Howell shipped from the seller 12/27/10 terms FOB destination, but not due to be received until January 2nd

(2) $111,000 in goods sold by Howell with terms FOB destination on December 27th. The goods are not expected to reach their destination until January 6th.

(3) $9,000 of goods received on consignment from Westwood Company

What is Howell's correct ending inventory balance at December 31, 2010?

Reference no: EM13130140

Questions Cloud

Challenges related to comparing financial statement : Discuss the challenges related to comparing financial statement prepared in different accounting methods. For example, US GAAP and IFRS.
How much heat is evolved per gram of fuel burned : 2.4 g of a hydrocarbon fuel is burned in a calorimeter that contains 262 grams of water initially at 25.00 C. After the combustion, the temperature is 26.55 C.
What are the key components involving translation : Provide at least one college level paragraph. Examples would be helpful and appreciated, Thank you.
Compute binomial probability distribution : Find the probability that when 236 reservations are accepted for Flight 179, there are more passengers showing up than there are seats available.
Howells correct ending inventory balance : What is Howell's correct ending inventory balance at December 31, 2010?
What is the most appropriate translation method : An example using a specific company that conducts business both in the U.S. and at least one other country would be most appropriate in answering this question and most appreciated.
Simultaneous equations using different methods : The percentage of households with a television tuned in to ad-supported cable increased linearly from 24.6% in 1995 to 42.5% in 2009. The percentage of households with a TV tuned into a major network decreased linearly from 47% in 1995 to 32% in 2..
Evaluate the tyco international case study : Prepare a paper in which you evaluate the Tyco International case study provided in Kaplan (2009)and Stephen et al. (2012). Be sure to address the following in your paper:
Calculate the molarity : Calculate the molarity of 52.56 grams of Al2(SO4)3 in 1.80 L of solution.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Capital gains taxes

James Welling, a 37 year old engineer has an appointment to meet you in about an hour. As you are reviewing his accounts, you notice that he is a fairly active trader. He seems to do pretty well with returns that outpace the averages-Prepare some ..

  Preparing journal entries in good form

Prepare journal entries in good form for the following transactions for the Goodland Company. Omit explanations. (So that a line won't be automatically skipped, you may hold the shift & enter.)

  What must units started into production

If beginning work in process is 4,000 units, ending work in process is 2,000 units, and the units accounted for equals 10,000 units, what must units started into production be?

  Amount of amortization to pension expense

The average remaining service period for employees expected to receive benefits is ten years. What is the amount of amortization to pension expense for year?

  Is the wacc an average concept or a marginal concept

Is the WACC an average concept or a marginal concept in your opinion? Should we use the historical WACC or the marginal WACC as the appropriate rate to use in capital budgeting analyses?

  Collectability of outstanding loan

Oatly is concerned about the collectability of outstanding loan and whether the trucks still exist. He thus engages Susan Virms, CPA, to count the trucks, using registration information held by Oatly.

  What is the amount of leslie gross estate for federal

Leslie died on October 31, 2011. Prior to 2009, Leslie had never made any gifts, but in 2010 she made some transfers. Specifically, on January 10, 2010, Leslie gave her vacation beach house to her five children as tenants in common.

  Calculate the npv and profitability index

Calculate the NPV, and the Profitability Index (PI) for this project. Should this project be undertaken?

  Is it a current liability or a long term liability

Where on the balance sheet should a 20 year, 12% bond, due 1/1/2013 for $500,000 be listed. Is it a current liability or a long term liability?

  Determine the correct amount of inventory

Hastings purchased $20,000 of goods that were shipped on December 27. FOB destination, that will be received by Hastings on January 3. Determine the correct amount of inventory that Hastings should report.

  Compute the break-even point in dollars

Read Company reported actual sales of $2,000,000, and fixed costs of $480,000. The contribution margin ratio is 30%.Compute the break-even point in dollars, the margin of safety in dollars and the margin of safety ratio.

  Prepare an analysis and determine best plan

Prepare an analysis and determine which plan will result in the higher earnings per share of common stock. Recommend one plan to the board. Give reasons

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!

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