User Account

All Pages

What adjusting entry would harris make

Assignment Help Accounting Basics
Reference no: EM132882760

Problem - LIFO and Interim Financial Reports - Assume prices were stable during the period. The following values were obtained from the inventory records of Harris Company which has a fiscal year ending on December 31:

Inventory, January 1, 2019, LIFO $80,000

Inventory, March 31, 2019, LIFO 70,000

Required -

1. Under what conditions is Harris's inventory liquidation not reflected in its first-quarter interim financial statements?

2. Assuming that the liquidation is not to be reflected, what adjusting entry would Harris make and how would you determine the amount?

Reference no: EM132882760

Questions Cloud

Risk-return trade-off affects every person life : Describe risk-return trade-off and why it is important to financial managers. Risk-return trade-off affects every person's life,
Discuss strategies to motivate those sales employees : ?1. Making reasonable assumptions, develop criteria for the layoffs in the sales department.
How much do need to invest yearly : How much would you have to invest today at 8% compounded annually to have $25,000 available for the purchase of a car four years from now?
Cash flow are considered lifeblood of business : Generating cash is the ultimate responsibility for managers today. Cash and cash flow are considered the "lifeblood" of a business.
What adjusting entry would harris make : Assuming that the liquidation is not to be reflected, what adjusting entry would Harris make and how would you determine the amount
What is the future value of the payments : Tom Brown will receive $10,000 a year for the next 15 years from his trust. If a 6 percent interest rate is applied, what is the future value of these payments?
How much will have available for the down-payment : If you invest $30,000 today at 5% compounded annually, how much will you have available for the down-payment on a house five years from now?
Why do homeowners sometimes refinance the mortgages : What would you expect the impact of varying terms (years needed to pay off the loan) and rates to be using Time Value of Money rules?
Examines budgetary policies and procedures : Develop a comprehensive paper that examines the budgetary policies and procedures of your selected department or governmental entity.

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: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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