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Jensen Tire had two large shipments in transit at December 31. One was a $125,000 inbound shipment of merchandise (shipped December 28, F.O.B. shipping point), which arrived at Jensen's receiving dock January 2. The other shipment was a $95,000 outbound shipment of merchandise to a customer, which was shipped and billed by Jensen on December 30 (terms F.O.B. shipping point) and reached the customer on January 3.
In taking a physical inventory on December 31, Jensen counted all goods on hand and priced the inventory on the basis of average cost. The total amount was $600,000. No goods in transit were included in this figure.
What amount should appear as inventory on the company's balance sheet at December 31? Explain. If you indicate an amount other than $600,000, state which asset or liability other than inventory also would be changed in amount.
Buhl Corp. sponsors a defined benefit plan for its employees. On January 1, 2008, the following balances relate to his plan: Using the data above, compute pension expense for Buhl Corp. for the year 2008 by preparing a pension workheet that shows ..
The following transactions relate to the general fund of the City of Buffalo Falls for the year ended December 31, 2012: Prepare journal entries for transactions.
Junior Company currently buys 30,000 units of a part used to manufacture its product at $40 per unit. Recently the supplier informed Junior Company that a 20 percent increase will take effect next year.
What is goal incongruence? How can using the metric "return on investment" for performance evaluation lead to goal incongruence?
What is the monthly interest rate if the lease payments are $24,000 per month for twenty-four months? What is the monthly interest rate if the lease payments are $24,000 per month for thirty-six months? What is the monthly interest rate if the lease ..
Find what are the two methods of accounting for treasury stock and fill the journal entry to record the purchase of treasury stock by the cost method.
Cash of $2,000 had been set aside for the plant expansion. How much of retained earnings is available for dividends?
Millman Electronics will produce 60,000 stereos next year. Variable costs will equal 50% of sales, while fixed costs will total $120,000.
The fair value of which of the following was determined using a Level 3 input? A building whose price per square foot is derived from prices in observed transactions involving similar buildings in similar locations.
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.
Dana La Fontsee opened Pro Window Washing Inc. on July 1, 2012. During July the following transactions were completed:
This year Larry received the first payment from an annuity that promises to pay him $3,000 per month for the rest of his life. The IRS tables indicate that given Larry's age, he should expect to receive 310 monthly payments.
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