What amount should be reported as inventory in balance sheet

Assignment Help Accounting Basics
Reference no: EM131562697

Problem - The following information pertains to the company's ending inventory:

Original cost $1000

Selling Price $1200

Selling Cost $100

Replacement Cost $700

Normal Profit $250

What amount should be reported as inventory in the balance sheet?

Reference no: EM131562697

Questions Cloud

Estimate the slope and the y-intercept or both intercepts : Solve each system of equations by sketching the graphs. Use the slope and the y-intercept or both intercepts.
What activities are unique to merchandise businesses : What activities are unique to merchandise businesses? How does management account for the additional task unique to a merchandise operation
Estimate the company inventory : Estimate the company's inventory as of July 23 using last year's gross profit percentage
What physiological factors contributed to your analysis : What physiological factors contributed to your analysis (e.g. hydrogen release, lactate formation, glucose catabolism, etc.)?
What amount should be reported as inventory in balance sheet : Problem - The following information pertains to the company's ending inventory: What amount should be reported as inventory in the balance sheet
Find the resultant vector using analytical method : Two vectors 40N and 30N act at acute angle 3º degrees to each other find the resultant vector using analytical method
Historical division toward focus on trade : Give relatively recent examples of nations which have veered from hostility or historical division toward a focus on trade. Do you agree with this theory?
Discuss the effects of exercise on fat metabolism : Rebut at least two of your classmates' responses to your initial post. Support your reasoning for each rebuttal to your classmates with at least one scholarly.
What are the dimensions of the least expensive box : You have been asked to bid on the construction of a square-bottomed box with no top which will hold 100 cubic inches of water.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How would you handle ownership of the assessment

Why are these elements critical to success? Which members of the organization should be involved in the development of the assessment? How would you handle ownership of the assessment?

  Badger recorded 500000 of net sales for the year which 2

badger recorded 500000 of net sales for the year which 2 is estimated to be uncollectable. identify and analyze the

  What amount of cash should rolla company have had on hand

Rolla Company was founded in 2010. It acquired $30,000 cash by issuing stock to investors and an additional $20,000 cash by borrowing from creditors. During 2010 it received $15,000 cash revenues and paid $22,000 in cash expenses.

  Prevent future business information failures.

Evaluate what changes should be made to both the Sarbanes-Oxley Act of 2002 and other current laws in order to make them more effective in deterring companies from committing crimes.

  The ohio corporation has 900000 shares of 1 par value

the ohio corporation has 900000 shares of 1 par value common stock authorized and 550000 shares issued and outstanding.

  Adjusting entry for warranties

The Schrock Co. needs help preparing its adjusting entry for warranties. At the end of the year, 1,000 units remain under warranty. Schrock expects 2% will be returned and each return will cost it $30 to repair or replace. Prior to making th..

  Research a company headquartered in your home state for

research a company headquartered in your home state for which you would like to work with a focus on the types of

  Earning when open his own accounting firm

Sam quit his job as an accountant withWe Keep Books Accurately to open his own accounting firm. He earned $40,000 with the accounting firm We Keep Books Accurately. During the current year Sam had revenues of $150,000 and total expenses of $110,00..

  Durango inc had net income for 2014 of 2120000 and earnings

durango inc had net income for 2014 of 2120000 and earnings per share on commong stock of 5. included in the net income

  List factors that have a strong influence on project success

List factors that have a strong influence on project success.

  Environmental issues faced by business

Create a 6 - 8 slide Microsoft PowerPoint presentation identifying and discussing some of the environmental issues faced by business and society as well as at least two strategic approaches organizations are using to respond to these issues.

  What is a provision for doubtful debts

What is a provision for doubtful debts and how is it accounted for in the profit and loss and balance sheet?

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