What is the correct amount of inventory

Assignment Help Financial Accounting
Reference no: EM132946224

Question - The physical count conducted in the warehouse of BANQUIAO Company on December 31, 2019 revealed that merchandise with a total cost of P6,000,000 was on hand on that date. However the following items were excluded from the count

Goods sold to a customer, which are being held for the customer to call for at the customer's convenience with a cost of P300,000.

Inventories held by a lender as a collateral for a P1,000,000 note payable that cost BANQUIAO Company P1,200,000

A packaging case containing a product costing P800.000 was standing in the shipping room when the physical inventory was taken BANQUIAO Company's staff argued that they did not include the inventory in the count because it was marked "hold for shipping instructions" An investigation revealed that the customer's order was dated December 28, 2019, but that the case was shipped and the customer billed on January 2 2020

What is the correct amount of inventory that should be reported in BANQUIAO Company's statement of financial position of December 31, 2019?

Reference no: EM132946224

Questions Cloud

What is the amount of jackson foreign tax credit limitation : What is the amount of Jackson's Foreign Tax Credit limitation for 2020? Jackson Corp.'s taxable income for 2019 from all of its global operations was $500,000
What is the amount n must have paid for each quarter : What is the amount N must have paid for each quarter for 2019 to avoid any penalty or interest for underpayment of estimated tax?
What amount should appear as trade accounts receivable : Trade accounts receivable 400,000 including P50,000 due from ITS Company. What amount should appear as trade accounts receivable
What sheffield diluted earnings per share would be : No potentially dilutive securities other than the convertible bonds were outstanding during 2021. Sheffield's diluted earnings per share for 2021 would be
What is the correct amount of inventory : What is the correct amount of inventory that should be reported in BANQUIAO Company's statement of financial position of December 31, 2019
Which is the journal entry to record the payment made : Which is the journal entry to record the payment made within 10? days? A company that uses the perpetual inventory system purchases inventory for $61,000
Find what is the monthly loan payment : What is the monthly loan payment? ou want to buy a car, and a local bank will lend you $30,000. The loan would be fully amortized over 3 years.
How many units should be produced in January : If there were 73200 units on hand on December 31, 2019, how many units should be produced in January 2020 for the company to meet its goals
What is its net income for company xyz : Company XYZ has sales of $6500, total assets of $2950, and an equity multiplier (leverage) of 0.65. If its return on equity is 10%, what is its net income?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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