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ruslelena [56]
3 years ago
10

On december 31 there were 26 units remaining in ending inventory. using the fifo inventory valuation method, what is the cost of

the ending inventory?
Business
1 answer:
galina1969 [7]3 years ago
8 0

Under the FIFO method of inventory valuation, the ending inventory is assumed to belong to the latest purchases. Hence in the given case, the cost of ending inventory shall be calculated using the latest purchases costs.

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Did you receive less than 21 weeks of an unemployment insurance benefit payment for weeks between march 15, 2020, and june 26, 2
Galina-37 [17]

It is a true statement that people receive an unemployment insurance benefit payment for more than 21 weeks.

<h3>What is an unemployment insurance benefit payment?</h3>

This is a benefit that provide a temporary financial assistance to the unemployed workers who meet the requirements of State law.

In most states, the workers are eligible for up to 26 weeks of benefits from the regular state-funded unemployment compensation program.

Therefore, It is a true statement that people receive an unemployment insurance benefit payment for more than 21 weeks.

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7 0
2 years ago
LLP Company had the following stockholders’ equity as ofJanuary 1, 2017.
mihalych1998 [28]

Complete Question:

Clemenson LLP Company had the following stockholders’ equity as of January 1, 2017.

Common stock, $1 par value, 120,000 shares issued$120,000

Paid-in capital in excess of par—common stock 833,000

Retained earnings 408,000

Total stockholders’ equity$1,361,000

During 2017, the following transactions occurred.

Feb. 16: LLP repurchased 5,000 shares of treasury stock at a price of $15 per share.

Mar. 8: 2,000 shares of treasury stock repurchased above were reissued at $16 per share.

Apr. 11: 800 shares of treasury stock repurchased above were reissued at $12 per share.

May. 8: 2,000 shares of treasury stock repurchased above were reissued at $18 per share

Instructions:

a. Prepare the journal entries to record the treasury stock transactions in 2017, assuming Clemson uses the cost method.

b. Prepare the stockholders’ equity section as of April 30, 2017. Net income for the first 4 months of 2017 was $130,000.

Answer:

Clemson LLP Company

a. Journal Entries

Feb. 16:

Debit Treasury Stock account $75,000

Credit Cash Account $75,000

To record the repurchase of 5,000 shares of treasury stock at a price of $15 per share.

March 8:

Debit Cash Account $32,000

Credit Treasury Stock account $32,000

To record the resale of 2,000 shares of treasury stock at $16 per share.

April 11:

Debit Cash Account $9,600

Credit Treasury Stock account $9,600

To record the resale of 800 shares of treasury stock at $12 per share.

May 8:

Debit Cash Account $36,000

Credit Treasury Stock account $36,000

To record the resale of 2,000 shares of treasury stock at $18 per share.

b. Stockholders' Equity Section as of April 30, 2017:

Common stock, $1 par value, 120,000 shares issued  $120,000

Treasury Stock, 200 shares                                                 2,600

Paid-in capital in excess of par—common stock             833,000

Retained earnings                                                            538,000

Total stockholders’ equity                                           $1,493,600

Explanation:

a) Data and Calculations:

Stockholders’ equity as of January 1, 2017:

Common stock, $1 par value, 120,000 shares issued  $120,000

Paid-in capital in excess of par—common stock             833,000

Retained earnings                                                            408,000

Total stockholders’ equity                                            $1,361,000

b) Retained Earnings:

Jan. 1, 2017 balance $408,000

Net Income               $130,000

April 30, 2017 bal.    $538,000

c) Since Clemenson accounts for the Treasury Stock transactions using the cost method, it means that all treasury transactions are recorded directly in the Treasury Stock account based on their cost and not the par value.  This method of using the cost is one of the two methods for accounting for treasury stock transactions.  The other method, which Clemenson can use is the par value method.  Under this second method, Clemenson will record the above and below par value differences in the Paid-in Capital in excess of par account instead of the Treasury Stock account.  While the treasury stock account is a contra account to the Common Stock account, in Clemenson's case, the Treasury Stock balance is not a debit but a credit balance.

6 0
3 years ago
If I am starting a restaurant and taking all the risk, I am a ________.
elena55 [62]

Answer:

Sole proprietor

Explanation:

Sole proprietorship is a form of business in which an individual or a single person owns, control and manages a business. Anybody who is into such kind of business is known as a sole proprietor.

One of the downsides of sole proprietorship is the fact that the owner takes all the risk of the business. In other words, if the business suffers or fails, it is the sole proprietor that would be affected because he/she is the only person in charge of the business.

6 0
3 years ago
Lowden Company has an overhead application rate of 165% and allocates overhead based on direct material cost. During the current
AlekseyPX

Answer:

The amount of overhead that Lowden should be recorded in the current period = 165% * $74,000  =   $122,100

Explanation:

6 0
2 years ago
Alicia heard that as a general rule, she should spend no more than one week's pay on rent. If Alicia's pay is $35,256 per year,
Nastasia [14]
If Alicia pay per year is $35,256 and there are twelve months in a year, then her monthly salary is $35,256/12 = 2,938.
This means that Alicia earns $2, 938 each month. 
Conventionally, there are four weeks in a month, thus, Alicia earns $2,938/4 = 734.50. This means that, Alicia earns $734. 50 each week and this is the amount that Alicia is expected to spend on rent on a monthly basis.
8 0
2 years ago
Read 2 more answers
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