Answer:Skysong journal $
Date
December 2020
Raw material Dr 984,100
Loss on raw material 48,000
Supplier Cr 1,032,100
Narration. recognition of raw materials purchased at agreed value.
2021
Supplier Dr. 1,032,100
Bank Cr. 1,032,100
Narration. Payment for raw materials purchased at agreed value.
Explanation:
The raw materials needs to be paid for at the agreed value not withstand ing the fall in value. However stock are to be recognized at cost or net realisable value which ever is less and since the market value of the stock has dropped this has to be recognized as a loss in the income statement to avoid the stock been over value.
Answer:
what amount of Raxston’s liability should be eliminated? d.$500,000
Explanation:
At different levels of the consolidation, certain intercompany payables and receivables balances must be eliminated. Eliminations are only required in the context of a consolidation where the trading parties are both included in a given consolidation.
Answer:
demand for pesos would fall and supply would rise. their value would decrease as a result
Explanation:
Inflation is a persistent rise in general price level.
When there is high inflation in a country, the demand for the currency would fall because the value of the currency is low. this fall in demand coupled with the excess supply of the currency would lead to a fall in the value of the currency.
Answer:
$18,000
Explanation:
Sunk costs refers to a cost that has been expended and cannot be recovered or recouped.
With regards to the above, $18,000 was expended concord by corporations to purchase computers hence cannot be recovered. Therefore, it is a sunk cost.
Answer:
Corbel Corporation's common fixed cost is $41,650
Explanation:
Division A contribution margin $47,700
Division B contribution Margin <u>$80,850</u> $128,550
($231,000 * 35%)
Less: Traceable fixed cost $59,700
Operating Income <u>$27,200</u> <u>($86,900)</u>
Common fixed cost <u>$41,650</u>