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ololo11 [35]
3 years ago
14

In October of year one, a firm committed to a purchase of inventory at a total cost of $26,000. The contract is irrevocable and

specifies a delivery date in March of year two. At the end of year one, the market value of the inventory under contract is worth $23,000 at current cost. Choose the correct reporting for the year one financial statements:_______.
Business
1 answer:
nikklg [1K]3 years ago
6 0

Answer:

According to IAS 36 Impairment of assets says that the asset must be recorded at the lower of:

  • Cost $26,000
  • Net realizable Value $23,000

The lower value is $23,000, which must write off value of inventory with an amount of $3000. So the journal entry would be:

Dr Impairment Losses $3000

Cr        Advances paid for inventory     $3000

This entry is the fair presentation of the actual value of the advances paid.

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The following questions will test you on what you have just learned about sentence-level writing including dangling modifiers, i
evablogger [386]

Answer:

<h2>Sentence-level Writing</h2>

a. Dangling Modifier:

 

1.

Dangling Modifier:  When beginning the meeting

Best Revision:  2. When we were beginning the meeting, the fire alarm went off

2.

Dangling Modifier :  taking the train into Boston

Best Revision: Taking the train into Boston, Katie reviewed the meeting minutes.

b. Identifying the dependent clauses:

1. Unless he responds to my request in the next 24 hours

3. When he opened the e-mail message

c. Identifying the independent clauses:

2. Meanwhile, the executive assistant printed the agenda.

d. Identifying the sentence with the correct parallel structure:

1. The systems analyst found that we needed to upgrade our equipment, revise our backup process, and implement better security measures.

e. Best option to complete the sentence:

If you _________, you will do well in this corporation.

1. write well, speak well, and use good interpersonal skills

Explanation:

a. A phrase or clause that is not directly related to the word or words it modifies is called a dangling modifier.  Usually, the word a dangling modifier modifies may be absent from the sentence.  An example is "when beginning the meeting."  The word it modifies may be "we" as in "When we were beginning the meeting, the fire alarm went off."

b. A clause which cannot make a complete sense or sentence is called a dependent clause.  It requires another clause to make a complete sense.  The clause that makes a complete a complete sentence and can stand alone without another clause is an independent clause.

c. A sentence that has grammatical structure which is balanced is said to have parallelism.  This can also be called parallel structure or construction.  This means that the items listed follow similar pattern that rhyme with one another.  Let us revise the sentence with the wrong parallel structure in this case so as to make it become a parallelism:  "The systems analyst found that we needed upgraded equipment, revised backup processes, and better implemented security measures."  By this revision, the wrong parallel sentence now has a well-structured parallelism.

5 0
3 years ago
On what moral basis is a permissive stance toward individual-willed choices and the acceptance of market transaction held to be
kati45 [8]

On what moral basis is a permissive stance toward individual-willed choices and the acceptance of market transactions held to be morally justifiable as an individual's right to privacy and autonomy.

Market Transaction manner a transaction for one or extra products, entered into on a buying and selling Platform or suggested to the marketplace Operator beneath the market running policies.

An open market transaction, for instance, is one where an enterprise insider, that means someone near the operations of that entity, buys or sells stocks of inventory in the organization. other marketplace transactions might follow to promote fairness or debt inside the capital markets or complete a merger or acquisition.

Open marketplace transactions arise while “insiders” purchase or promote shares in their corporation. Insiders, a term frequently used to describe directors or senior officers, personal a big part of an employer's stocks and therefore have a keen hobby in buying or selling shares while lucrative opportunities rise up.

Learn  more about market transactions here brainly.com/question/8017256

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6 0
1 year ago
__________ values and norms are exhibited by employees based on their observations of what actually goes on in the organization.
abruzzese [7]

Based on their observations of what actually occurs in the organization, employees demonstrate the enacted values and norms.

Your values are the things you hold dear in terms of how you conduct your life and career. Value indicates the significance of an action or thing in ethics and social sciences. Values include things like money, allegiance, independence, fairness, equality, justice, brotherhood, and friendship. Values include things like money, allegiance, independence, fairness, equality, justice, brotherhood, and friendship. In the social sciences, norms are a key notion. Norms are most frequently described as socially imposed laws or expectations. Norms can be prescriptive (encouraging good behavior, such as "be honest") or proscriptive (forbidding bad behavior, such as "do not cheat").

Learn more about Norms here

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8 0
1 year ago
Read 2 more answers
Jim Walton perform services on credit for $2450 a debit for this transaction should be recorded to?
ki77a [65]
A) accounts receivable 

Hope this helped!
5 0
3 years ago
Sidewinder, Inc., has sales of $634,000, costs of $328,000, depreciation expense of $73,000, interest expense of $38,000, and a
OlgaM077 [116]

Answer:

$86,050

Explanation:

Data provided in the question:

Sales = $634,000

Costs = $328,000

Depreciation expense = $73,000

Interest expense = $38,000

Tax rate = 21 percent

Dividends paid = $68,000

Now,

EBIT = Sales - Cost - Depreciation

= $634,000 - $328,000 - $73,000

= $233,000

EBT = EBIT - Interest

= $233,000 -  $38,000

= $195,000

Net income = EBT - Tax

= $195,000 - (0.21 × $195,000)

= $195,000 - $40,950

= $154,050

Addition to retained earnings = Net income - Dividends

= $154,050 - $68,000

= $86,050

7 0
3 years ago
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