An insurance policy is Teara Jones A.K.A "Lil Boat"
Answer:
Date Units Unit Cost Unit Selling Price
July 1 Beginning Inventory 50 $ 10
July 13 Purchase 250 13
July 25 Sold (100 ) $ 15
July 31 Ending Inventory 200
Cost of Goods Available for sale= 250 units at $ 13+ 50 units at $ 10
= 3250 + 500= $3750
FIFO Ending Inventory $ 2600
200 units at $ 13= $ 2600
Sales 100At $ 15= $1500
FIFO Cost Of Goods Sold $ 1150
50 units at $ 10= $ 500
50 units at $ 13= $ 650
LIFO Ending Inventory $ 2450
50 units at $ 10= $ 500
150 units at $ 13= $ 1950
Sales 100 at $ 15= $1500
LIFO Cost Of Goods Sold $ 1150= Cost of Goods Available for Sale Less LIFO Ending Inventory = 3750- 2450= $ 1300
100 units at $ 13= $ 1300
Weighted Average Ending Inventory 12.5 * 200= $ 2500
Total Cost/ total units= 3750/300= 12.5
Weighted Average Cost Of Goods Sold $ 1150= Cost of Goods Available for Sale Less Weighted Average Ending Inventory = 3750- 2500= $ 1250
Weighted Gross Profit= Sales Less Weighted Cost Of Goods Sold= $ 1500- $ 1250= $ 250
Answer:
as a footnote in financial statements or on the balance sheet
Explanation:
A loss contingency can be defined as the situation or occurrence in which there is uncertainty about an entity but that will be resolved when a/some future situation occurs or not.
Simply put, a loss contingency can be said to be loss of an entity that can be resolved later in future by the occurrence or not of an event.
When a loss can be reasonably estimated as seen from the question, it should be written as a footnote on a financial statement or on a balance sheet.
cheers.
Answer:
$6,000
Explanation:
Receivables may be factored to ease the liquidity pressures of an entity. Factoring comes at a cost. As such, when receivables are factored, the entries required are
Debit Cash account
Dr Interest expense (factoring charge)
Credit Accounts receivables
As such, the amount of loss on sale of receivables would Marquess record in June is equivalent to the factoring charge
= 3% * $200,000
= $6,000
Answer:
D - Hold less money
Explanation:
Inflation is the persistent increase in the general prices of goods and services over a period of time.
During inflation period, nobody wants to hold more of cash because the value of money gets depreciated as inflation increases (prices of goods increase).
For example, shoe-leather costs increases when there is an increase in inflation and it makes more economic sense to purchase shoe-leather as it preserves the value of money.
