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Bogdan [553]
3 years ago
12

How is a significant amount of consignment inventory reported in the balance sheet? a)The inventory is reported separately on th

e consignor's balance sheet. b)The inventory is combined with other inventory on the consignor's balance sheet. c)The inventory is reported separately on the consignee's balance sheet. d)The inventory is combined with other inventory on the consignee's balance sheet.
Business
1 answer:
Georgia [21]3 years ago
4 0

Answer: Option A

               

Explanation: Consignment refers to a business arrangement under which an an individual or an entity sends its goods to some other entity ,acting as an agent, to sell their goods. The sender is called the consignor and that agent acting on behalf is the consignee.

The profit from the sale goes to the consignor while the consignee gets other benefits like commission.

Thus, the goods actually belongs to the consignor therefore the inventory of those goods will be shown in the consignors balance sheet.

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d. Idea development

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1. On December 31st, 2012, Bingo Corp. borrowed $50,000 from a bank. Half of the loan was to be repaid in 2013, and the other ha
olga2289 [7]

Answer:

undervalued assets an liabilities by 50,000

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The financial statement for the fiscal year ended on December 31th, 2012

will have the following mistake:

Liabilities are undervalued by 50,000

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As the note payable is not recorded neither the cash receipts from the loan.

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3 years ago
the initial valuation of purchased intangible assets requires that the intangible asset is recorded at
bixtya [17]

Answer: original cost

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2 years ago
Andy views beer and pizza as complements to one another. If the price of pizza decreases, economists would expect:Andy's demand
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Answer: Andy's demand for beer to increase

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