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Brut [27]
3 years ago
15

Sheffield Corp. took a physical inventory on December 31 and determined that goods costing $165,000 were on hand. Not included i

n the physical count were $20,400 of goods purchased from Pelzer Corporation, FOB shipping point, and $21,400 of goods sold to Alvarez Company for $28,000, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Sheffield report as its December 31 inventory?
Business
1 answer:
Marina86 [1]3 years ago
4 0

Answer: $272,570

Explanation:

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Baine lived in Bristol Harbor, a resort area on the Atlantic coast. She entered into a written agreement to sell her daily catch
morpeh [17]

<u>Solution and Explanation:</u>

A court assumes that the written cntarct is the begining and the end of all the terms of the agreement and will not acept the parol evidence if it changes the meaning of the terms of contract.

Parol evidence should only be used to determine the inetntions of the parties at the time the contract was made, not after the fact.

Valid contract: The elemenst of  valid contract must be seen.

Since Mrs B signed a contract with the specific terms that did not include a bonus, a court would not consider an oral agreement based on completing a yet to be written contract under the parol evidence rule.

hence, Mrs B cannot introduce the oral agreement under the parol evidence rule.

5 0
3 years ago
How do i make a freinds request on here
sattari [20]
You can’t sorry okonndjep
5 0
3 years ago
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A developer would most likely obtain which of the following types of mortgage on a new subdivision?
ArbitrLikvidat [17]

Answer:

Blanket Mortgage

Explanation:

This type of mortgage would suit developers because of their intention to create many individual parcels out of a large tract of land in order to be resold gradually. Blanket mortgage is a loan type that are used for buying more than one real estate property. This loans are popular with builders and developers because they buy huge lands and sell them in small bits over a period.

7 0
3 years ago
Management at the Flagstaff Company currently sells its products for $250 per unit and is contemplating a 40% increase in the se
elena-s [515]

Answer:

393 units will need to be sold to breakeven

Explanation:

Break even point is the point where a Company makes neither makes a profit nor a loss.

Step 1 : Calculate new variables

New Sales = $250 x 1.40 = $350

Variable Costs = $250 x 30 % = $75

New Fixed Costs = $120,000 x 90 % = $108,000

Step 2 : Break even (units)

Break even (units) = Fixed Costs ÷ Contribution per unit

                               = $108,000 ÷ ($350 - $75)

                               = 393 units

Thus, 393 units will need to be sold to breakeven

8 0
2 years ago
On September 11, 2016, Home Store sells a mower for $590 with a one-year warranty that covers parts. Warranty expense is estimat
Ad libitum [116K]

Answer:

Sep 11

Dr Cash 590.00

Cr Sales 590.00

Dec 31

Dr Warranty expense 59.00

Cr Estimated warranty liability 59.00

July 24

Dr Estimated warranty liability 41.00

Cr Repair parts inventory 41.00

Explanation:

Home Store Journal entry

Sep 11

Dr Cash 590.00

Cr Sales 590.00

Dec 31

Dr Warranty expense (590*10%) 59.00

Cr Estimated warranty liability 59.00

July 24

Dr Estimated warranty liability 41.00

Cr Repair parts inventory 41.00

4 0
3 years ago
Read 2 more answers
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