Answer:
The correct answer is $543,000
Explanation:
According to the given scenario, the calculation of the ending inventory is as follows:
= Inventory on hand + merchandise purchased F.O.B shipping point + F.O.B destination
= $350,000 + $118,000 + $75,000
= $543,000
The goods held on consignment i.e. not involved is not relevant
Thus, the calculation of the ending inventory is $543,000
Your share of the sales proceeds from the sale of a home you had inherited should be reported on Schedule D in the Investment Income section of TaxAct. You would enter "Inherited" as the date the property was acquired, then enter the cost basis, date of sale, and the sales proceeds.
Answer:
<em> Ethnocentrism causes us to judge others by our own values. </em>
<em> Ethnocentrism causes us to judge others by our own values. Ethnocentrism is the belief in the superiority of one's own culture. This belief is a natural attitude found in all cultures, and it causes us to judge others by our values</em>.
Answer:
Woods Company
Accounts Requiring Adjustment, Type of Adjusting Entry, and the Related Account:
Account Type of Adjustment Related Account
a) Account receivable Accrued revenue Service revenue
b) Prepaid insurance Prepaid expense Insurance expense
c) Equipment Not required Not required
d) Accumulated depreciation Accrued expense Depreciation expense
e) Notes Payable Not required Not required
f) Interest Payable Accrued expense Interest expense
g) Unearned service revenue Unearned revenue Service revenue
Explanation:
End of period adjustments are made to accounts in order to bring them in line with the accrual concept and matching principle of accounting. These principles require that expenses and revenues for the period are matched in order to determine the appropriate profit generated for the period. The implication is that transactions are recorded when they are incurred and not when cash is exchanged. For example, if rent expense is incurred for the year and payment is made in the following year, the expense must be recognized in the current year. The same applies to revenue.
