Answer:
Sheridan Company
The correct amount of inventory that Sheridan should report is:
= $367,100
Explanation:
a) Data and Calculations:
December 31 Inventory based on physical inventory = $320,800
Goods held on consignment by Herschel = 46,300
December 27, FOB destination goods ($22,000) 0
Correct amount of inventory that Sheridan should report $367,100
b) Goods on consignment are generally the property of the consignor (supplier) and not the consignee's (retailer's). Therefore, they must appear in the balance sheet of the consignor. Goods on FOB destination remain the property of the supplier until they reach the buyer's destination. This is why it is not included above.
Forging is the process of applying thermal and mechanical energy to steel billets or ingots to result into a changed shape of the material while in a solid state. The raw material is solid metal in this case.
Answer:
When economic losses induce firms to leave the industry, demand for the original firm decreases.
Explanation:
A monopolistic competition is when there are many firms selling differentiated products in an industry. A monopoly has characteristics of both a monopoly and a perfect competition. the demand curve is downward sloping. it sets the price for its goods and services.
An example of monopolistic competition are restaurants
When firms are earning positive economic profit, in the long run, firms enter into the industry. This drives economic profit to zero
If firms are earning negative economic profit, in the long run, firms leave the industry. This drives economic profit to zero
in the long run, only normal profit is earned
I would say B, because if you exceed the limit on your credit card, that shows that you would know how to add money onto your account. You cannot use more on your credit card than you already have unless you add more money on.
Answer:
Maia’s alternative minimum taxable income is: =$119430
Explanation:
Given:
- Regular taxable income of $116,300
- State income taxes $3,130
From that, we can find out the taxable income
= Regular taxable income + State income taxes
= $116,300 + $3,130
=$119430
Because the deduction spent on charitable contributions will not consider as taxable income because charitable contribution is a deductible amount from a person's taxable income.
So, Maia’s alternative minimum taxable income is: =$119430
