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scZoUnD [109]
2 years ago
14

Herc Co.'s inventory on December 31, 2005 was $1,500,000, based on a physical count priced at cost, and before any necessary adj

ustment for the following: • Merchandise costing $90,000, shipped FOB shipping point from a vendor on December 30, 2005, was received and recorded on January 5, 2006. • Goods in the shipping area were excluded from inventory although shipment was not made until January 4, 2006. The goods, billed to the customer FOB shipping point on December 30, 2005, had a cost of $120,000. What amount should Herc report as inventory in its December 31, 2005, balance sheet?
Business
1 answer:
denis-greek [22]2 years ago
7 0

Answer:

1,710,000

with 1.5 + .9 +.12

Explanation:

I can't entirely give an explanation for this, but I had this exact question on a recent test and am sure that this is the answer. Maybe someone else could provide with an explanation but I hope this helps you!

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During 2021, its first year of operations, a company provides services on account of $255,000. By the end of 2021, cash collecti
ryzh [129]

Answer:

Dr Bad Debt Expense 16,120

Cr Allowance for Uncollectible Accounts 16,120

Explanation:

Based on the information given we were told that the company provides services of the amount of $255,000 in which the cash collections on the accounts was the amount of $131,000 and 13% of accounts receivable will be uncollectible which means that the adjusting Journal entry for uncollectible accounts on December 31, 2021 will be :

Preparation of the adjusting Journal entry for uncollectible accounts on December 31, 2021.

December 31,2021

Dr Bad Debt Expense 16,120

Cr Allowance for Uncollectible Accounts 16,120

[($255,000-$131,000)*13%]

$124,000*13%

=$16,120

8 0
3 years ago
Alfred is saving up money for a down payment on a townhouse. He currently has $5016$ 5016, but knows he can get a loan at a lowe
VikaD [51]

Answer:

It will take Alfred to accumulate the $5994 annually 4.1367 and monthly 4.0557

Explanation:

In order to calculate how long will it take Alfred to accumulate the $5994 we would have to use the following formula:

A=P(1+r/n)∧n*t

P=$5,016

A=$5994

r=4.4%

n=1 annually

n=12 monthly

Therefore, t annually would be as follows:

5,994=$5,016(1+(4.4%/100)/1)∧1*t

t=4.1367

Therefore, t monthly would be as follows:

5,994=$5,016(1+(4.4%/100)/12)∧12*t

t=4.0557

It will take Alfred to accumulate the $5994 annually 4.1367 and monthly 4.0557

7 0
2 years ago
You buy a 6% coupon $1,000 par T-bond 59 days after the last coupon payment. Settlement occurs in two days. You become the owner
AfilCa [17]

Answer:

dirty price: 1,225.39

Explanation:

When we purchase the bond, we are paying the bond and the accrued interest

<em>bond price:</em> 1,000 x 120.59375/100 = 1,205.9375‬ = 1,205.94

accrued interest at purchase:

face value x bond coupon rate x time

1,000 par value x 6% x 59/(59+2+121) =

1,000 x 0.06 x 59/182 = <em>19,45</em>

Total amount for the bonds: 1,205.94 + 19.45 = 1,225.39

4 0
3 years ago
Jorge has a new job in an office. Which of the following safety procedures will he most likely need to learn?​
Mama L [17]
There isn’t any safety procedures on here and it says which of the following
6 0
3 years ago
The "too big to fail" policy of the Fed, whereby some banks are bailed out if they are in danger of failing because they are too
Jlenok [28]

Answer:

c.Moral hazard

Explanation:

Moral hazard can occur when banks take on excessive risk more than they would normally take on because they know they would be bailed out if they fail.

I hope my answer helps you

5 0
3 years ago
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