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Xelga [282]
3 years ago
13

Angus Company agreed to sell goods for Longhorn Company on consignment, but wasn't willing to take ownership of the goods in cas

e they were difficult to sell. Which of the following statements is true?
A. Angus owns the inventory and should report It on its balance snoot.
B. Long hum owns the inventory but should not report it on its balance sheet because Angus actually holds the inventory
C. Angus owns the inventory since possession is nineteenths of the law. but should not report it on its balance sheet.
D. Longhorn owns the inventory and should report it on its balance sheet.
Business
1 answer:
vladimir2022 [97]3 years ago
3 0

Answer: D. Longhorn owns the inventory and should report it on its balance sheet.

Explanation:

Goods to be sold on consignment for a company means a company is selling goods for another company and will be paid for their services.

In that case, the company being sold for will retain the ownership of the goods because the company that is selling it for them is simply providing a service.

Angus in this scenario are simply holding the goods to sell it and so do not own the goods. Longhorn should therefore record it in their own books as inventory.

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The intangible assets section of Marigold Corporation's balance sheet at December 31, 2022, is presented here.
fredd [130]

Answer:

Journal entries to record the 2023 amortization expense for intangible assets.

Date        Accounts Titles and Explanation       Debit       Credit

Dec 31     Amortization Expense—Patents         $14,180

              ($71,800*1/10 + $45,000 * 1/9

                + $40,000*1/10*6/12)

                           Patents                                                       $14,180  

               (To record amortization of patents)    

Dec 31     Amortization Expense - Copyrights    $6,335

               ($50,500*1/10 + $257,000*1/50*3/12)

                         Copyright                                                       $6,335

               (To record amortization of copyrights)

5 0
3 years ago
Suppose the inflation premium is 2 percent and the nominal interest rate is 1 percent. Instructions: In part a, enter your answe
Fudgin [204]

Answer:

(a) Real Interest Rate   = -1 %

(b) Real Interest Rate   = -2.4 %

Explanation:

Real Interest Rate = (1+ Nominal Interest rate)/(1+Inflation Rate) -1

 (a)Real Interest Rate = (1+0.01)/(1+0.02)-1

                                    = -1 %

 (b) Real Interest Rate = (1+0.005)/(1+0.03) -1

                                      = -2.4 %

Real Interest Rate is an interest rate that has been adjusted to remove the effects of inflation to reflect the real cost of funds to the borrower and the real yield to the lender or to an investor.

8 0
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Closely associated with short-run ups and downs of economic
7 0
3 years ago
The federal funds rate is the interest rate on _____, and it is controlled by the _____.
LUCKY_DIMON [66]
The federal funds rate is the interest rate at which private depository institutions (mostly banks) lend balances (federal funds) at the Federal Reserve to other depository institutions. reserves that banks lend to each other; Federal Open Market Committee 
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snow_tiger [21]

Answer:

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Hence journal entry would be;

Dr Miscellaneous expense $25

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3 0
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