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morpeh [17]
2 years ago
8

Gato Inc. had the following inventory situations to consider at January 31, its year-end. Identify which of the following items

should be included in inventory. (a) Goods held on consignment for Steele Corp. since December 12. select an option (b) Goods shipped on consignment to Logan Holdings Inc. on January 5. select an option (c) Goods shipped to a customer, FOB destination, on January 29 that are still in transit
Business
1 answer:
OverLord2011 [107]2 years ago
4 0

Answer:

(b) Goods shipped on consignment to Logan Holdings Inc. on January 5.

(c) Goods shipped to a customer, FOB destination, on January 29 that are still in transit.

Explanation:

Gato Inc. should include two items in its inventory. Good shipped on consignment to Logan Holdings Inc. should be included in inventory because this is transaction after the closing of December period. Goods shipped tp a customer on January 29 must also be included in the inventory because the goods are still in transit.

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The entry to record the amortization of a patent would include a debit to __________ and a credit to __________. Amortization Ex
Advocard [28]

Answer: Amortization Expense; Patents

Explanation:

The entry to record the amortization of a patent would include a debit to the amortization expense and a credit to the patents.

The journal entry will be:

Debit Amortization expenses XX

Credit Patents XX

Therefore, the correct option is A.

6 0
3 years ago
Bravo inc owns 20,000 of the 40,000 outstanding shares of bello, inc. common stock. During 2021, Bello earns 1,200,000 and pays
stealth61 [152]

Answer:

the  ending balance of the investment account is $870,000

Explanation:

The computation of the ending balance of the investment account is shown below:

= Beginning balane + [(earns - dividend) × (owns shares ÷total shares)]

= $750,000 + [($1,200,000 - $960,000) × (20,000 ÷ 40,000)]

= $750,000 + $120,000

= $870,000

Hence, the  ending balance of the investment account is $870,000

4 0
3 years ago
ABC Company insured its building on a replacement cost basis for $700,000 under a property insurance policy that included an 80%
Rama09 [41]

Answer:

$35,000

Explanation:

Given that

Insurance = $700,000

Sustained cost = $40,000

Replacement cost = $1,000,000

Policy = 80%

The computation of amount eligible for payment is as shown below:-

Insurance required = Cost of building × Co insurance

=$1,000,000 × 0.80

= $800,000

The amount eligible for payment = (Insurance Carried ÷ Insurance Required) × Loss

= $700,000 ÷ ($1,000,000 × 80%) × ($40,000)

= $700,000 ÷ $800,000 × $40,000

= 0.875 × $35,000

= $35,000

3 0
3 years ago
What is capital market?
goblinko [34]
It's a financial market where people can buy or sell long-term debt or equity-backed securities

The example of capital markets are : New York stock Exchange, American stock exchange, London stock exchange, NASDAQ, Etc

5 0
3 years ago
Padraig receives total employment compensation of $70,000 and had $2,000 in job expenses. Which of the following could be true a
dimulka [17.4K]

<u>Answer:</u> Option C

<u>Explanation:</u>

The total compensation along with benefits are $72000. When the employee benefits calculated the annual gross pay given in option C . 12.5% interest calculated on $64000 will give total compensation of $72000.

Calculation of total compensation

Employee benefits = $64000 x 12.5/100

                               =$8000

Annual compensation= $64000 +$8000

                                    =$72000

4 0
3 years ago
Read 2 more answers
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