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Mandarinka [93]
3 years ago
6

As a result of a thorough physical inventory, Horace Company determined that it had inventory worth $320,000 at December 31, 201

5. This count did not take into consideration the following facts: Herschel Consignment currently has goods worth $47,000 on its sales floor that belong to Horace but are being sold on consignment by Herschel. The selling price of these goods is $75,000. Horace purchased $22,000 of goods that were shipped on December 27, FOB destination, that will be received by Horace on January 3. Determine the correct amount of inventory that Horace should report.
As a result of a thorough physical inventory, Hora
a. $320,000.
b. $367,000.
c. $387,000.
d. $340,000.
Business
1 answer:
Alex_Xolod [135]3 years ago
3 0

Answer:

Option (b) is correct.

Explanation:

Correct amount of inventory to be reported:

Amount of inventory as per physical verification = $320,000

Cost of goods under consignment to Herschel Corporation = $47,000

Value of inventory to be reported:

= Amount of inventory as per physical verification + Cost of goods under consignment to Herschel Corporation

= $320,000 + $47,000

= $367,000

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Answer:

c. $9,702

Explanation:

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$97,020 * 5% = $4,851

The annual interest expense will be, $4,851 * 2 = $9,702

The correct answer is c.$9,702

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</span>A. price, quantity

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You are the boat operator. when are you required to assist anyone injured in an accident?
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Assume that the fair values of the investee's net assets approximated the recorded book values of the investee's net assets, exc
Andrew [12]

Answer:

I could not find the exact details related to this question so here is a similar question to guide you.

Goodwill = Acquisition Price - Net book value (Investee)

= 75,000 - ( Assets - Liabilities)

= 75,000 - ( 90,000 - 40,000)

= $25,000

Identifiable noncurrent assets is overstated by $10,000 however. This will have to be adjusted for tax and then removed from Goodwill to find the Net goodwill that should be reported in the investor's consolidated balance sheet prepared immediately after this business combination.

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