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Murljashka [212]
2 years ago
7

Dole Corp.'s accounts payable at December 31, 2020, totaled $900,000 before any necessary year-end adjustments relating to the f

ollowing transactions: On December 27, 2020, Dole wrote and recorded checks to creditors totaling $350,000. However, the checks were mailed out on January 10, 2021. On December 28, 2020, Dole purchased and received goods for $150,000, terms 2/10, n/30. Dole records purchases and accounts payable at net amounts. The invoice was recorded and paid January 3, 2021. Goods shipped f.o.b. destination on December 20, 2020 from a vendor to Dole were received January 2, 2021. The invoice cost was $65,000. At December 31, 2020, what amount should Dole report as total accounts payable
Business
1 answer:
IRINA_888 [86]2 years ago
7 0

Answer: $1,400,000

Explanation:

The checks to creditors were only mailed out in January so the creditor accounts had not been settled in December.

The goods purchased on December 28 should be included in the accounts payable account.

The goods that were shipped FOB Destination and were not yet delivered at year end will not be accounted for because FOB destination means that Dole will only take ownership when it reaches them.

Accounts payable is therefore:

= 900,000 + 350,000 + 150,000

= $1,400,000

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The management of urbine corporation is considering the purchase of a machine that would cost $340,000 would last for 4 years, a
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The net present value of the proposed project is closest to -$80,822.

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3 0
3 years ago
The following data have been provided by Letze Corporation from its activity-based costing accounting system: Factory supervisio
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Answer:

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Indirect factory labor = 60% of $220,000     132,000

Total overhead assigned                             $385,000

Explanation:

a) Data and Calculations:

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Indirect factory labor    60%                   20%                20%      100%

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3 0
3 years ago
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Answer:

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P0 = $16.83

8 0
3 years ago
Read 2 more answers
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