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sergey [27]
3 years ago
7

uses a periodic inventory system. The company has a beginning inventory of 350 units at $6 each on January 1. Hentertainment pur

chases 600 units at $5 each in February and 250 units at $7 each in March. There were no additional purchases or sales during the remainder of the year. Hentertainment sells 400 units during the quarter. If Hentertainment uses the LIFO method, what is its cost of goods sold
Business
1 answer:
postnew [5]3 years ago
4 0

quipllAmredneck

kvtvfb to k

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2700 thousand bonds with a face value of $1000 each, are sold at 106. The entry to record the issuance is
IceJOKER [234]

Date, bonds sold at a premium

Dr Cash $28620000000

   Cr Bonds payable $2,700,000,000

   Cr Premium on bonds payable $1,62,000,000

Explanation:

The total face value of the bonds is $1,000 x 2700,000 bonds = $2,700,000,000

since the bonds were sold at 106, their price was =

$2,700,000,000 x 106% = $28620000000

the difference between the face value and the actual market price = $2,862,000,000 - $2,700,000,000 = $1,62,000,000 must be recorded as premium on bonds payable (increases the bonds' carrying value)

<h3>What is the difference between market value and face value?</h3>
  • The market value is the actual price at which the security trades on the open market, as well as the price that fluctuates when the yield reacts to changes in interest rates.
  • The face value is determined by the issuing company. It may be the value at which the firm redeems the shares at some point in the future, but there is no guarantee.

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7 0
2 years ago
In the balance sheet at the end of its first year of operations, Dinty Inc. reported an allowance for uncollectible accounts of
Vlada [557]

Answer:

The correct option is 2. $50,200

Explanation:

Please see below the required journals for the transactions that occurred:

Debit Allowance for doubtful accounts             $31,800

Credit Accounts receivable                                $31,800

(<em>To record write-off of accounts receivable)</em>

Debit Accounts receivable                           $2,340,000

Credit Sales revenue                                    $2,340,000

<em>(To record credit sales during the year)</em>

Debit Cash                                                      $1,910,000

Credit Accounts receivable                           $1,910,000

<em>(To record collection on account)</em>

  • The effect of the above journals on allowance for doubtful account is a reduction. Since Dinty already assessed its allowance for doubtful account to be $82,000, bad debt expense required will be $50,200 ($82,000 - $31,800).
  • The balance in accounts receivable will be $2,340,000 - $1,910,000 - $31,800 = $398,200.
7 0
2 years ago
ACME Inc. manufactures components. One of its products, which is used in the construction of consumer products, is known as XsR.
Alex17521 [72]

Answer:

Contribution margin per units= $169

Explanation:

Giving the following information:

Selling price $ 220

Direct materials $38

Direct labor $ 1

Variable manufacturing overhead $8

Variable selling expense $ 4

<u>The contribution margin per unit is calculated deducting from the selling price all the variable components:</u>

Total unitary variable cost= $51

Contribution margin per units= 220 - 51

Contribution margin per units= $169

5 0
2 years ago
The signing of the project portfolio statement signals the transition from the high-level project initiating stage into the more
dimulka [17.4K]

The signing of the project portfolio statement signals the transition from the high-level project initiating stage into the more detailed project planning stage. It is a TRUE STATEMENT

When the project portfolio statement is signed, the high-level project initiation stage ends and the more in-depth project planning stage begins. The organization's existing state should be positively, powerfully, and vividly described in the vision.

<h3>What is a background statement in project management?</h3>

The project charter must include a background statement, which serves as the foundation for the scope overview and business case. (T/F) The important schedule milestones, significant points, and events in the project are identified in the project master network, which is a summary-level timetable.

<h3>What should the prioritization of projects in a portfolio consider?</h3>

Whether the requirements for carrying out each project are properly known should be taken into account when ranking the projects in a portfolio. The project business case outlines the goals and methods for the project. A formal legal contract between the project team and the project sponsor is established via the project charter.

<h3>How to develop a background document for your project initiative?</h3>

Consider the following details when creating a background document for your project initiative: primary target (what is to be addressed by the project) a list of requirements and the main justifications for launch. a typical explanation of how to carry out the job

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6 0
1 year ago
The following units of an inventory item were available for sale during the year. Use this information to answer the following q
VladimirAG [237]

Answer:

Ending inventory cost= $1,150

Explanation:

Giving the following information:

Beginning inventory 10 units at $55

First purchase 25 units at $60

Second purchase 30 units at $65

Third purchase 15 units at $70

The firm uses the periodic inventory system. During the year, 60 units of the item were sold.

Under the periodic inventory system, the cost of goods sold and ending inventory is calculated at the end of the period.

Under LIFO (last-in, first-out), the ending inventory costs are the one corresponding to the first units inn.

Units in inventory= total units - sales

Units in inventory= 80 - 60= 20 units

Ending inventory cost= 10*55 + 10*60= $1,150

6 0
3 years ago
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