Answer:
quick
Explanation:
Quick
Taft Bank is entitled to collect the money from Quick Corp. and not Pine because it failed to notify Pine of the assignment from Quick Corp. on time. So, now he can collect money from Quick Corp. only.
The correct answer is FIFO meaning that the oldest inventory items are recorded as sold first but do not necessarily mean that the exact oldest physical object has been tracked and sold.
Answer:
Journal Entries
Account Dr. Cr.
1.
Repair and maintenance Expense $250
Cash $250
2.
Delivery truck $800
Cash $800
Explanation:
Property, plant and equipment are reported in the Fixed asset of the balance sheet. These assets are the depreciated. Fixed assets are initially recorded at cost.
Initially the amount capitalized includes the acquisition cost or purchase price and any direct cost incurred to make asset ready to use.
Any cost incurred to improve the efficiency of the asset will also be capitalised. In this question oil change is a routine maintenance cost needed to operate the asset. Installation of Special gear unit actually improved the efficiency of the asset as a whole. So, it is capitalised.
Answer and Explanation:
No loss will be recognized in the year 20X3 and a provide a reduction in E&P of $292,500
Given:
Current and accumulated E&P = $585,000
Fair market value = $234,000
Profit on accumulation:
Profit on accumulation = Current and accumulated E&P - Fair market value Profit on accumulation = $585,000 - $234,000
Profit on accumulation = $351,000
Distribution is divided because accumulated profit in year 20X3 is higher then distribution.
Answer:
d. parts enter the manufacturing process immediately; they are not warehoused.
Explanation:
The Just in Time inventory system is one where the management of a business increases efficiency and reduces inventory cost by obtaining raw materials for the production process just as they are needed.
This implies warehousing of unused raw materials is at a minimum. Thereby reducing warehousing cost.
So the option most close to JIT inventory method is - parts enter the manufacturing process immediately; they are not warehoused.
This method also requires accurate forecasting get what is actually needed per time.
