1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Ivahew [28]
2 years ago
5

Glenrosa Company bought inventory from Monterosa Company, FOB destination. On December 31, the last day of the accounting year,

the goods were on a truck owned by Common Carrier, Inc., and not expected to arrive until January 2. Which company should include these goods in its December 31 inventory?
A. Common Carrier
B. Monterosa
C. Glenrosa
D. None of them should include these goods in inventory.
Business
1 answer:
il63 [147K]2 years ago
4 0

Answer:

The correct option is (B) Monterosa

Explanation:

At the time when the goods are shipped so in the case of FOB destination the goods title would be transferred to the buyer at the time of reaching to the buyer destination as mentioned by the buyer. Till then it would be included in the seller's inventory

So as per the given situation, Monterosa should involves this goods in its closing inventory i.e. as on December 31

You might be interested in
Today you purchase a $600 face-value, 8% coupon bond for $600. This bond matures over 10 years. What is the value of the cash fl
Nadya [2.5K]

Answer:

the value of the cash flow in year 5 is -$48

Explanation:

Cash flow in year 5 include a capital repayment and interest expense.This can be determined by constructing an amortization schedule from the data given.

The first step in constructing the amortization schedule is to find the Yield to Maturity.

Pv = -$600

Pmt = $600 × 8% = $48

P/yr = 1

N = 10

Fv = $600

YTM = ?

Using a Financial Calculator the Yield to Maturity is 8%.

then to determine the cash flow for year 5, we need the coupon amount (interest) and the amount of capital repayment.

Coupon  $48

Capital     $0

Total       $48

Therefore the cash flow in year 5 is -$48.

8 0
3 years ago
Kareem bought a rental house in March 2014 for $300,000, of which $50,000 is allocated to the land and $250,000 to the building.
Bingel [31]

Answer: See explanation

Explanation:

a. What is Kareem's realized gain or loss?

Amount realized from sale = $330,000

Less: adjusted basis for house and land = $269000

Less: tennis court adjusted basis = $6200

Realized gain = $54700

b. What is the adjusted basis of the rental house and land at the time of the sale?

Original land basis = $50000

Add: Original house basis = $25000

Less: Depreciation = $30900

Adjusted basis = $269100

c. What is the adjusted basis of the tennis court at the time of the sale?

Tennis court original basis = $7500

Less: Depreciation = $1300

Adjusted basis of the tennis court = $6200

d. If the buyer takes the property subject to the $80,000 mortgage, rather than assuming it, what is Kareem's realized gain or loss?

Amount realized = $330000 + $80000 = $410,000

Less: Adjusted basis for house and land = $269100

Less: Adjusted basis of tennis court = $6200

Realized gain = $134700

3 0
3 years ago
Nu Company reported the following pretax data for its first year of operations. Net sales 2,910 Cost of goods available for sale
kozerog [31]

Answer:

$434

Explanation:

Net sales                     = $2,910

-Cost of goods sold    = $1,560 (Working)

=Gross profit                = $1350

-Operating expenses  = $730

=Profit before Tax        = $620

-Tax 30%                      = $186

=Net Profit/Net Income= $434

<u>Working</u>

Cost of goods sold = Cost of goods available for sale - Closing Inventory if LIFO is elected

Cost of goods sold = 2,430 - 870 = 1560

5 0
3 years ago
Read 2 more answers
2.
Mama L [17]

Answer:

The correct answer to this IMPOSSIBLE question is the correct answer to this is the right one is B. I hOpE yOu EnJoY tHe ReSt Of YoUr DaY;)

6 0
3 years ago
Read 2 more answers
Why are certain crime losses, such as the theft of furs and jewelry, a more difficult exposure to insure than fire loss?
a_sh-v [17]

Answer:

It is very simple, if your house burns down, the evidence is there. All you need to do it look at a house that burnt down either completely or partially, but its easy to verify.

On the other hand, if you report that a necklace was stolen, it is really difficult to verify. Unless it is a unique jewel that is worth a ton of money, you could have simply given it away as a gift and then report it as stolen. The opportunities for insurance fraud are many when dealing with jewelry or other valuable objects that can be moved around easily.

The second question about different grants of authority refer to the organizational structure of a company. E.g. a salesperson in Best Buy is able to sell any item or items to regular customers. But sometimes a large order comes and the company must decide whether to discount the price or not, and then management kicks in and decides. The same happens to insurance agents. A company decides that some agents deal with policies that involve X amount of risk. If the level of risk is higher, they must work with other agents that are authorized to deal with high risk policies. It is basically a clearance level where employees are authorized up to this amount, and above that amount, other employees must be involved.

5 0
2 years ago
Other questions:
  • Generally, a high ___________ ratio could lead investors and creditors to view the company as being very risky debt to owners' e
    9·2 answers
  • The department within a company that records, measures, and reports monetary transactions is called ______________.
    6·1 answer
  • A _____ plan gives all employees a minimum level of benefits and a set amount to spend on flexible benefits, such as additional
    15·1 answer
  • Using a fraudulent voice message to trick the receiver into revealing confidential data such as account numbers, passwords, or o
    9·2 answers
  • Scott defines "minority owned" in his study of businesses in Northeastern City as being those businesses that are currently owne
    15·1 answer
  • A branding strategy in which a firm markets some products under its own name and other products under the name of a reseller bec
    9·1 answer
  • During the taking of its physical inventory on December 31, Barry's Bike Shop incorrectly counted its inventory as $222,138.00 i
    14·1 answer
  • You oversee the $250 petty cash for your company. When an employee needs a special item that is not in inventory, you take money
    8·1 answer
  • Betty made a 20% profit on a residential lot she sold for $30,000. What did she pay for the property
    9·1 answer
  • Kim-Lee founded a software development company at the age of 27. Over time, he developed the company into a multibillion-dollar
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!