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Elan Coil [88]
2 years ago
8

Sage Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed

a long-term noncancelable purchase commitment with its largest supplier of this raw material on November 30, 2020, at an agreed price of $367,600. At December 31, 2020, the raw material had declined in price to $334,840. What entry would you make on December 31, 2020, to recognize these facts
Business
1 answer:
maks197457 [2]2 years ago
7 0

Answer:

Dr Unrealized Holding $32,760

Cr Estimated Liabilities $32,760

Explanation:

Preparation of What entry would you make on December 31, 2020, to recognize these facts

Based on the information given the Joi entry you would make on December 31, 2020, to recognize these facts will be :

December 31, 2020

Dr Unrealized Holding $32,760

Cr Estimated Liabilities $32,760

($367,600-$334,840)

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3 years ago
If you walk into a(n) __________, you will likely find a broad variety of merchandise, deep assortment, and customer service, wi
Naily [24]

Answer:

department store

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A department store is a type of retailer that offers a wide range of diverse products. Each product group is classified into a department, thus the name "department store". When customers buy products, they usually check out near the exit of the whole department store, although there are some check-out counters in each department. Also, customer service is always present, mostly in the form of numerous sales clerks providing a helping hand.

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On the other hand, a <em>discount store</em> usually offers a broad product range, low prices, but little to none customer service. <em>Specialty stores</em> have a narrow target group as they offer a limited assortment.

5 0
3 years ago
E20.5 (LO 3) (Application of Years-of-Service Method) Andrews Company has five employees participating in its defined benefit pe
GuDViN [60]

<u>Solution and Explanation:</u>

<u>Computation of service years </u>

Year  Jim  Paul  Nancy  Dave  Kathy  Total  *  Cost  Amortization

2014  1  1  1  1  1  5            *  3000     15000

2015  1  1  1  1  1  5             *  3000  15000

2016  1  1  1  1  1  5            *  3000  15000

2017   1  1  1  1  4            *  3000  12000

2018    1  1  1  3             *  3000  9000

2019     1  1  2              *  3000  6000

                               72000

<u>Future years of service </u>        

Jim         3          

Paul  4          

Nancy  5          

Dave  6          

Kathy  6          

       24          

cost per service year $=\$ 72000 / 24=\$ 3000$

8 0
3 years ago
Klingon Widgets, Inc., purchased new cloaking machinery three years ago for $5.4 million. The machinery can be sold to the Romul
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Answer:

a. $5,194,000

b. $7,715,000

Explanation:

a. Book Value of assets = Book value of fixed assets + book value of current assets

Book Value of assets = Book value of fixed assets + (Current Liabilities + Net working capital)

Book Value of assets = $4,200,000 + ($850,000 + $144,000)

Book Value of assets = $5,194,000

b. Sum of market value = $7,600,000 + ($965,000 - $850,000)

Sum of market value = $$7,600,000 + $115,000

Sum of market value = $7,715,000

8 0
2 years ago
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