Answer:
$54,000
Explanation:
Since it is given that the inventory of the firm in the balance sheet is $50,000 and the purchase cost of supplies is $4,000 that is added in inventory
Also the market value of the inventory i.e. currently purchased is $2,500
That represents it changes rapidly
So here by using the historical method, the final amount of inventory that should be reported in the balance sheet is
= $50,000 + $4,000
= $54,000
The same is to be considered
Can I get more information?
I had to look for the options and here is my answer:
So based on the given statements above related to the descriptions of Andrews, we can say that the one that best illustrates the current strategy of the company is that ANDREWS IS A BROAD COST LEADER. (This answer is based on the actual options attached to this question.)
Answer:
Date Particulars Debit Credit
Jan 3 Cash $240,000
Common stock (30000*5) $150,000
Paid-in-capital in excess $90,000
Nov 2 Treasury stock $15,000
Cash $15,000
Dec 6 Cash $7,200
Treasury stock[75000/1500*600) $6,000
Paid in capital from treasuty cash $1,200
Answer:
b. $2,000
Explanation:
Marvin liability immediately before the cancellation=$43,000
Marvin FMV of assets immediately before the cancellation=$38,000
Difference between two liability and assets=43,000-38,000
=$5,000
Form 1099-C canceled credit debit=$7,000
Amount of canceled debt that marvin will report=7,000-5,000
=$2,000
So the answer shall be b. $2,000
