Answer and Explanation:
Inventory is an asset and is posted on the asset side of the balance sheet. As per accounting standards regarding inventory valuation, it can be either valued at historical cost or at market price, whichever is lower.
Historical cost is the cost at which asset was acquired. Market price is the price which would be received if the asset is replaced as on the date on which balance sheet is prepared. Inventory is valued at lower of the above mentioned costs.
Answer:
The answer is $18,870 .
Explanation:
In this question, the net realizable value of account receivables will be determined by the total credit sales during the year, cash collection from account receivable; the estimated uncollectible amount from credit sales.
We have Net Realizable value of account receivables = Total credit sales during the year 2016 - total cash collection - Estimated uncollectible amount(*) = $93,000 - $73,200 - $93,000 x 1%(*) = $18,870.
(*) Estimated uncollectible amount is $930 and is recorded in Allowance for doubtful debt account which is a contra account for Account Receivables. Thus, when deciding net realizable value of account receivables, the effect of this contra account should be taken into consideration.
Answer:
Goals are the tools with which people engage in volitional behavior. Whereas goal pursuit was traditionally assumed to be strongly related to consciousness, recent research and theorizing suggest that goals guide behavior through attention, and this guidance can occur outside of a person's awareness
Explanation:
The right answer for the question that is being asked and shown above is that: "c. Balance of trade summarizes the flow of goods and services; balance of payments summarizes all capital flows." This <span>correctly defines the terms : balance of trade balance of payments</span>
Answer:
the Sea Company's 2019 ending inventory using dollar-value LIFO is $95,000
Explanation:
The computation of the Sea Company's 2019 ending inventory using dollar-value LIFO is sown below:
= Ending inventory for 2019 ÷ change in prices
= $103,550 ÷ 1.09
= $95,000
hence, the Sea Company's 2019 ending inventory using dollar-value LIFO is $95,000
We simply applied the above formula so that the correct value could come
And, the same is to be considered
The 1.09 come from
= $109 ÷100