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slamgirl [31]
2 years ago
12

During fiscal 2014, BlackBerry Limited wrote down its BB10 smartphone inventory by approximately $1,700,000,000 because its cost

exceeded its net realizable value.
Business
1 answer:
Natasha2012 [34]2 years ago
8 0

Based on the BB10 smartphone being written down by $1,700,000, the journal entry would involve debiting Cost of goods sold and crediting Inventory.

<h3>Why would the above be done?</h3>

The question seeks the journal entry of the above write down. The inventory will be written down by $1,700,000 and this will be charged to the Cost of goods sold.

The journal entry is:

Date                     Account title                                       Debit          Credit

2014                    Cost of goods sold                       $1,700,000

                            Inventory                                                         $1,700,000

Find out more on writing down inventory at brainly.com/question/5771882.

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A reconciliation of pretax financial statement income to taxable income is shown below for Shaw-Anderson Industries for the year
Luba_88 [7]

Answer:

B

Explanation:

Year end - December 31,2018 (first account year)

Pretax Income - $640,000

Interest expenses ( $20,000)

Excess warranty expense add back $45,000

Excess depreciation deducted ($120,000)

Taxable income = $545,000

Tax rate = 40%

Income tax expense for 2018 = $545,000 * 40%

=$218,000

3 0
3 years ago
Beck Manufacturing reports the following information in T-accounts for the current year. Raw Materials Inventory Debit Credit Be
erastovalidia [21]

Cost of goods manufactured is $131,000 and Cost of goods sold is $129,000.

                           Cost of goods manufactured

Particulars                                                               Amount

Direct Material:  

Beginning Inventory of Raw Material     $10000

Add: Purchase of raw material                 $45000

Raw material available for use                 $55000

Less: Ending inventory of Raw material  ($8500)

Direct Material used                                                    $46500

Direct labor                                                                  $27500

Factory Overhead                                                       <u>$55000</u>

Total manufacturing Cost                                           $129000

Add: Beginning inventory of WIP                               $14000

Total cost of WIP                                                         $143000

Less: Ending Inventory of WIP                                   <u>($12000)</u>

Cost of goods Manufactured                                    <u>$131000</u>

           Cost of goods sold for the year:

Particulars                                               Amount

Beginning stock of finished goods       $16000

Cost of goods manufactured                <u>$131000</u>

Goods available for sale                        $147000

Ending stock of Finished goods           <u>($18000)</u>

Cost of goods sold                                <u>$129000</u>

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Read more about Cost of goods sold

<em>brainly.com/question/24561653</em>

4 0
2 years ago
Your company receives advance payment in October for services that are provided during November. Which of the following statemen
Marianna [84]

Answer:

(B) A liability is recorded in October and revenue will be recorded in November

Explanation:

When a company receives money in advance of earning it, the accounting entry is a debit to the asset Cash for the amount received and a credit to the liability account such as Customer Advances or Unearned Revenues

8 0
3 years ago
Which of the following communication methods would Phil be most comfortable with?As a manager, you want to praise a team member,
Lina20 [59]

Answer:

The best option would be;

A. Call Phil in for a private meeting to appreciate his work

Explanation:

Communication is very important in a company set up since information can be passed between employees of a company. The money in which the information is passed is also important, and usually depends on a variety of factors. These factors differ from one company to another, and therefor one needs to choose wisely the manner in which he/she is to communicate.

One factor that will be considered is the personality of the person that this particular information is to be passed. The information is to be passed in a manner that is respectful and doesn't cause any discomfort or embarrassment to the recipient. In our case, the team member, Phil, is an introvert. Introverts are generally people who keep to themselves a lot and have a dislike of publicity. This means that any option which will make Phil a public figure in the work place would not be well appreciated by Phil.

The best option will therefor be to call Phil in for a private meeting to appreciate his work. This will make Phil feel respected and appreciated while at the same time will not make him uncomfortable by exposing him to the public.

4 0
3 years ago
A developer buys the last five vacant lots in a subdivision and constructs a large, expensive home on each lot. The homes sell f
Mashutka [201]

Answer:

Progression

Explanation:

Progression in real estate occurs when the property in a given area improves in value as a result of more expensive property bring built in the area.

This is one major way real estate appreciates in value. Some property owners wait for others to develop the area and naturally their own property appreciates in value.

In this scenario the developer buys the last five vacant lots in a subdivision and constructs a large, expensive home on each lot. The homes sell for what are record-setting high prices for the area.

8 0
3 years ago
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