In your audit of Tony Company, you find that a physical inventory on December 31, 2017, showed merchandise with a cost of $480,770 was on hand at that date. You also discover the following items were all excluded from the $480,770.
|1.||Merchandise of $61,520 which is held by Tony on consignment. The consignor is the Max Suzuki Company.|
|2.||Merchandise costing $36,000 which was shipped by Tony f.o.b. destination to a customer on December 31, 2017. The customer was expected to receive the merchandise on January 6, 2018.|
|3.||Merchandise costing $49,580 which was shipped by Tony f.o.b. shipping point to a customer on December 29, 2017. The customer was scheduled to receive the merchandise on January 2, 2018.|
|4.||Merchandise costing $90,200 shipped by a vendor f.o.b. destination on December 30, 2017, and received by Tony on January 4, 2018.|
|5.||Merchandise costing $49,250 shipped by a vendor f.o.b. shipping point on December 31, 2017, and received by Tony on January 5, 2018.|
Based on the above information, calculate the amount that should appear on Tony’s balance sheet at December 31, 2017, for inventory.
Consider the case of a company that has just paid a $0.80 dividend per share. The company expects for the next five year to keep constant the 40% payout ratio and a ROE d...Aug 12 2020
According to Michael Porter, all positions on the efficiency frontier are viable. 12.The various value creation activities that a firm undertakes are referred to as opera...Jan 11 2020
Bond Prices. Lycan, Inc., has 7 percent coupon bonds on the market that have 9 years left to maturity. The bonds make annual payments and have a par value of $1,000. If t...May 25 2020
What is the diminishing marginal concept ?Apr 23 2018
Can you think of any other government failures in addition to those listed in the chapter?Apr 24 2020
Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May, which included his initial investment of $18,000 c...Apr 06 2020
What were the principal reforms that Diocletian and Constantine implemented in an effort to maintain the Roman Empire? Be sure to discuss at least two reforms for each em...Jul 21 2020
The demand for a detector 2LCH Co. sells uoo units1 art.Cost of +he detector is 4o0 $ per unt. Corruing costs are 25:/ of the unit cost, and ordeing costs are 50 $ per ...Aug 18 2020
What are the pros and cons of using employee referrals for recruiting workers? >May 06 2020
A recently negotiated union contract allows workers in a shipping department 24 minutes for rest, 10 minutes for personal time, and 14 minutes for delays for each four ho...Aug 22 2020
Welcome to MyCourseHelp Services, World's leading Academic solutions provider with Millions of Happy Students.