A manufacturer shipped merchandise to a retailer on a consignment basis. If the merchandise is unsold at
Question:
A manufacturer shipped merchandise to a retailer on a consignment basis. If the merchandise is unsold at the end of the period, in whose inventory should the merchandise be included?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 61% (18 reviews)
The consigned inventory ...View the full answer
Answered By
Mugdha Sisodiya
My self Mugdha Sisodiya from Chhattisgarh India. I have completed my Bachelors degree in 2015 and My Master in Commerce degree in 2016. I am having expertise in Management, Cost and Finance Accounts. Further I have completed my Chartered Accountant and working as a Professional.
Since 2012 I am providing home tutions.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
Students also viewed these Accounting questions
-
If you deposit $1,000 at the end of each period for 10 interest periods and you earn 8 percent interest, how much would you have at the end of period 10? Use a convenient format to display your...
-
At the end of the period the accounting department is asked to prepare a flexible budget based on sales of 15000 umbrellas What amount will be reported on the flexible budget for operating expenses
-
Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. The rent is prepaid for three months at $1,200 per month. Develop the adjusting entry...
-
Skysong, Inc. sells products that carry a two-year warranty. Any defective product is replaced with a new item taken from inventory. Management believes that this is the most cost-effective way to...
-
If there is uncertainty about some monetary outcome and you are concerned about return and risk, then all you need to see are the mean and standard deviation. The entire distribution provides no...
-
Refer to Exhibit 17.14 and calculate Tia?s Trampolines Inc.?s profitability ratios for 2020 (round calculations to two decimal places). Also identify whether each of Tia?s Trampolines Inc.?s...
-
Refer to Example 1 and the data on the resiliency modulus of recycled concrete. (a) Obtain a 95% confidence interval for the population mean resiliency modulus \(\mu\). (b) Is the population mean...
-
Kelpax Company issued seven-year, $100,000 bonds with a stated rate of interest of 8%, compounded semiannually. The effective interest rate demanded by investors for bonds of this level of risk is...
-
Discuss how the business make decisions in the context of the behaviour of the various cost of production? Required ( have to be included) : Communicating of cost behaviour from accountant to...
-
Benetton has entered into a quantity flexibility contract for a seasonal product with its retailer. If the retailer orders O units, Benetton is willing to provide up to another 35 percent if needed....
-
Funtime Co. sold merchandise to Jaffe Company on December 31, FOB shipping point. If the merchandise is in transit on December 31, the end of the fiscal year, which company would report it in its...
-
The units of an item available for sale during the year were as follows: There are 50 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the...
-
2) Consider the following two-echelon inventory system. There are two depots at the lower echelon and one distribution center at the upper echelon. Demand is deterministic with a constant rate....
-
Which of the following contains the components of the Du Pont identity for the company? Use year-end 2021 values where appropriate. Through the Du Pont identify, please list the company's major...
-
Examine the balance sheet of commercial banks in the following table. $ Billion 193.7 48.9 242.6 Assets Real assets Equipment and premises Other real estate. Total real assets Financial assets Cash:...
-
11. Given the following table below: x P(x) 1 0 10 1 1 4 2 a 3 4 03020 10 10 (a) Find the value of a that would make it a valid probability distribution. (5 points) (b) Calculate the mean of the...
-
Is comparing actual productive activity against benchmarks a standard used in managerial accounting
-
What relationship do you see between organizational justice, productivity, and workforce diversity?
-
Determine the subtransient fault current in per-unit and in kA, as well as contributions to the fault current from each line and transformer connected to the fault bus for a bolted single...
-
The comparative statements of financial position of Menachem NV at the beginning and end of the year 2019 appear below. Net income of ¬34,000 was reported, and dividends of ¬23,000 were paid...
-
From a standard deck of 52 cards, what is the probability of obtaining a 5-card hand (A) Of all diamonds? (B) Of 3 diamonds and 2 spades? Write answers in terms of n C r or n P r ; do not evaluate.
-
Bad Debts'Aging Puckett, Inc. includes the following account among its trade receivables. Age the balance and specify any items that apparently require particular attention atyear-end. Alstott Co....
-
Journalizing Various Receivable Transactions Presented below is information related to Sanford Corp. July 1 Sanford Corp. sold to Legler Co. merchandise having a sales price of $10,000 with terms...
-
Journalizing Various Receivable Transactions Presented below is information related to Sanford Corp. July 1 Sanford Corp. sold to Legler Co. merchandise having a sales price of $10,000 with terms...
-
Milden Company is a merchandiser that plans to sell 4 1 , 0 0 0 units during the next quarter at a selling price of $ 5 9 per unit. The company also gathered the following cost estimates for the next...
-
How do organizational learning theories, such as the learning organization concept and knowledge management practices, contribute to sustained competitive advantage and organizational resilience in...
-
Harbert, Incorporated had a beginning balance of $12,000 in its Accounts Receivable account. The ending balance of Accounts Receivable was $10,500. During the period, Harbert collects $72,000 of its...
Study smarter with the SolutionInn App