For each of the following, explain whether the asset can be classified as inventory on the entitys
Question:
Entity Asset
a. Bank ................. cash
b. Equipment rental store .......... chain saw
c. Commercial real estate developer....... shopping centre
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 72% (11 reviews)
a A bank wouldnt consider cash as inventory on the FS They arent in the business of selling money Th...View the full answer
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Managerial Accounting questions
-
For each of the following real functions, use Definition 4.1 directly to prove that f'(a) exists. a) f(x) = x2 + x, R b) f{x) = x, a > 0 c) f(x) = l/x, a 0
-
For each of the following inventory errors occurring in 2011, determine the effect of the error on 2011's cost of goods sold, net income, and retained earnings. Assume that the error is not...
-
As in Exercise 1, for each of the following situations, write the null and alternative hypotheses in terms of parameter values. a) A recent UMass-Amherst study found that seat-belt compliance in...
-
A company had a broken printer which they deemed was not worth fixing and thus discarded it. The original cost of the printer was $7,500 and the accumulated depreciation at the time of disposal was...
-
Following World War II, many countries, including the United States, experienced a baby boom an increase in the growth rate of the population. a. Use the Solow model to demonstrate the effect of a...
-
The following pseudocode is a correct implementation of the producer/consumer problem with a bounded buffer: Labels p1, p2, p3 and c1, c2, c3 refer to the lines of code shown above (p2 and c2 each...
-
Is the field line pattern created by a magnetic dipole the same as the field line pattern created by an electric dipole? Draw both field line patterns.
-
Assume the same facts as Problem 11-8 with the following exceptions: a. Tobacs functional currency is the U.S. dollar. b. Balfours investment in Tobac consists of the following: Initial investment...
-
10.Carp Co has announced that it will pay an annual dividend equal to 55% of earnings. Its earnings per share is $0.80, and it has ten million shares in issue. The return on equity of Carp Co is 20%...
-
Identify one example of microagressions provided by Dr. Sue. Why do you think this kind of microagression is hurtful to marginalized people? Discuss one antidote to implicit bias provided by Dr. Sue.
-
Clarkes Beach Burgers Inc. (CBB) is a burger joint that claims to have the best burgers in the world. For each of the following items, indicate whether CBB would classify the costs as inventory and,...
-
Explain which of the following businesses would likely use the specific identification cost formula to account for its inventory and which would use FIFO or average cost: a. Customer furniture maker...
-
The sales budget for Astra Awards Company shows budgeted sales (in awards) for December and the first four months of next year: Required: Prepare a budget for the number of awards Astra needs to...
-
Kenneth King inherited 100 shares of Corporation \(A B C\) stock from his father, who died on March 4, 2018. His father paid \$17 per share for the stock on May 3, 1998. The fair market value of the...
-
Salesforce.com earned the top spot on Fortunes list of the Best Companies to Work for in 2018, having been on the list for over 10 years. Use your university librarys resources to see what their...
-
Develop several other SKU priority rules. Discuss the advantages and disadvantages of each one.
-
The development of fugacity is stated to be inductive. Explain what you think is meant by that.
-
How would you estimate daily requirements in practice (i.e., how would you get the data for Exercise 6.6)?
-
Throughout our discussion of regression analysis, we used the Regression command to obtain the parameter estimates that minimize the sum of squared estimation errors. Suppose that we want to obtain...
-
Subtract the polynomials. (-x+x-5) - (x-x + 5)
-
Relating titles and accounts to financial statements Required Identify the financial statements on which each of the following items (titles, date descriptions, and accounts) appears by placing a...
-
Webster Consulting experienced the following transactions for 2012, its first year of operations, and 2013. Assume that all transactions involve the receipt or payment of cash. Transactions for 2012...
-
Gofish Enterprises started the 2012 accounting period with $50,000 of assets (all cash), $18,000 of liabilities, and $4,000 of common stock . During the year, Gofish earned cash revenues of $38,000,...
-
Kubin Company's relevant range of production is 20,000 to 23,000 units. When it produces and sells 21,500 units, its average costs per unit are as follows: Average Cost per Unit Direct materials $...
-
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor...
-
Write a program call seq-multiplier which will print out numbers in a sequence multiplied by a number input by a user. Your program should store the sequence [52, 1, 34, 23, 18, -9, 21, 4, 79] in a...
Study smarter with the SolutionInn App