What would have been the effect on the statement of financial position if the inventories had been

Question:

What would have been the effect on the statement of financial position if the inventories had been sold on 7 March for £1,000 rather than £5,000?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting And Finance For Non Specialists

ISBN: 9781292334691

12th Edition

Authors: Peter Atrill, Eddie McLaney

See More Books

Question Posted: Dec 24, 2023 05:40 AM

See More Questions

Alpha holds investments in two other entities, Beta and Gamma. All three entities prepare financial statements to 31 March and the statement of financial positions of the three entities at 31 March...
The financial statements of JJ Ltd and KK Ltd for the year to 30 June 2018 are shown below: Statements of comprehensive income for the year to 30 June 2018. Statements of financial position as at 30...
Small was incorporated in 1985 and prior to its acquisition by Big had built up its own customer base and local supplier network. This was not disturbed when Small became a subsidiary of Big as the...
Solar Energy Corp. has $4 million in earnings with four million shares outstanding. Investment bankers think the stock can justify a P/E ratio of 21. Assume the underwriting spread is 5 percent. What...
Presented below are three independent situations. 1. Sigel Corporation retired $130,000 face value, 12% bonds on June 30, 2010, at 102.The carrying value of the bonds at the redemption date was...
Perform the indicated operations, expressing all answers in the form a + bj. (3 7j) 2
Thomas Brookie went shopping in the Winn Dixie Supermarket. He purchased his items and brought them to the car without incident. He then made additional trips in and out of the store to get empty...
1. What is the chief characteristic of first principles, both of demonstration and of practical reason? 2. What is the difference between something being self-evident in itself and self-evident to...
Discuss the following topic(s) in the forum and submit proof of your participation in the online discussions: 1) Professional certification and the practising accountants 2) Cost data and managerial...
Can you think of two examples of assets that may be classified as non-current assets for an insurance business?
Can you think of two additional items that might appear as assets in the statement of financial position of a typical business?
Explain how the stockholding period is calculated.
Determine whether the following transactions qualify as Type C reorganizations: a. The acquisition of all assets and liabilities of Bark Inc. by Ark Inc. for 20 percent of Arks voting preferred...
Maples Corp., whose outstanding stock is worth $4 million, has a net operating loss carryforward of $1 million. Maples is owned 45 percent by Alan and 55 percent by Cline, who are otherwise...
Hadir earns a $150,000 salary and contributes $15,000 into a 401(k) account. He makes no additional contributions and the account has no accumulated income. Years later, Hadir receives a $9,000...
Denise owns Gal Corp. stock which she purchased ten years ago for $370,000. Pursuant to a plan of corporate reorganization, Gal Corp. will be merged into Lewis Corp. As a result of the merger, Denise...
Thomas Andrews' mother died in Year 1. Thomas, who will attain age 27 in Year 2, was designated as the sole beneficiary of his mother's traditional IRA. If the account balance at the end of Year 1...
In an aluminum pot, 0.15 kg of water at 100C boils away in four minutes. The bottom of the pot is 3.1 10-3 m thick and has a surface area of 0.015 m2. To prevent the water from boiling too rapidly,...
After graduating from college and working a few years at a small technology firm. Preet scored a high-level job in the logistics department at Amex Corporation. Amex sells high-quality electronic...
Why might a business that has a Stock Exchange listing revert to being unlisted?
What are the benefits to a business of issuing convertible loan notes?
The accountant of your business has recently been taken ill through overwork. In his absence his assistant has prepared some calculations of the profitability of a project, which are to be discussed...
Find an equation of a square root curve of the form y ax+b that approximately contains the given points (5,6) and (6.7) (Use integers or decimals for any numbers in the expression. Type integers or...
What is the goal of the NCCI? Group of answer choices To ensure claims are complete before paid To ensure correct coding and control inappropriate payments due to coding errors. To ensure Claims are...
Consider the relationship between Retained Earnings that is reported on the balance sheet and Net Income that is reported on the Income Statement and select the correct answer: Question 1 options:...

What would have been the effect on the statement of financial position if the inventories had been

Question:

Step by Step Answer:

The statement of financial position on 7 March would then have bee...View the full answer

Accounting And Finance For Non Specialists

Students also viewed these Business questions