Marvin Gaye Company has been having difficulty obtaining key raw materials for its manufacturing process. The company
Question:
Marvin Gaye Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long-term noncancelable purchase commitment with its largest supplier of this raw material on November 30, 2025, at an agreed price of $400,000. At December 31, 2025, the raw material had declined in price to $365,000.
Instructions
What entry would you make on December 31, 2025, to recognize these facts?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (4 reviews)
Loss on Purchase Comm...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 9781119790976
18th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Question Posted:
Students also viewed these Business questions
-
Marvin Gaye Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long-term non-cancelable purchase commitment with its largest...
-
Marvin Gaye Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long-term noncancelable purchase commitment with its largest...
-
Canseco Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long-term noncancelable purchase commitment with its largest...
-
Building a Case Study Analysis on Outsourcing, Find a minimum of three news articles discussing this issue, prepare the case study report that has three main parts: Summary and Overview of the issue...
-
1. An enterprise that holds a variable interest in a variable interest entity (VIE) is required to consolidate the assets, liabilities, revenues, expenses, and noncontrolling interest of that entity...
-
Casper Landsten, using the same values and assumptions as in the previous question, now decides to seek the full 4.800% return available in US dollars by not covering his forward dollar receipts - an...
-
In 2016, a father of two minor children in Cuyahoga county, Ohio, filed a claim to determine custody of the children. At the pretrial, the father informed the magistrate he wanted to be named a legal...
-
Quality Brick Company produces bricks in two processing departmentsMolding and Firing. Information relating to the companys operations in March follows: a. Raw materials were issued for use in...
-
W (K$) 14 13 Rich 12 11 10 9 8 7 6 5 Poor W (K$) 14 13 12 11 10 9 8 7 6 5 4 16 18 20 22 24 26 28 17 19 21 L 20 22 24 26 23 25 27 (M) 21 23 25 27 29 31 28 30 32 34 36 L 33 35 37 (M) 1. There are two...
-
Diderot Stores Inc., which uses the conventional retail inventory method, wishes to change to the LIFO retail method beginning with the accounting year ending December 31, 2025. Amounts as shown...
-
A fire destroys all of the merchandise of Assante Company on February 10, 2025. Presented below is information compiled up to the date of the fire. What is the approximate inventory on February 10,...
-
Culleye Corporation reported the following solvency ratios: a. Identify if each of the above solvency ratios is better or worse in 2024 compared with 2023. b. Has Culleyes overall solvency position...
-
Why competencies are important for our success and development? Briefly state 3 points. What are 3 competencies that you would like to focus for yourself? What benefits it gives to have better...
-
Why does education vary so much by the state? Use the state constitutions for Florida and a state of your choice to review and discuss the differences and similarities in education. Discuss the ways...
-
7. This concept measures a hotel manager's efforts in achieving maximum occupancy at the highest room rate possible. a. Occupancy percentage b. Average rate c. Yield percentage d. Franchise agreement...
-
What is the key purpose and key objectives of NGO's in developing countries? Expalin and give examples. What are some disadvantages of foreign aid to recipient countries? What problems or issues can...
-
Why due diligence, both legal and financial, is important for the song catalog purchase? Why it is important to understand the details of sources of income, how and when it is earned, and how it is...
-
A left-tailed test with = 0.01. Determine the critical value(s) for a one-mean z-test. For each exercise, draw a graph that illustrates your answer.
-
Interview managers at three companies in your area about their use of ERP. How have their experiences been similar? What accounts for the similarities and differences?
-
FIFO and LIFOPeriodic and Perpetual Inventory information for Part 311 of Seminole Corp. discloses the following information for the month of June. June 1 Balance 300 units @ $10 June 10 Sold 200...
-
Compute FIFO, LIFO, Average Cost?Periodic Presented below is information related to radios for the Couples Company for the month of July. (a) Assuming that the periodic inventory method is used,...
-
Purchases Recorded Gross and Net some of the transactions of Torres Company during August are listed below. Torres uses the periodic inventory method. August 10 Purchased merchandise on account,...
-
Chris Fowler borrowed $94,680 on March 1, 2018. This amount plus accrued interest at 10% compounded semiannually is to be repaid March 1, 2028. To retire this debt, Chris plans to contribute to a...
-
A 0.90-kg ball is thrown with a speed of 8.0 m/s at an upward angle of 23 degrees. Use conservation of energy. What is its speed at its highest point? How high does it go?
-
110 What is the resistance (in k) of a 6.50 x 102 0, a 2.00 kn, and 4.50 kn resistor connected in series? (b) What is the resistance (in Q2) of a 6.50 x 10 Q, a 2.00 kn, and 4.50 k resistor connected...
Study smarter with the SolutionInn App