Where, if at all, should the following items be classified on a statement of financial position? (a)
Question:
(a) Goods out on approval to customers
(b) Goods in transit that were recently purchased FOB destination
(c) Land held by a real estate firm for sale
(d) Raw materials
(e) Goods received on consignment
(f) Stationery supplies
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (8 reviews)
a As these goods are still owned by the entity they would be classified as inventory current ...View the full answer
Answered By
Ajeet Singh
Professional, Experienced, and Expert tutor who will provide speedy and to-the-point solutions.
I have been teaching students for 5 years now in different subjects and it's truly been one of the most rewarding experiences of my life.
I have also done one-to-one tutoring with 100+ students and help them achieve great subject knowledge.
I have expertise in computer subjects like C++, C, Java, and Python programming and other computer Science related fields.
Many of my student's parents message me that your lessons improved their children's grades and this is the best only thing you want as a teacher. I have done plenty of studying and lots of learning on many exciting and challenging topics. All these experiences have influenced my decision to take on the teaching role in various capacities. As a tutor, I am looking forward to getting to understand your needs and helping you achieve your academic goals. I'm highly flexible and contactable. I am available to work on short notice since I only prefer to work with very small and select groups of students.
4.90+
7+ Reviews
15+ Question Solved
Related Book For
Applying International Financial Reporting Standards
ISBN: 978-0730302124
3rd edition
Authors: Keith Alfredson, Ken Leo, Ruth Picker, Paul Pacter, Jennie Radford Victoria Wise
Question Posted:
Students also viewed these Accounting questions
-
Statement of Financial Position Preparation Presented below are a number of statement of financial position items for Montoya. Inc., for the current year, 2010. Instructions Prepare a classified...
-
Statement of Financial position Adjustment and Preparation Presented below is the statement of financial position of Sargent Corporation for the current year. 2010 The following information is...
-
Following are selected statement of financial position accounts of Sander Bros. Corp. at December 31, 2019 and 2018, and the increases or decreases in each account from 2018 to 2019. Also presented...
-
What is the result of the following? A. 3.011459 B. 3.1401MM C. 59.011459 D. 59.1401MM E. The code does not compile. F. The code compiles but throws an exception at runtime. import java.time. *;...
-
Wavetown Marina needs to raise $1 million to expand the company. Wavetown Marina is considering the issuance of either $1,000,000 of 7% bonds payable to borrow the money, or 100,000 shares of common...
-
What other theories have you learned about in this class that could be applied to crisis contexts?
-
In the Leo Company, 18,000 checks were issued during a designated period of time. Concern exists within management that some of these checks may be forgeries. As part of your regular audit...
-
Montana Manufacturing Co. normally produces 10,000 units of product X each month. Each unit requires 2 hours of direct labor, and factory overhead is applied on a direct labor hour basis. Fixed costs...
-
b. Your client is considering investing in Bell Limited. The following financial information was provided to you to assist your client with her decision. Operating profit 10% Long Term Loan 2021 ($)...
-
Minesweeper, the well-known computer game, is closely related to the wumpus world. A minesweeper world is a rectangular grid of N squares with M invisible mines scattered among them. Any square may...
-
Under what circumstances would each of the following inventory cost methods be appropriate? (a) Specific identification (b) Last-in, first-out (c) Average cost (d) First-in, first-out (e) Retail...
-
What additional disclosures might be necessary to present the inventory fairly?
-
Suppose that one day, Gilligan (the castaway) eats a magical island plant that turns him into an expert at everything. In particular, it now takes him just half an hour to pick a quart of berries,...
-
If you decide to voice your objection, do you address the entire team or speak to members individually? Why?
-
Describe how each enabler would benefit your business and when it is not appropriate to use them.
-
How would you handle this situation? Would you voice your objection or go along with the team?
-
Ethical sourcing means that a. people should make ethical decisions based on a particular situation. b. there is one accepted source for guiding ethical decision making. c. a company follows accepted...
-
A bargaining unit a. works to determine proper sale pricing of products. b. helps in the negotiation of the sale of the company. c. is the price of a share of stock. d. negotiates with employers for...
-
Refer to the association marked with the number 6 in the preceding diagram. Which of the following is the best description of the association? a. Each cash receipt is deposited into multiple cash...
-
Provide a draft/outline of legal research involving an indigenous Canadian woman charged with assault causing bodily harm under (Sec 267b) of the Criminal Code, where the crown wants a 12-month jail...
-
Charlie Brown, controller for the Kelly Corporation, is preparing the companys income statement at year-end. He notes that the company lost a considerable sum on the sale of some equipment it had...
-
Simpson Corp. is an entertainment firm that derives approximately 30% of its income from the Casino Knights Division, which manages gambling facilities. As auditor for Simpson Corp., you have...
-
As audit partner for Grupo and Rijo, you are in charge of reviewing the classification of unusual items that have occurred during the current year. The following material items have come to your...
-
MM Corp. has 50,000 shares outstanding with share price of $18. It has debt with market value of $300,000. The equity beta is 1.2 and debt beta is 0.1. The risk-free rate is 2% and the market risk...
-
The market is expected to return 15 percent next year and the risk-free rate is 7 percent. What is the expected rate of return on a stock with a beta of 1.3? The covariance of the market's returns...
-
A stock's current price is 145.05. A put option with an exercise price of 120 and maturity of 3 months is currently priced at $ 28.83. What is the option's time value?
Study smarter with the SolutionInn App