General Motors finished goods inventory is composed primarily of automobiles. Are automobiles always classified as inventory on

Question:

General Motors’ finished goods inventory is composed primarily of automobiles. Are automobiles always classified as “inventory” on the balance sheets of all companies? Explain.

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

Step by Step Answer:

Related Book For book-img-for-question

Intermediate Accounting

ISBN: 978-0324592375

17th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

See More Books

Question Posted: Jan 28, 2012 06:18 AM

See More Questions

Cost of goods manufactured equals $55,000 for 2014. Finished goods inventory is $3,500 at the beginning of the year and $4,000 at the end of the year. Beginning and ending work in process for 2014...
Turpentine, obtained from pine trees, is composed primarily of ?-pinene and ?-pinene, Explain whether you expect turpentine to mix with water. If a point dissolves in turpentine, what does this...
On the balance sheets of many companies, the largest classification of assets in amount is noncurrent operating assets. Name the items, other than the amount paid to the former owner or contractor...
You have recently been hired as a consultant for a personal financial planning firm. One of your first projects is creating a retirement plan for a couple, Tom and Helena Keeley. They have just...
Given the importance of the U.S. market in the global express industry, should DHL reconsider its decision to withdraw from this segment? Lacking a significant presence in the United States, what...
Carmen has $84 to spend on California rolls and eel sashimi, and the data in the following table represents an indifference curve for these two products. If California rolls are $4.00 each and eel...
Suppose the probabilities are 0.89,0.09, and 0.02 that the finish on a new car will be rated acceptable, easily repairable, or unacceptable. Find the probability that, among 20 cars painted one...
On January 1, 2009, Pope Company purchased 90% of Sun Companys common stock for $5,800,000 cash. Immediately after the acquisition, the two companies balance sheets were as follows: Sun Companys note...
13-40. Cycle-1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for October: Sales revenue (300 units @ $600 per unit) Less Manufacturing costs...
Of the members of the Blue River Health Club, 43% have a lifetime membership and exercise regularly (three or more times a week). If 75% of the club members exercise regularly, find the probability...
What four questions are associated with the accounting for inventory?
What is the difference between direct materials and indirect materials?
The K b of hydroxylamine, NH 2 OH, is 1.10 * 10 -8 . A buffer solution is prepared by mixing 100.0 mL of a 0.36 M hydroxylamine solution with 50.0 mL of a 0.26 M HCl solution. Determine the pH of the...
Briefly describe the method used by Medicare to reimburse providers for inpatient services.
Outline the three possible choices a salesperson has if they discover a values conflict between themselves and their employer.
Top-performing salespeople recognize that networking can take place using four different approaches. Describe each approach, providing examples within each setting.
What does prospecting mean, and what is its goal? What type of software might be helpful with this process? Explain its function.
What provider incentives are created under fee-for-service reimbursement? Under capitation?
What is the official name given to corporations qualifying under Subchapter S of the Internal Revenue Code?
Which of the following raises the credibility of areport? Which of the following raises the credibility of a report? Multiple Choice avoiding predictions avoiding the use of cause-effect statements...
What is the temperature, in kelvins, of neon atoms that have an rms speed of 700 m/s?
Under what circumstances is it appropriate to record goodwill in the accounts? How should goodwill , properly recorded on the books, be written off in order to conform with generally accepted...
Under what circumstances is it appropriate to record goodwill in the accounts? How should goodwill , properly recorded on the books, be written off in order to conform with generally accepted...
Under what circumstances is it appropriate to record goodwill in the accounts? How should goodwill , properly recorded on the books, be written off in order to conform with generally accepted...
Explain a typical structural engineering project shown in figure. Planning Preliminary structural design Load estimation Structural analysis Safety/serviceability Yes Construction No Revised...
What are the 4 specialties of structural engineering? Any resources for core principles of structural engineering?
what are the role of structural analysis in structural engineering? What is the difference between structural engineering and structural analysis?

General Motors finished goods inventory is composed primarily of automobiles. Are automobiles always classified as inventory on

Question:

Step by Step Answer:

Vehicles are classified as inventory on the balance sheets o...View the full answer

Intermediate Accounting

Students also viewed these Managerial Accounting questions