Kemper Company signed a long-term, non-cancelable purchase commitment with a major supplier to purchase raw materials in
Question:
Kemper Company signed a long-term, non-cancelable purchase commitment with a major supplier to purchase raw materials in 2020 at a cost of $1,000,000. At December 31, 2019, the raw materials to be purchased have a fair value of $950,000. Prepare any necessary December 31 entry.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (8 reviews)
Unrealized Hold...View the full answer
Answered By
Shameen Tahir
The following are details of my Areas of Effectiveness. The following are details of my Areas of Effectiveness English Language Proficiency, Organization Behavior , consumer Behavior and Marketing, Communication, Applied Statistics, Research Methods , Cognitive & Affective Processes, Cognitive & Affective Processes, Data Analysis in Research, Human Resources Management ,Research Project,
Social Psychology, Personality Psychology, Introduction to Applied Areas of Psychology,
Behavioral Neurosdence , Historical and Contemporary Issues in Psychology, Measurement in Psychology, experimental Psychology,
Business Ethics Business Ethics An introduction to business studies Organization & Management Legal Environment of Business Information Systems in Organizations Operations Management Global Business Policies Industrial Organization Business Strategy Information Management and Technology Company Structure and Organizational Management Accounting & Auditing Financial Accounting Managerial Accounting Accounting for strategy implementation Financial accounting Introduction to bookkeeping and accounting Marketing Marketing Management Professional Development Strategies Business Communications Business planning Commerce & Technology Human resource management General Management Conflict management Leadership Organizational Leadership Supply Chain Management Law Corporate Strategy Creative Writing Analytical Reading & Writing Other Expertise Risk Management Entrepreneurship Management science Organizational behavior Project management Financial Analysis, Research & Companies Valuation And any kind of Excel Queries.
4.70+
16+ Reviews
34+ Question Solved
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Question Posted:
Students also viewed these Managerial Accounting questions
-
Kemper Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $1,000,000. At December 31, 2020, the raw materials to be...
-
Kemper Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2013 at a cost of $1,000,000. At December 31, 2012, the raw materials to be...
-
Padfot company signed a long term contract to construct a new 4 buildings complex which will start by the beginning of 2020 and it is expected to last for 4 years. The company sealed a contract price...
-
Judy Baker is a new employee of Farnsdel and Babcock, LLP. Which of the following will provide proof of employment authorization for the completion of the I-9? 1. U.S. passport 2. U.S. military...
-
Knowing that 25 P = lb, determine the range of values of for which equilibrium of the 18-lb block is maintained. ,=045 H = 0.35 18 lb P.
-
Miguel Allred will purchase either the stock or the assets of Jewel Corporation. All of the Jewel stock is owned by Charley. Miguel and Charley agree that Jewel is worth $700,000. The tax basis for...
-
How should we test components?
-
From the perspective of an organization, explain duality as it relates to the give and receive events of an economic exchange.
-
Examine the concept of weather derivatives and examine how they are designed to operate. Make a case for the introduction of weather derivative in Ghana based on the experiences of other nations....
-
Logan Miller started her own accounting firm, Miller Accounting, on June 1, 2021. Logan Miller wants to prepare monthly financial statements, so adjusting journal entries are required on June 30....
-
Benke Ltd. buys 1,000 computer game CDs from a distributor who is discontinuing those games. The purchase price for the lot is ¥8,000. Benke will group the CDs into three price categories for...
-
Use the information for Kemper Company from BE9.7. In 2020, Kemper paid $1,000,000 to obtain the raw materials which were worth $950,000. Prepare the entry to record the purchase. Kemper Company...
-
John Ranton, president and founder of Running Mate, could hardly contain his excitement over the operating results for his companys second year of operations. Running Mate is an online retailer of a...
-
Two quantities of a gas at a temperature of 62 F are mixed, without chang- ing the temperature, in a container whose volume is 22 cu ft. In their original conditions, the first quantity occupied a...
-
By developing said career portfolios, future job applicationsmay result in more successful interviews.The portfolios show off the accomplishments andbeliefs or philosophies of that person.Whether...
-
A bike with tires of radius 0.330 m speeds up from rest to 5.33 m/s in 6.27 s. Through what angle do the wheels turn in that time?
-
Hrmt 214 Reflect on how your recruitment strategy (including methods) will appeal to and attract a diverse candidate pool (e.g., gender, ethnicity, etc.). For instance, perhaps you could advertise to...
-
Here is my code and instructions: I am getting an error, please let me know how to fix it: class Bear { String name; //iniatiation int height; double speed; public Bear( String name, int height,...
-
Doreen George works as a stocker at Dender Factory Outlet who is paid on an hourly basis and earns $12.45/hour. During a one week period he works 39 hours and 19 minutes. How much would her gross pay...
-
Following is the current balance sheet for a local partnership of doctors: The following questions represent independent situations: a. E is going to invest enough money in this partnership to...
-
Kunzig Corporation is authorized to issue 500,000 common shares. During 2012, the company took part in the following selected transactions. 1. Issued 6,000 common shares at $30 per share, less $2,000...
-
Radford Corporations charter authorized 1 million shares of $11 par value common shares, and 300,000 shares of 6% cumulative and non-participating preferred shares, with a par value of $100 per...
-
Ramsay Inc. recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned...
-
This number is the "federal adjusted gross income" according to the line title. What do we call this process of starting our state return with a number from the federal return?
-
What is the main reason for a franchisee to have a contingency fund?
-
Kalan purchased four new tires at Walmart for $1,000 using there "no payments for 12 months plan." About a year later, before Kalan had made any payments, the tires were not performing as well as...
Study smarter with the SolutionInn App