Question: 1 . Martin Co . has a preliminary ( 1 2 / 3 1 ) year - end INV of (

1. Martin Co. has a preliminary \(12/31\) year-end INV of \(\$ 200\mathrm{~K}\). The following items were both in transit and not included in that preliminary number: goods purchased f.o.b. destination on \(12/28,\$ 40\mathrm{~K}\) and goods sold f.o.b. shipping on 12/29,\$30K. What is Martin's correct INV balance?
2. Doc Co. has a preliminary \(12/31\) year-end INV of \(\$ 300\mathrm{~K}\). The following items were both in transit and not included in that preliminary number: goods purchased f.o.b. shipping on 12/28,\$50K and goods sold f.o.b. destination on 12/29,\$40K. What is Doc's correct INV balance?
3. Bulldog Co. has a preliminary \(12/31\) year-end INV of \(\$ 500\mathrm{~K}\). The following items were both in transit and not included in that preliminary number: goods purchased f.o.b. destination on 12/28,\$50K and goods sold f.o.b. destination on 12/29,\$40K. What is Bulldog's correct INV balance?
4. Eddie Co. has a preliminary \(12/31\) year-end INV of \(\$ 600\mathrm{~K}\). The following items were both in transit and not included in that preliminary number: goods purchased f.o.b. shipping on \(12/28,\$ 50\mathrm{~K}\) and goods sold f.o.b. shipping on \(12/29\),\$40K. What is Eddie's correct INV balance?
5. Mustard Co. has a preliminary 12/31 year-end INV of \$350K. The following items were not included in the preliminary number: goods on hand that were consigned by White Co.,\$25K and goods that Martin consigned to Green Co.,\$15K. What is Mustard's correct INV balance?
6. Thompson Co. factors \(\$ 250\mathrm{~K}\) of its receivables to Brown Financing. Brown charges Thompson a \(4\%\) financing fee and holds back an additional \(5\%\) for probably adjustments. The receivables are factored without recourse. For \#'s 6-9, examine the debits in the journal entry that Thompson would make for this transaction. What is the largest dollar amount of Thompson's debits? (Put the dollar amount, not the name of the account.)
7. What is the 2nd largest dollar amount of Thompson's debits? (Put the dollar amount, not the name of the account.)
8. What is the 3rd largest dollar amount of Thompson's debits? (Put the dollar amount, not the name of the account.)
9. For \#8, which account will be debited?
10. Mel Co. sells merchandise to a customer. The merchandise retails for \(\$ 50\mathrm{~K}\), but Mel gives the customer a 10\% trade discount and also offers 2/10,\(\mathrm{n}/30\) terms. If the customer pays in full within the discount period, how much cash will Mel receive?
1 . Martin Co . has a preliminary \ ( 1 2 / 3 1 \

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