Cash Equipment (Net) Patent Inventory A/R (net) Total Assets Jaya Makmur Ltd Balance Sheet as 31...
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Cash Equipment (Net) Patent Inventory A/R (net) Total Assets Jaya Makmur Ltd Balance Sheet as 31 July 2019 (in a thousand Dollar) 69.000 84.000 21.000 60.000 40.500 274.500 Capital A/P Long term- Liabilities Total Liabilities and equities 155.500 44.000 75.000 274.500 It is known that inventory at a cost of $ 5,300,000 has been shipped on consignment on July 31, 2019, and the balance of ending inventory in the above balance sheet is not include the consignment goods. Account Receivable amounting to $5,300,000 was recognized for the consignment. Then the nominal of inventory should be ? Cash Equipment (Net) Patent Inventory A/R (net) Total Assets Jaya Makmur Ltd Balance Sheet as 31 July 2019 (in a thousand Dollar) 69.000 84.000 21.000 60.000 40.500 274.500 Capital A/P Long term- Liabilities Total Liabilities and equities 155.500 44.000 75.000 274.500 It is known that inventory at a cost of $ 5,300,000 has been shipped on consignment on July 31, 2019, and the balance of ending inventory in the above balance sheet is not include the consignment goods. Account Receivable amounting to $5,300,000 was recognized for the consignment. Then the nominal of inventory should be ?
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SOLUTION To calculate the nominal value of inventory we need to adjust the ending inventory balance in the given balance sheet to include the cost of inventory that was shipped on consignment First le... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0132889711
1st Canadian Edition
Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper
Posted Date:
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