Question: i need help on question 8 and all its part thank you. 8. Ammad Corporation sells cell phones at their location in downtown Toronto. Use

i need help on question 8 and all its part thank

i need help on question 8 and all its part thank you.

8. Ammad Corporation sells cell phones at their location in downtown Toronto. Use CURRENT and PROPOSED GAAPs for the following transactions. a. They recently bought 100 iphones @ $200 from APPLE on account. Record the transaction. b. There was a freight charge of $250 that Ammad Co. must pay to Back Co. Record the transaction. C. After a few days, they found out that 3 iphones were not functioning properly. So, they had to return them to APPLE. Record the transaction. d. The company bought another 100 iphones @210 from APPLE on account. The freight cost of $250 was paid. Record the 2 transactions. e. After a few weeks the company did not return any iphones to APPLE from the last transaction. f. By the end of the year, the company has sold 190 iphones. Using FIFO, calculate the value of the inventory and COGS. Show all your calculations

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

a.-g. For the data on DIST (Y) and MPH (X) in Problem 7 in Chapter 5, use the following information to answer the same questions as in parts (a) through (g) of Problem 2. Degree 1 fit: = -122.345 +...

In two paragraphs, explain the problems within this case study, followed by possible solutions to these problems Thank you! of their brands is Jaco brand CASE 3. LOWE'S COMPANIES, INC. 2018 375...

Final Backgrounder Saskatchewan 831 489.6 420.2 14.2% Alberta 1,569 2,214.4 1,791.5 19.1% British Columbia 3,277 2,591.1 2,215.0 14.5% Yukon 167 73.1 66.3 9.3% Northwest Territories 99 53.4 44.9...

Cite as: 573 U. S. ____ (2014) 1 Opinion of the Court NOTICE: This opinion is subject to formal revision before publication in the preliminary print of the United States Reports. Readers are...

Page 1 1 of 106 DOCUMENTS DAVID LEON RILEY, Petitioner (No. 13-132) v. CALIFORNIA, UNITED STATES, Petitioner (No. 13-212) v. BRIMA WURIE 13-132, 13-212 SUPREME COURT OF THE UNITED STATES 134 S. Ct....

\f\f\f\f\f\f\f\f\f\fCOMPANY PROFILE Loblaw Companies Limited REFERENCE CODE: D8D0B7F3-D096-423F-845B-2EB571C6948C PUBLICATION DATE: 21 Jul 2015 www.marketline.com COPYRIGHT MARKETLINE. THIS CONTENT...

As she drove, Beck reflected on all that had transpired in her career since she earned her MBA in 2002. She had started her business, Beck Consulting Corporation (BCC) a year after graduation. Over...

GPS-to-Go: Case Study GPS-to-GO Case You are Joseph Thomas, Vice-President of Operations for GPS-to-GO and responsible for preparing the factory to build, test and ship GO I, II, and II GPS products....

MNGT 4781: Strategic Management Form 10-K: Annual Report Pursuant to Section 13 or 15d of The Securities Exchange Act of 1934: QUALCOMM Incorporated Assignment 2 By U.S. Securities and Exchange...

Read the case study and fill out the SWOT Analysis. ***NO OUTSIDE RESEARCH*** Best Buy Co., Inc. June 11, 2019. Best Buy (BBY) appoints Core Barry as CEO from her prior CFO position to replace Hubert...

Question 1 Joffrey is a part of the marketing team in his company. There is a conflict between the finance team and the marketing team of the company on the issue of market segmentation. While the...

A proposed project has fixed costs of $7,400, depreciation expense of $1,320, and a sales quantity of 1,600 units. The total variable costs are $5,607. What is the contribution margin per unit if the...

Option-adjusted duration and effective duration are alternative measures used by analysts to evaluate fixed-income securities with embedded options. Briefly describe each measure, and how to apply...

Use L ' H p i t a l ' s Rule t o evaluate the l i m i t . lim x x 2 e 7 x ( G i v e a n exact answer. Use symbolic notation and fractions where needed. ) lim x x 2 e 7 x =

A rectangular concrete beam measures 300 mm wide and has an effective depth of 450 mm. Compression steel consisting of two No. 25 (No. 8) bars is located 65 mm from the compression face of the beam....

The Sweet Home Company (SH hereinafter) produces and sells a wide range of kitchen suppliers. According to its market analysis, SH predicts the sales of electrical grills will grow by 50% as there is...

1. what financial impact do you think the lawsuit could potentially have on walmart? Do you think the women deserve to win their lawsuit? What if the outcome of the case cost Wal-Mart so much it had...

Tyler, a single taxpayer, generates business income of $3,000 in 2016. In 2017, he generates an NOL of $2,000. In 2018, he incurs another NOL of $5,000. In 2019, he generates a modest business income...

Janet, after years of working as a hairdresser and as a makeup artist, decided to go into business for herself. Over time the business has grown into a spa and beauty retreat and she now employs a...

The receiving department in an organization ensures that the delivered items are of the quality specified by the purchase contract. False True

=+1. Define each of these terms: vision, mission, strategy, and tactics. What is the relationship among them in relation to a firms strategy planning process?

=+Does it make sense for an oil firm to donate money to the same group because it perceives climate change as a threat to its business model and wants to mitigate that threat by investigating...

=+Does it make sense for a large financial firm to donate money to a group researching the effects of climate change because the CEO believes this is an important issue?