On December 31, 2024, Punch Company reported inventory per physical count at P1,500,000 The entity revealed the following information Goods in transit by Dec 31, 2024 purchased FOB shipping point, total price P100,000 including freight of P20,000 Goods held on consignment included in the count, co...

The correct amount of inventory on December 31 2024 is P 1 530 000 P 1 500 000 P 100 ...

On December 31, 2024, Punch Company reported inventory per physical count at P1,500,000. The entity revealed...

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

Question:

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0324300987

10th Edition

Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones

See More Books

Posted Date: Jun 20, 2022 04:41 AM

See More Questions

The following is a list of items that may or may not be reported as inventory in Keesa Corp.'s December 31 balance sheet: l. Goods out on consignment at another company's store 2. Goods sold on an...
Shippers Ltd. had the following inventory situations to consider at January 31, its year end: 1. Goods held on consignment for Boxes Unlimited since December 22 2. Goods shipped on consignment to...
Goods purchased FOB shipping point were shipped to Merkley & Co. on December 31, 2011. The purchase was recorded in 2011, but the goods were not included in ending inventory . (a) What effect would...
Consider the following actual FY2019 data and a forecast of FY2020 selected balance sheet and income statement numbers. $ millions FY2019 Actual FY2020 Est. $29,009 $32,102 14,592 16,051 8,755 9,923...
Schellhammer Corporation reported the following amounts in 2013, 2014, and 2015. Instructions (a) Identify and describe the three tools of financial statement analysis. (b) Perform each of the three...
The paved parking lot depicted in Figure P11.8.4 drains as sheet flow into a concrete side channel that discharges into a stormwater-management pond. The travel time across the parking lot as sheet...
The following purchase related transactions for Axiom, Inc., occurred during the month of February. Requirement 1. Journalize the transactions for Axiom, Inc. Omit explanations. Feb 3 Purchased...
Comer Company produces and sells strings of colorful indoor/outdoor lights for holiday display to retailers for $8.12 per string. The variable costs per string are as follows: Direct materials...
A restaurant chain owns many restaurants in Dubai. The management receives complaints from its customers about restaurants' poor quality of products and services. As a consultant, draw an appropriate...
The Income Statement and Balance Sheet consistently tell a financial story. That story has many chapters and can change dramatically based upon macroeconomic conditions. Locate the Form 10-K of a...
As a financial advisor at RedHat International (RHI), you have been asked to evaluate two capital investment alternatives submitted by the shipping department. Before beginning your analysis, you...
Krauss Leasing Company signs a lease agreement on January 1, 2015, to lease electronic equipment to Stewart Company. The term of the non-cancelable lease is 2 years, and payments are required at the...
At December 31, 2015, Hillyard Corporation has a deferred tax asset of 200,000. After a careful review of all available evidence, it is determined that it is probable that 60,000 of this deferred tax...
In early January 2014, Reymont Corporation applied for a trade name, incurring legal costs of $18,000. In January 2015, Reymont incurred $7,800 of legal fees in a successful defense of its trade...
The Dotson Company, owner of Bleacher Mall, charges Rich Clothing Store a rental fee of $$600$ per month plus 5% of yearly profits over $$500$,000. Matt Rich, the owner of the store, directs his...
For 2015, Benjamin Inc. computed its annual postretirement expense as 240,900. Benjamins contribution to the plan during 2015 was 160,000. Prepare Benjamins 2015 entry to record postretirement...
A 2 mC point charge in an electric field of E = 2 x 10 N/C. What is the electric force on the charge?
You are interested in investing and are considering a portfolio comprised of the following two stocks. Their estimated returns under varying market conditions are provided: (note: it is difficult to...
The Lord Company purchased a machine on January 2, 2007 for $70,000. The machine had an expected residual value of $10,000, an expected life of eight years or 24,000 hours, and a capacity to produce...
Discounting of Notes Payable On October 30, 2007 the Sanchez Company acquired a piece of machinery and signed a 12-month note for $24,000. The face value of the note includes the price of the...
What is financial capital? Why is capital maintenance important?
A process is said to be uniform if there is (a) No change with time (b) No change with location over a particular region (c) Both(a) and (b) (d) Neither (a) nor (b).
In a throttling device the (a) Isentropic process takes place (b) Gas undergoes compression process slowly and adiabatically (c) Cooling effect is always obtained (d) None of these.
Throttling is an (a) Isentropic process (c) Isobaric process (b) Isochoric process (d) Isenthalpic process.

On December 31, 2024, Punch Company reported inventory per physical count at P1,500,000. The entity revealed...

Question:

Expert Answer:

The correct amount of inventory on December 31 2024 is P 1 530 000 P 1 500 000 P 100 ... View the full answer

Intermediate Accounting

Students also viewed these accounting questions