Business, 16.03.2020 21:10 itzygutierrez7373

Umatilla Bank and Trust is considering giving Bridgeport Corp. a loan. Before doing so, it decides that further discussions with Bridgeport’s accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $302,140. Discussions with the accountant reveal the following.

1. Bridgeport shipped goods costing $57,920 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until January 12. The goods were not included in the physical inventory because they were not in the warehouse.
2. The physical count of the inventory did not include goods costing $104,150 that were shipped to Bridgeport FOB destination on December 27 and were still in transit at year-end.
3. Bridgeport received goods costing $26,820 on January 2. The goods were shipped FOB shipping point on December 26 by Yanice Co. The goods were not included in the physical count.
4. Bridgeport shipped goods costing $48,100 to Ehler of Canada FOB destination on December 30. The goods were received in Canada on January 8. They were not included in Bridgeport physical inventory.
5. Bridgeport received goods costing $39,130 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of $302,140.

Required:
Determine the correct inventory amount on December 31.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 02:00

Ineed : ): will mark brainliest! describe sinek's golden circle. what does he use this for? sinek argues that "people don't buy 'what' you do; people buy 'why' you do it." what does he mean by this? do you agree or disagree with him? why? what are the advantages of hiring people who share the same beliefs and visions in terms of the company's 'why' or purpose? why wasn't tivo successful as a company? what is the difference between leaders and those who lead? how does safety contribute to trust and cooperation? what are some ways that leaders can make the company environment safe? what are the advantages of companies where employees feel safe and protected?

Answers: 2

Answer

Business, 22.06.2019 06:00

Transactions on april 1 of the current year, andrea byrd established a business to manage rental property. she completed the following transactions during april: opened a business bank account with a deposit of $45,000 from personal funds. purchased office supplies on account, $2,000. received cash from fees earned for managing rental property, $8,500. paid rent on office and equipment for the month, $5,000. paid creditors on account, $1,375. billed customers for fees earned for managing rental property, $11,250. paid automobile expenses for month, $840, and miscellaneous expenses, $900. paid office salaries, $3,600. determined that the cost of supplies on hand was $550; therefore, the cost of supplies used was $1,450. withdrew cash for personal use, $2,000. required: 1. indicate the effect of each transaction and the balances after each transaction: for those boxes in which no entry is required, leave the box blank. for those boxes in which you must enter subtractive or negative numbers use a minus sign. (example: -300)

Answers: 1

Answer

Business, 22.06.2019 15:20

Sauer food company has decided to buy a new computer system with an expected life of three years. the cost is $440,000. the company can borrow $440,000 for three years at 14 percent annual interest or for one year at 12 percent annual interest. assume interest is paid in full at the end of each year. a. how much would sauer food company save in interest over the three-year life of the computer system if the one-year loan is utilized and the loan is rolled over (reborrowed) each year at the same 12 percent rate? compare this to the 14 percent three-year loan.

Answers: 3

Answer

Business, 22.06.2019 19:40

On april 1, santa fe, inc. paid griffith publishing company $2,448 for 36-month subscriptions to several different magazines. santa fe debited the prepayment to a prepaid subscriptions account, and the subscriptions started immediately. what amount should appear in the prepaid subscription account for santa fe, inc. after adjustments on december 31 of the first year assuming the company is using a calendar-year reporting period and no previous adjustment has been made?

Answers: 1

Answer

You know the right answer?

Umatilla Bank and Trust is considering giving Bridgeport Corp. a loan. Before doing so, it decides t...

Questions