Business, 16.04.2020 03:39 oprajapati

The December 31, 2018, year-end inventory balance of the Raymond Corporation is $214,000. You have been asked to review the following transactions to determine if they have been correctly recorded. a. Goods shipped to Raymond f. o.b. destination on December 26, 2018, were received on January 2, 2019. The invoice cost of $32,000 is included in the preliminary inventory balance. b. At year-end, Raymond held $16,000 of merchandise on consignment from the Harrison Company. This merchandise is included in the preliminary inventory balance. c. On December 29, merchandise costing $6,200 was shipped to a customer f. o.b. shipping point and arrived at the customer’s location on January 3, 2019. The merchandise is not included in the preliminary inventory balance. d. At year-end, Raymond had merchandise costing $17,000 on consignment with the Joclyn Corporation. The merchandise is not included in the preliminary inventory balance. Required: Determine the correct inventory amount to be reported in Raymond’s 2018 balance sheet.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 11:50

After graduation, you plan to work for dynamo corporation for 12 years and then start your own business. you expect to save and deposit $7,500 a year for the first 6 years (t = 1 through t = 6) and $15,000 annually for the following 6 years (t = 7 through t = 12). the first deposit will be made a year from today. in addition, your grandfather just gave you a $32,500 graduation gift which you will deposit immediately (t = 0). if the account earns 9% compounded annually, how much will you have when you start your business 12 years from now?

Answers: 1

Answer

Business, 23.06.2019 01:30

Brian has just finished college. he wants to set up a small business to make and sell fireworks. he registers his company and acquires a license from the government. he finds that most of his competitors are selling fireworks at an extremely low price. he would like to make more money, so he decides to innovate and develop better fireworks. he sells his fireworks at a higher price, and they are a huge hit with the customers. after a few years, he earns enough profit to set up a bigger fireworks factory that complies with the government’s health and safety regulations. he even starts exporting fireworks overseas. which type of economy does this scenario describe?

Answers: 3

Answer

Business, 23.06.2019 06:50

Which of the following does not use any type of computer code in their work? a. web designer b. database administrator c. information security d. computer user support

Answers: 2

Answer

Business, 23.06.2019 08:30

1. using only the amounts given, compute net cash provided by operations, both without and with the reclassification of the receivables. which reporting makes moss look better? 2. under what condition would the reclassification of the receivables be ethical? 3. unethical?

Answers: 1

Answer

You know the right answer?

The December 31, 2018, year-end inventory balance of the Raymond Corporation is $214,000. You have b...

Questions