On March 1, 2017, Parnevik Company sold goods to Goosen Inc. for $660,000 in exchange for a
Question:
(a) March 1, 2017,
(b) December 31, 2017.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 83% (6 reviews)
Parnevik should record revenue of 660000 on March 1 2017 which is the fair value of the inventory in ...View the full answer
Answered By
Madhur Jain
I have 6 years of rich teaching experience in subjects like Mathematics, Accounting, and Entrance Exams preparation. With my experience, I am able to quickly adapt to the student's level of understanding and make the best use of his time.
I focus on teaching concepts along with the applications and what separates me is the connection I create with my students. I am well qualified for working on complex problems and reaching out to the solutions in minimal time. I was also awarded 'The Best Tutor Award' for 2 consecutive years in my previous job.
Hoping to get to work on some really interesting problems here.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-1118742976
16th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Question Posted:
Students also viewed these Cost Accounting questions
-
On March 1, 2019, Parnevik Company sold goods to Goosen Inc. for $660,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $1,062,937 (an inputed rate of 10%). The goods...
-
A vessel displacing 8,000 tonnes with KG 8.4m, loaded 150 tonnes of cargo on the tween deck, KG 5.4m. Calculate the new KG.
-
The face amount of a bond is what you can sell it for. Do you agree? Explain.
-
(a) Let f(x)=2x+1. Use definition of the derivative to compute f'(x). (No other method will be accepted, regardless of whether you obtain the correct derivative.) (b) Find the tangent line to the...
-
1. What type of operations management does this scene showmanufacturing operations management or service operations management? 2. Are the customers directly involved in this operation? If they are,...
-
You need to separate toluene from a vapor-phase mixture of toluene and cyclohexane. Your colleague suggests that because the boiling point of toluene is higher, all you need to do is lower the...
-
Describe the six strategies of financial planning.
-
Ron Williams recently took over as the controller of Johnson Brothers Manufacturing. Last month, the previous controller left the company with little notice and left the accounting records in...
-
[The following information applies to the questions displayed below.] Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 12,100 units during...
-
Read the case study and answer the question below with a one page response. What does a SWOT analysis reveal about the overall attractiveness of Under Armours situation? Founded in 1996 by former...
-
Leno Computers manufactures tablet computers for sale to retailers such as Fallon Electronics. Recently, Leno sold and delivered 200 tablet computers to Fallon for S20,000 on January 5,2017. Fallon...
-
On July 10, 2017, Amodt Music sold CDs to retailers on account and recorded sales revenue of $700,000 (cost $560,000). Amodt grants the right to return CDs that do not sell in 3 months following...
-
Why do expat failures occur? How can MNCs minimise such failures?
-
1) What rights do victims have in your state, under both state and federal law (California)? Legally, are they all truly rights, or are some (or all) of them privileges? (What is the difference?) 2)...
-
1. Ken is walking in a train station, carrying a briefcase. The police have probable cause to believe there are drugs in the briefcase. The police follow him out of the train station. Ken walks...
-
1. The police had a warrant to arrest Dan for robbery. Dan was not in his own house but in his uncle's house as an overnight guest. The police broke into his uncle's house without a warrant and...
-
Erin Davenport was a bond analyst with the leading securities firm LaRue-Baker. In early August of last year, Erin was a guest analyst on the popular financial news show "Money Talks." During the...
-
A project is estimated to generate sales revenue of $10 million with expenses of $9 million. No change in net working capital is expected. Marginal profits will be taxed at a 25% rate. If the...
-
What is the difference between a relatively price elastic demand curve and a relatively price inelastic demand curve?
-
The Higher the time period of the financial security the higher the. ............... risk. O a. Maturity O b. Default and Maturity Oc. Default O d. Liquidity
-
What are factors to be considered in estimating the useful life of an intangible asset?
-
Columbia Sportswear Company acquired a trademark that is helpful in distinguishing one of its new products. The trademark is renewable every 10 years at minimal cost. All evidence indicates that this...
-
Izzy Inc. purchased a patent for $350,000 which has an estimated useful life of 10 years. Its pattern of use or consumption cannot be reliably determined. Prepare the entry to record the amortization...
-
Culver Company has the following two temporary differencesbetween its income tax expense and income taxes payable. Pretaxfinancial income Excess depreciation expense on tax return Excesswarranty ex...
-
Need help implementing Part 1 (The assignment), Part 2 (Implementation of the changes), and implementing the foreign exchange rates data (which should be CSV file to be read) into my Java banking...
-
Use Tinkercad. Complete a circuit and have a sketch (program) with explanation. Please show a picture of the built circuit . DIGITAL (PWM-) OO UNO RX ARDUINO Co. B3. B2 B1 BO B3 BZ BI BD. . O...
Study smarter with the SolutionInn App