Mishima, Inc. indicated in a recent annual report that approximately $19 million of merchandise was received on
Question:
Mishima, Inc. indicated in a recent annual report that approximately $19 million of merchandise was received on consignment. Should Mishima, Inc. report this amount on its balance sheet? Explain.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 63% (11 reviews)
No Mishima Inc should not report this amo...View the full answer
Answered By
Charles mwangi
I am a postgraduate in chemistry (Industrial chemistry with management),with writing experience for more than 3 years.I have specialized in content development,questions,term papers and assignments.Majoring in chemistry,information science,management,human resource management,accounting,business law,marketing,psychology,excl expert ,education and engineering.I have tutored in other different platforms where my DNA includes three key aspects i.e,quality papers,timely and free from any academic malpractices.I frequently engage clients in each and every step to ensure quality service delivery.This is to ensure sustainability of the tutoring aspects as well as the credibility of the platform.
4.30+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
Question Posted:
Students also viewed these Accounting questions
-
In a recent annual report the chief executive officer of Kimberly-Clark outlined his plans as follows: We have four reportable global business segments: Personal Care, Consumer Tissue, K-C...
-
A recent annual report for Boston Beer Company contained the following data for the three most recent years (in millions of U. S. dollars): Assume that all investing activities involved acquisition...
-
A recent annual report issued by hhgregg revealed the following data: The company's income statement reported total annual revenue of $2,077.7 million and net income for the year of $48.2 million....
-
Henries Drapery Service is investigating the purchase of a new machine for cleaning and blocking drapes. The machine would cost $137,320, including freight and installation. Henries estimated the new...
-
Which practice has the most risk: importing/exporting? Licensing intellectual property? Or building a factory abroad?
-
Where does most tax research begin when someone is searching for an answer about a tax dispute?
-
Explain why mass transfer correlations for co-flow cannot be used for countercurrent flow.
-
In 2007 Chirac Enterprises issued, at par, 60 $1,000, 8% bonds, each convertible into 100 shares of common stock . Chirac had revenues of $17,500 and expenses other than interest and taxes of $8,400...
-
Current Attempt in Progress Compare the financial effects (ignore income tax) of using the FIFO and average inventory cost formulas during a period of declining prices on the following items: (1)...
-
The raw data for Problem 22, from Freund (1979), appear below. For the model of Problem 22, a. Fit the model. b. What discrepancies do you note between the results of (a) and the data summary...
-
What is the difference between a perpetual inventory and a physical inventory? If a company maintains a perpetual inventory, should its physical inventory at any date be equal to the amount indicated...
-
What is a product financing arrangement? How should product financing arrangements be reported in the financial statements?
-
Stella can handle about ten customers per hour at her one-person comic book store. The customer arrival rate averages about six customers per hour. Stella is interested in knowing the operating...
-
A fitness center is interested in the mean amount of time a client exercises in the center each week. identify: a. the population, b. the sample, c. the parameter, d. the statistic, e. the variable,...
-
A well-designed management information system using EDP equipment will include methods of assuring that the data are appropriate to the situation and are accurate. Required: a. Describe procedures...
-
The following control procedures over sales transactions are prescribed by the Harlan Company: 1. Credit department approval of credit sales. 2. Sales invoice for each shipping document. 3. Internal...
-
The customer billing function of the Robinson Company, a small paint manufacturer, is attended to by a receptionist, an accounts receivable clerk and a cashier who also serves as a secretary. The...
-
The Joppa Corporation's sales department receives all sales order (mail or phone), prepares the sales order form, and forwards a copy to the credit manager for credit approval. On indicating...
-
Use the data in Example 1 to construct a 95% confidence interval for the population proportion of U.S. adults who use Facebook. Data from Example 1 In a survey of 1550 U.S. adults, 1054 said that...
-
1. True or False. Pitfalls to consider in a statistical test include nonrandom samples, small sample size, and lack of causal links. 2. Because 25 percent of the students in my morning statistics...
-
A vessel initially contains 5.0 m3 of superheated steam at T = 300C and P = 1 bar. The vessel is sealed but is equipped with a piston-cylinder arrangement so that the volume can be changed (Figure...
-
What effect does intraperiod tax allocation have on reported net income?
-
Linus Paper Company decided to close two small pulp mills in Conway, New Hampshire, and Corvallis, Oregon. Would these closings be reported in a separate section entitled Discontinued operations...
-
Presented below are certain account balances of Wade Products Co InstructionsFrom the foregoing, compute the following: (a) total net revenue, (b) net income, (c) dividends declared during the...
-
Which scatterplot BEST displays the relationship between the age and height of a dog from the data shown in the table? Age of Dog (years) 0.25 0.75 1 1.5 2.5 4 9 12 Height of Dog (inches) 12 16 18 19...
-
If we assume unconfoundedness, then for these two people, there should be no other variables that have an effect on both the treatment and the outcome. So, by subtracting their outcomes, we should be...
-
At a Noodles & Company restaurant, the probability that a customer will order a nonalcoholic beverage is .34. a. Find the probability that in a sample of 9 customers, none of the 9 will order a...
Study smarter with the SolutionInn App