Answered step by step
Verified Expert Solution
Question
1 Approved Answer
3-5 asap help thank you! 3. North Company is preparing the annual financial statements dated December 31, 2020. Information about inventory stocked for regular sale
3-5 asap help thank you!
3. North Company is preparing the annual financial statements dated December 31, 2020. Information about inventory stocked for regular sale follows: Item B D Quantity Unit Cost When Replacement Cost on Hand Acquired (market) at year end 100 $30 $20 80 25 28 35 55 58 75 40 35 a. Compute the valuation for the December 31, 2020, inventory using the lower of cost or market basis. Make necessary adjusting journal entry(ies) b. Sold 15 units of Item A at $25 each and written-off 5 units of Item D. Make necessary journal entries. 1 4. Improvements were made to the leased building on 01.May.2019 at a cost of $ 500,000. The estimated life of the improvement is 20 years. Lease contract terminates on 31.12.2035. Make necessary entries as of 01.05.2019, 31.12.2019 and 31.12.2020. 5. Make necessary entries for the following. a) $500 receivables of XYZ Co. is proved to be doubtful which $200 of it is granted portion. b) XYZ Co. collected $350. c) XYZ Co. collected $50 more and the rest is proved to be uncollectableStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started