Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cash Equipment (Net) Patent Inventory A/R (net) Total Assets Jaya Makmur Ltd Balance Sheet as 31 July 2019 (in a thousand Dollar) 69.000 84.000

image

Cash Equipment (Net) Patent Inventory A/R (net) Total Assets Jaya Makmur Ltd Balance Sheet as 31 July 2019 (in a thousand Dollar) 69.000 84.000 21.000 60.000 40.500 274.500 Capital A/P Long term- Liabilities Total Liabilities and equities 155.500 44.000 75.000 274.500 It is known that inventory at a cost of $ 5,300,000 has been shipped on consignment on July 31, 2019, and the balance of ending inventory in the above balance sheet is not include the consignment goods. Account Receivable amounting to $5,300,000 was recognized for the consignment. Then the nominal of inventory should be ?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

SOLUTION To calculate the nominal value of inventory we need to adjust the ending inventory balance in the given balance sheet to include the cost of inventory that was shipped on consignment First le... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper

1st Canadian Edition

9780132147538, 132889714, 013214753X , 978-0132889711

More Books

Students also viewed these Accounting questions

Question

Solve: |x 4| 0.01

Answered: 1 week ago