Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need answer please answer all i really really just need it please d. 1,020,000 Terizla Company is a retailer and has five major product

i need answer please answer all i really really just need it please

image text in transcribed

image text in transcribed

d. 1,020,000 Terizla Company is a retailer and has five major product lines. At year-end, the entity provided the following inventory data: Units Unit cost 100 1,500 Shoes Tshirts 200 NRV per unit 2,020 450 1,350 310 300 470 1,300 300 500 Pants Underwear Polo shirts 400 500 580 9. What is the inventory at year-end using the lower of cost and net realizable value? a. 1,111,000 b. 1,004,000 1,000,000 d. 1,051,000 C . Odette Corporation is preparing the 2020 year end financial statements. Prior to any adjustments, inventory is valued at 6,000,000. Goods costing P250,000 were received from a vendor January 5, 2021. The related invoice was received and recorded on January 12, 2021. The goods were shipped December 31, 2020 FOB Shipping point Goods costing P850,000 were shipped on December 31, 2020 to a customer FOB shipping point. The goods were included in ending inventory for 2020 even though the sale was recoded in 2020. A P350,000 shipment of goods to a customer on December 31, 2020 FOB destination was not induded in the year end inventory. The goods cost P260,000 and were delivered to the customer on January 15, 2021. The sale was properly recorded in 2021. An invoice for goods costing PS50,000 was received and recorded as purchase on December 31, 2020. The related goods shipped FAS were in transit on December 31, 2020 and received on January 5, 2021 and were not induded in the physical inventory. A P1,050,000 shipment of goods to a customer on December 30, 2020 FOB Destination was recorded as a sale in 2020. The goods costing P850,000 and delivered to the customer on January 15, 2021 were not included in 2020 ending inventory. . 13. What is the correct inventory on December 31, 2020? a. b. 7,060,000 6,510,000 C 8,600,000 d. 6,800,000 Atlas Company purchased the following investments during 2020: Cost Security A Security B Classification Trading Trading Market Value December 31, 2020 900,000 1,000,000 1,000,000 1,600,000 On July 31, 2021, the entity sold all of the shares of Security B for P1,100,000. On December 31, 2021, the shares of Security A had a market value of P600,000. No other activity occurred during 2021 in relation to the trading security portfolio. 14. What total loss on the trading securities should be reported in the income statement for 2021? a. 400,000 900,000 C 500,000 d. 100,000 b. Aldous Corporation owned 50,000 ordinary shares held for trading. These 50,000 shares were purchased for P120 per share. During the year, the investee distributed 50,000 share rights to its investor. The investor was entitled to buy a one new share for P90 cash and two of these rights. Each share had a market value of P130 and each right had a market value of P20 on the date of issue. 15. What total cost should be recorded for the new shares that are acquired by exercising the rights? a. b. 2,250,000 3,250,000 C 3,050,000 d. 5,500,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Theory And Practice Of Australian Auditing

Authors: Schelluch Gul, Teoh, Andrew

1st Edition

0170092445, 978-0170092449

More Books

Students also viewed these Accounting questions

Question

Explain how syndicated loans are used in international markets.

Answered: 1 week ago