Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Save 3 Time: 54 minutes, 34 secur on Completion Status: > A Moving to another question will save this response. Question 5 4 points The

image text in transcribed
image text in transcribed
Save 3 Time: 54 minutes, 34 secur on Completion Status: > A Moving to another question will save this response. Question 5 4 points The Mateo Corporation's inventory at December 31, 2021, was $325.000 based on a physical count priced at cost, and before any necessary adjustment for the following: Question 5 of 25 Merchandise costing $30,000, shipped f.o.b. shipping point from a vendor on December 30, 2021, was received on January 5, 2022. Merchandise costing $22.000, shipped f.o.b. destination from a vendor on December 28, 2021. was received on January 3, 2022. Merchandise costing 538.000 was shipped to a customer f.o.b. destination on December 28, arrived at the customer's location on January 6, 2022 Merchandise costing $12.000 was being held on consignment by Traynor Company What amount should Mateo Corporation report as inventory in its December 31, 2021, balance sheet? $405.000 $325.000 5367.000 $427.000 ced AR Moving to another question will save this response. (Inventory Sure to do. wory nke 8 Time: 54 minutes, 46 secoll on Completion Status: > A Moving to another question will save this response. Question 3 of 25 Question 3 4 points Save Answe! The balance sheet of Cattleman's Steakhouse shows assets of $86,400 and liabilities of $15,000. The fair value of the assets is $90.000 and the fair value of its liabilities is $15,000. Longhorn paid Cattleman's 595,000 to acquire all of its assets and liabilities. Longhorn should record goodwill on this purchase of: 55,000 $20,000 $23,600 $3,600 Moving to another question will save this response anced AR Make sure to do: Log .4 (Inventory Safe Sng US

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

Financial and Managerial Accounting

Authors: Horngren, Harrison, Oliver

3rd Edition

978-0132497992, 132913771, 132497972, 132497999, 9780132913775, 978-0132497978

Students also viewed these Accounting questions