Stansbury Company determined its December 31, 2015 inventory to be $1,000,000 based on a physical count priced at cost. Additional information for the company is as follows:
?
Merchandise costing $90,000 was shipped FOB shipping point from a vendor on December 30, 2015. This merchandise was received and recorded on January 5, 2016.
?
Goods costing $120,000 were staged on the shipping dock and excluded from inventory although shipment was not made until January 4, 2016. The goods were billed to the customer FOB shipping point on December 30, 2015.
?
What is Stansbury's ending inventory for its December 31, 2015 balance sheet?
A. $1,000,000
B. $1,090,000
C. $1,120,000
D. $1,210,000
Answer: D
You might also like to view...
________ slides indicate which material has been covered and which section you are about to begin
A) Title B) Agenda C) Navigation D) Template E) Program
In the context of small businesses and the economy of a country,entrepreneurship rates are significantly lower in countrieswhere it is hard to get fired.
Answer the following statement true (T) or false (F)
Allocation of the historic costs of fixed assets against the annual revenue they generate is called ________
A) arbitraging B) securitization C) depreciation D) amortization
Erin, Jayne, and Kathryn form a general partnership. Kathryn, while on partnership business, accidentally caused a fire that burned down Bill's house. Bill successfully sued the partnership and each of the partners and received a judgment for $500,000. Bill decided seek payment on the judgment just from Erin and Jayne, since they were known to be independently wealthy. Erin and Jayne ________.
A. must divide the payment 50-50 B. can seek an injunction to prevent collection of the judgment since they were not involved in the tortious act C. may seek indemnification from the Kathryn, the partner who committed the tortious act. D. can avoid paying by dissolving the partnership immediately