Marshland, Inc had the following consignment transactions during December: Inventory shipped on consignment to Connor Company........ $18,000 Freight paid by Marshland ................................ 900 Inventory received on consignment from Leshner Company.... 12,000 Freight paid by Leshner................................... 500 No sales of consigned goods were made through December 31
Marshland's December 31 balance sheet should include consigned inventory at
a. $18,900.
b. $18,000.
c. $12,500.
d. $12,000.
A
You might also like to view...
Exhibit 13-03 ? On January 1, 2017, Train, Inc accepted an $80,000, non-interest bearing 3 year note in exchange for equipment it sold to Steam Company. Train originally purchased the equipment for $125,000, and it had a book value of $75,000 on the date of the sale. The note was non-interest-bearing. An assumed 11% interest rate is implicit in the agreement. Actual information for 11%, three
periods, follows: ? Present value of 1 0.73119 Present value of annuity of 1 2.44371 ? ? Refer to Exhibit 13-03. What amount would Train record as interest income on December 31, 2017? A) $6,434 B) $8,800 C) $2,366 D) $0
A retailer with a relatively large trading area and higher than average profitability is most likely to have which type of store location?
a. saturated b. understored c. overstored d. oversaturated
E-mation, Inc hires Marvin to steal trade secrets from one of its competitors for $10,000 . Marvin demands half of the money up front. E-mation pays Marvin $5000 but Marvin decides not to pursue theft of the trade secrets. E-mation sues Marvin for the return of the $5000 . What will the court do with this contract?
a. The court will order Marvin to return the $5000. b. The court will order Marvin to return the $5000 with interest. c. The court will order Marvin to obtain the trade secrets. d. The court will not do anything to help E-mation get its money back.
The UCC requires that all contracts for the sale of goods must be in writing or in proper electronic form
a. True b. False Indicate whether the statement is true or false