Tri-State Bank and Trust is considering giving Skysong Inc. a loan. Before doing so, management decides that further discussions with Skysong’s accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $332,800. Discussions with the accountant reveal the following.
1. Skysong Inc. sold goods costing $38,900 to Sorci Company, FOB shipping point, on December 28. The goods are not expected to arrive at Sorci until January 12. The goods were not included in the physical inventory because they were not in the warehouse.
2. The physical count of the inventory did not include goods costing $93,500 that were shipped to Skysong FOB destination on December 27 and were still in transit at year-end.
3. Skysong received goods costing $27,600 on January 2. The goods were shipped FOB shipping point on December 26 by Solita Co. The goods were not included in the physical count.
4. Skysong sold goods costing $47,000 to Natali Co., FOB destination, on December 30. The goods were received at Natali on January 8. They were not included in Skysong 's physical inventory.
5. Skysong received goods costing $43,100 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of $348,500.
Required:
Determine the correct inventory amount on December 31.
Answers: 2
Other questions on the subject: Business
Business, 21.06.2019 13:30, connorgking
Corporation b reported earnings per share of $10. corporation b has 100,000 shares of common stock outstanding and reported an increase in owners' equity of $400,000 for the period. corporation b paid $50,000 in interest expense during the period. corporation b paid dividends per share of
Answers: 3
Business, 21.06.2019 17:10, evelyng58
Suppose you have just been hired as the chief diversity officer of a large company. previous mentoring programs at this company have not been successful. after inquiring about previous efforts, you discover that most mentor pairs met just a few times, but very few lasting or meaningful mentoring relationships were created. there were also a significant number of employees that did not even attempt to seek out a mentor relationship. which of the following may be a reason why prior mentoring programs at your company failed? check all that apply. a) minorities and women are much less likely to develop mentoring relationships than white malesb) mentoring is not an effective way for organizations to develop female and minority employeesc) due to specific laws governing appropriate workplace behavior, senior-level male executives were reluctant to cultivate mentoring relationships with female employees, fearing negative repercussionsd) fear of creating a future competitor within the company, senior-level female executives were hesitant to mentor other female employees
Answers: 3
Business, 22.06.2019 10:20, jjimenez0276
Asmartphone manufacturing company uses social media to achieve different business objectives. match each social media activity of the company to the objective it the company achieve.
Answers: 2
Business, 22.06.2019 20:40, nikolas36
Aggart technologies is considering issuing new common stock and using the proceeds to reduce its outstanding debt. the stock issue would have no effect on total assets, the interest rate taggart pays, ebit, or the tax rate. which of the following is likely to occur if the company goes ahead with the stock issue? a. the roa will decline. b. taxable income will decline. c. the tax bill will increase. d. net income will decrease. e. the times-interest-earned ratio will decrease
Answers: 1
Do you know the correct answer?
Tri-State Bank and Trust is considering giving Skysong Inc. a loan. Before doing so, management deci...
Questions in other subjects:
Mathematics, 29.07.2019 12:00
Social Studies, 29.07.2019 12:00
History, 29.07.2019 12:00
