This post is currently awaiting moderation.
Question
In: Accounting
Digger Enterprises Ltd. has prepared the following information to support an inventory valuation as of 31 December 20X3 (in thousands of dollars):
Digger Enterprises Ltd. has prepared the following information to support an inventory valuation as of 31 December 20X3 (in thousands of dollars):
Required:
Determine the amount of ending inventory that should be reported on the company’s SFP.
Solutions
Expert Solution
Items to be included in inventory:
|
Physical count |
$ 60,000 |
|
California sales tax |
1,500 |
|
Import excise tax |
2,000 |
|
Bonded inventory in U.S. dollars: US$11,000 × C$1.05 |
11,550 |
|
Total |
$75,050 |
Notes:
· Payments in advance (item b) are a receivable (or prepaid asset) until the goods are received.
· HST (item c) is not included as it decreases the amount of HST on sales that is due to the government.
· California sales tax (item d) is not recoverable and should be included as part of the cost of inventory.
The items being tested (item e) are already included in the physical count and should not be added in again.
Junaid answered 1 year agoRelated Solutions
The following financial information is available for Longmire Lumber Ltd. as at December 31 (in thousands,...
The following financial information is available for Longmire
Lumber Ltd. as at December 31 (in thousands, except for per share
amounts):
2021
2020
2019
Profit
$1,978
$2,131
$2,663
Preferred share dividends (total)
$73
$43
$30
Weighted average number of common shares
502
500
501
Dividends per common share
$2.50
$2.25
$2.10
Market price per common share
$43.00
$49.75
$56.25
(a)
Calculate the earnings per share, price-earnings ratio, and payout
ratio for the common shareholders for each of the three years....
Timber Creek prepared the following adjusted trial balance on December 31, 20X3. The company has completed...
Timber Creek
prepared the following adjusted trial balance on December 31, 20X3.
The company has completed preparation of financial statements and
is now ready to prepare closing entries.
TIMBER CREEK
Adjusted Trial Balance
As of December 31, 20X3
Debits
Credits
Cash
$
35,600
$
-
Accounts receivable
23,700
-
Supplies
7,500
-
Equipment
325,700
-
Accumulated depreciation
-
40,400
Accounts payable
-
34,800
Loan payable
-
100,000
Capital...
Stealcase’s Balance Sheet, as of December 31(thousands of dollars)
Stealcase’s Balance Sheet, as of December 31(thousands of
dollars)
2017
2018
2017
2018
Cash
30
25
Account
Payable
35
50
Accts Receivable
5
20
Bank Loan
25
25
Inventory
100
100
Accrued
Taxes
15 25
Current Assets
135
245
Long Term, Dept current portion
12 12
Current
Liabilities
87 112
Net Plant & Equip
200
250
Long-Term
Dept
100 95
Common Stock (10,000 shares)
100 100
Additional paid-in...
Yellow Enterprises reported the following ($ in thousands) as of December 31, 2021. All accounts have...
Yellow Enterprises reported the following ($ in thousands) as of
December 31, 2021. All accounts have normal balances.
Deficit (debit balance in retained earnings)
$
3,000
Common stock
2,000
Paid-in capital—share repurchase
1,000
Treasury stock (at cost)
400
Paid-in capital—excess of par
30,000
During 2022 ($ in thousands), net income was $9,000; 25% of the
treasury stock was resold for $450; cash dividends declared were
$600; cash dividends paid were $500.
What ($ in thousands) was shareholders' equity as of...
Suppose at December 31 of a recent year, the following information (in thousands) was available for...
Suppose at December 31 of a recent year, the following
information (in thousands) was available for sunglasses
manufacturer Oakley Inc.: ending inventory
$175,000; beginning inventory $119,000; cost of goods sold $414,540
and sales revenue $773,000.
Calculate the inventory turnover for Oakley, Inc.
(Round inventory turnover to 2 decimal places, e.g.
5.12.)
Calculate the days in inventory for Oakley, Inc.
(Round days in inventory to 0 decimal places, e.g.
125.)
Suppose at December 31 of a recent year, the following information (in thousands) was available for...
Suppose at December 31 of a recent year, the following
information (in thousands) was available for sunglasses
manufacturer Oakley Inc.: ending inventory
$153,357; beginning inventory $122,003; cost of goods sold $350,824
and sales revenue $820,884.
Calculate the inventory turnover for Oakley, Inc.
(Round inventory turnover to 2 decimal places, e.g.
5.12.)
Inventory turnover =
Calculate the days in inventory for Oakley, Inc.
(Round days in inventory to 0 decimal places, e.g.
125.)
Days in inventory =
Mobile Technology Ltd. reported an unadjusted balance of accounts receivable of $1,305,000 at 31 December 20X3,...
Mobile Technology Ltd. reported an unadjusted balance of
accounts receivable of $1,305,000 at 31 December 20X3, along with a
credit balance in the allowance for doubtful accounts of $83,500
and an allowance for sales discounts of $6,400. At year-end, the
company determined that an allowance of $13,500 for sales discounts
was needed. It also decided that $54,200 of accounts receivable
were uncollectible and should be written off. Of the remaining
receivables, it was determined that 45% were current, and of...
Balance Sheet as of December 31, 2018 (Thousands of Dollars) Cash $ 1,080 Accounts payable $...
Balance Sheet as of December 31, 2018 (Thousands of
Dollars)
Cash
$ 1,080
Accounts payable
$ 4,320
Receivables
6,480
Accruals
2,880
Inventories
9,000
Line of credit
0
Total current assets
$16,560
Notes payable
2,100
Net fixed assets
12,600
Total current liabilities
$ 9,300
Mortgage bonds
3,500
Common stock
3,500
Retained earnings
12,860
Total assets
$29,160
Total liabilities and equity
$29,160
Income Statement for January 1 - December 31, 2018
(Thousands of Dollars)
Sales
$36,000
Operating costs
32,440
Earnings before interest...
Following is financial information for NetFlix, Inc., for the year ended December 31, 2016 (in thousands)....
Following is financial information for NetFlix, Inc., for the
year ended December 31, 2016 (in thousands). Use the parsimonious
method of forecasting to project net operating
profit after tax (NOPAT) and net operating assets (NOA) for 2017
through 2020, inclusive.
Sales
$ 8,830,669
Net operating profit after tax (NOPAT)
261,828
Operating assets
11,852,828
Operating liabilities
7,542,499
Assume that net operating profit margin (NOPM) and net operating
asset turnover (NOAT) will remain at 2016 levels. Assume that sales
will grow at...
Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31,...
Simple Plan Enterprises uses a periodic inventory system. Its
records showed the following:
Inventory, December 31, using FIFO → 36 Units @ $15 = $540
Inventory, December 31, using LIFO → 36 Units @ $11 = $396
Transactions in the Following Year
Units
Unit Cost
Total Cost
Purchase, January 9
48
16
$
768
Purchase, January 20
98
17
1,666
Sale, January 11 (at $39 per unit)
78
Sale, January 27 (at $40 per unit)
54
Required:
Compute the number...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Parallel Arrays This question is in MindTap Cengage Summary In this lab, you use what you...
- 5. You have invested 30 percent of your portfolio in Jacob, Inc., 40 percent is Bella...
- JAVA Write a test program that prompts the user to enter a series of integers and...
- (2) Cite an example on how organizations like Google, Facebook, Youtube etc collect data for image...
- The legal landscape is perpetually changing. Psychologists must remain abreast of these changes to avoid potentially...
- We are evaluating a project that costs $1.68 million, has a six-year life, and has no...
- In C++ Having call-by-reference allows one to use storeback parameters, i.e., parameters whose values are transmitted...
ADVERTISEMENT