Spot rate A$1.00 = £0.37 Date Event Order £300,000 of inventory Purchase takes place as inventory shipped to Fujitsu Ltd | A$1.00 = £0.41 (FOB) End of financial year Inventory arrives at warehouse Payment of £300,000 to supplier 15 March 2019 11 May 2019 30 June 2019 A$1.00 = £0.43 02 July 2019 14 August 2019 A$1.00 = £0.42 A$1.00 = £0.39 Required: a) Prepare appropriate journal entries for each relevant event. nearest dollar). Show your working. b) What is a qualifying asset? Provide two (2) examples. (Round amounts to the

Spot rate A$1.00 = £0.37 Date Event Order £300,000 of inventory Purchase takes place as inventory shipped to Fujitsu Ltd | A$1.00 = £0.41 (FOB) End of financial year Inventory arrives at warehouse Payment of £300,000 to supplier 15 March 2019 11 May 2019 30 June 2019 A$1.00 = £0.43 02 July 2019 14 August 2019 A$1.00 = £0.42 A$1.00 = £0.39 Required: a) Prepare appropriate journal entries for each relevant event. nearest dollar). Show your working. b) What is a qualifying asset? Provide two (2) examples. (Round amounts to the

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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6. MNO Company is preparing the annual financial statements dated December 31, 2022. Information about inventory stocked for regular sale follows: Item A B C D Quantity on Hand 80 35 40 75 Unit Cost When Acquired €50 €20 €50 €40 Market Value at year end €30 €25 €80 €20 a) Compute the valuation for the December 31, 2022, inventory using the lower-of-cost-or-net realizable value basis and make necessary adjusting journal entries. b) Sold 15 units of A for €20 in cash, 3 units of B for €30 and 10 units of C for €75 cach in cash and written-off 5 units of D. Make necessary journal entries. 7. Improvements were made to the leased warehouse on June 01, 2021 at a cost of $ 22,000. The estimated life of the improvement is ten years. Lease contract terminates on December 31, 2025. Make necessary entries as of 31.12.2021 and 31.12.2022.
1 October 2020 10 October 2020 12 October 2020 17 October 2020 25 October 2020 27 October 2020 Each date is associated with a column NUMBER UNIT PRICE ( £) VALUE (£) Opening inventory 500 1.00 500 Purchases 200 1.10 220 Purchases 100 1.12 112 Sales 400 Purchases 300 1.25 345 Sales 250 Calculate the value of the closing inventory for Green Ltd at the end of October 2020 under: (i) First-in-first-out (FIFO) method of inventory valuation (ii) Weighted average cost (AVCO) method of inventory valuation
TRANSACTIONS DURING January 2019 Cost (OMR) Amount (OMR) 3000 3000 Date Particulars Units Beginning Inventory 300 200 10 15 January 1 January 2 January 11 Purchase January 18 Purchase Purchase 100 17 1700 300 20 6000 Total Purchase 900 13,700 Date Particulars Units Cost (OMR) Amount (OMR) January 8 Sales 300 30 9000 January 15 Sales 250 40 10000 Total Sales 550 19000 Required a) How would issues and closing inventory be valued using FIFO b) Give journal entry assuming that if the business follows perpetual inventory method
6. MNO Company is preparing the annual financial statements dated December 31, 2022. Information about inventory stocked for regular sale follows: Unit Cost When Acquired Item A B C D Quantity on Hand 80 35 40 75 €50 €20 €50 €40 Market Value at year end €30 €25 €80 €20 a) Compute the valuation for the December 31, 2022, inventory using the lower-of-cost-or-net realizable value basis and make necessary adjusting journal entries. b) Sold 15 units of A for €20 in cash, 3 units of B for €30 and 10 units of C for €75 each in cash and written-off 5 units of D. Make necessary journal entries.
Practice TRANSACTIONS DURING January 2019 Cost (OMR) | Amount (OMR) Date Particulars Units January 1 Beginning Inventory 300 10 3000 January 2 January 11 Purchase January 18 Purchase Purchase 200 15 3000 100 17 1700 300 20 6000 Total Purchase 900 13,700 Date Particulars Units Cost (OMR) Amount (OMR) January 8 Sales 300 30 9000 January 15 Sales 250 40 10000 Total Sales 550 19000 Required a) How would issues and closing inventory be valued using LIFO b) Give journal entry assuming that if the business follows perpetual inventory method
Make accounting entries for following perpetual inventory transaction Nov3,2019 sold inventory on credit to kcg inc. $27,800 cost $9000 term 3/10, n/30
Fujitsu Ltd purchases inventory from DFO Ltd, a listed British company. Relevant events and the spotrates at each date are shown as follows:Date Event Spot rate15 March 2019 Order £300,000 of inventory A$1.00 = £0.3711 May 2019 Purchase takes place as inventory shipped to Fujitsu Ltd(FOB)A$1.00 = £0.4130 June 2019 End of financial year A$1.00 = £0.4302 July 2019 Inventory arrives at warehouse A$1.00 = £0.4214 August 2019 Payment of £300,000 to supplier A$1.00 = £0.39Required:a) Prepare appropriate journal entries for each relevant event. (Round amounts to thenearest dollar). Show your working.b) What is a qualifying asset? Provide two (2) example
Fujitsu Ltd purchases inventory from DFO Ltd, a listed British company. Relevant events and the spotrates at each date are shown as follows:Date Event Spot rate15 March 2019 Order £300,000 of inventory A$1.00 = £0.3711 May 2019 Purchase takes place as inventory shipped to Fujitsu Ltd(FOB)A$1.00 = £0.4130 June 2019 End of financial year A$1.00 = £0.4302 July 2019 Inventory arrives at warehouse A$1.00 = £0.4214 August 2019 Payment of £300,000 to supplier A$1.00 = £0.39Required:a) Prepare appropriate journal entries for each relevant event. (Round amounts to thenearest dollar). Show your work.b) What is a qualifying asset? Provide two (2) examples.
Fujitsu Ltd purchases inventory from DFO Ltd, a listed British company. Relevant events and the spotrates at each date are shown as follows:Date Event Spot rate15 March 2019 Order £300,000 of inventory A$1.00 = £0.3711 May 2019 Purchase takes place as inventory shipped to Fujitsu Ltd(FOB)A$1.00 = £0.4130 June 2019 End of financial year A$1.00 = £0.4302 July 2019 Inventory arrives at warehouse A$1.00 = £0.4214 August 2019 Payment of £300,000 to supplier A$1.00 = £0.39Required:a) Prepare appropriate journal entries for each relevant event. show your working
The following information was obtained from the accor February 2020, the end of the financial year: Opening inventory Closing inventory Purchases Import duties Carriage on sales The cost of sales for the year ended 29 February 2020 amounted to Select one: a. R1 030 000 b. R1 080 000 c. R1 115 000 d. R1 065 000
TB EX Qu. 6-205 During 2021, a company sells... During 2021, a company sells 25 units of inventory. The company has the following inventory purchase transactions for 2021: Number Unit Date Transaction of Units Cost Total Cost Jan. 1 Beginning inventory Sep. 8 Purchase 20 $50 $1,000 10 78 780 30 $1,780 | Calculate ending inventory and cost of goods sold for 2021 assuming the company uses the weighted-average cost method. (Round weighted-average unit cost to 4 decimal places. Round your final answers to the nearest dollar amount.) Ending inventory Cost of goods sold ere to search ASUS
Fujitsu Ltd purchases inventory from DFO Ltd, a listed British company. Relevant events and the spot rates at each date are shown as follows: Date Event Spot rate 15 March 2019 Order £300,000 of inventory A$1.00 = £0.37 11 May 2019 Purchase takes place as inventory shipped to Fujitsu Ltd (FOB) A$1.00 = £0.41 30 June 2019 End of financial year A$1.00 = £0.43 02 July 2019 Inventory arrives at warehouse A$1.00 = £0.42 14 August 2019 Payment of £300,000 to supplier A$1.00 = £0.39 Required: Prepare appropriate journal entries for each relevant event and Show your working. What is a qualifying asset? Provide two (2) examples.