Managerial Accounting
6th Edition
ISBN: 9781259726972
Author: John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
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Question
Chapter B, Problem 19E
To determine
Concept introduction:
Present Value:
Present value of money means the present or current value of a future cash flow at a given rate of interest or return.
Future Value:
The future value is the value of present cash flow at specified time period and at specified
Requirement 1:
We have to determine whether it is a case of present value or future value, single or annuity and table that should be used and interest rate and period that should be used.
To determine
Concept introduction:
Present Value:
Present value of money means the present or current value of a future cash flow at a given rate of interest or return.
Future Value:
The future value is the value of present cash flow at specified time period and at specified rate of return.
Requirement 2:
We have to determine whether it is a case of present value or future value, single or annuity and table that should be used and interest rate and period that should be used.
To determine
Concept introduction:
Present Value:
Present value of money means the present or current value of a future cash flow at a given rate of interest or return.
Future Value:
The future value is the value of present cash flow at specified time period and at specified rate of return.
Requirement 3:
We have to determine whether it is a case of present value or future value, single or annuity and table that should be used and interest rate and period that should be used.
To determine
Concept introduction:
Present Value:
Present value of money means the present or current value of a future cash flow at a given rate of interest or return.
Future Value:
The future value is the value of present cash flow at specified time period and at specified rate of return.
Requirement 4:
We have to determine whether it is a case of present value or future value, single or annuity and table that should be used and interest rate and period that should be used.
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Your answer is partially correct.
Vaughn Corporation has the following capital stock outstanding at December 31, 2020:
7% Preferred stock, $100 par value, 15,700 shares issued and outstanding
000'
Common stock, no par, $10 stated value, 500,000 shares authorized,
380,000 shares issued and outstanding
000'008
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Stockholders' Equity
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6 - Practice: Chapter 6
Question 5 of 5
Sunland Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The follo
December 31.
Net Realizable
Item
Units
Cost per Unit
Value per Unit
Cameras:
Minolta
5
$163
$154
Canon
6
154
156
Light Meters:
Vivitar
12
120
112
Kodak
17
120
135
What amount should be reported for inventory on Sunland Frame Camera Shop's balance sheet, assuming the
realizable value rule is applied?
The ending inventory
$
336
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e: Chapter 6
Question 5 of 5
Sunland Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inve
December 31.
Net Realizable
Item
Units
Cost per Unit
Value per Unit
Cameras:
Minolta
$163
$154
Canon
154
156
Light Meters:
Vivitar
12
120
112
Kodak
17
120
135
What amount should be reported for inventory on Sunland Frame Camera Shop's balance sheet,
realizable value rule is applied?
The ending inventory
$4
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