Please do not give solution in image format thanku Shown below is the activity for one of theproducts of Random Creations:January 1 balance, 85 units @ $54 $4,590Purchases:January 18: 45 units @ $56January 28: 45 units @ $57Sales:January 12: 35 unitsJanuary 22: 35 unitsJanuary 31: 50 unitsRequired:Compute the January 31 ending inventoryand cost of goods sold for January,assuming Random Creations uses FIFO.

First first out method is inventory valuation method, under this method units came first in store…

Answered: Shown below is the activity for one of…

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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O PowerPoint O from Towards a O Mail - Edjouline X E Content - ACG: X * CengageNOWv. x D (58) YouTube v2 cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inpro. Q < * * C WouTube O Maps ANKSHEET Entries for Notes Receivable Spring Designs & Decorators issued a 120-day, 4% note for $60,000, dated April 13 to Jaffe Furniture Company on account. Assume a 360-day year when calculating LANKSHEET interest. LGO a. Determine the due date of the note. LGO b. Determine the maturity value of the note. cl. Journalize the entry to record the receipt of the note by Jaffe Furniture. c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank. 24 068 s: 912 items Previous Next 回习 9 O 11:49
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E 1-4 Journal entries to record an acquisition Pam Company issued 480,000 shares of $10 par common stock with a fair value of $10,200,000 for all the voting common stock of Sun Company. In addition, Pam incurred the following costs: Legal fees to arrange the business combination $100,000 Cost of SEC registration, including accounting and legal fees 48,000 Cost of printing and issuing net stock certificates 12,000 Indirect costs of combining, including allocated overhead and executive salaries 80,000 Immediately before the acquisition in which Sun Company was dissolved, Sun’s assets and equities were as follows (in thousands): Book Value Fair Value Current assets $ 4,000 $ 4,400 Plant assets 6,000 8,800 Liabilities 1,200 1,200 Common stock 8,000 Retained earnings 800 Required: Prepare all journal entries on Pam’s books to record the acquisition.
Lumen INC. is preparing its 2020 year-end financial statements. Prior to any adjustments, inventory is valued at P76,050, based on a physical count. The following information has been found relating to certain inventory transactions.2. Goods costing P2,700 were received from a vendor on January 5, 2021. The related invoice was received and recorded on January 5, 2021. The goods were shipped on December 31, 2020, terms FOB shipping point. Which of the following statements is true?a. There is no effect on the ending inventory.b. There is no effect on the net income.c. The 2020 ending inventory is overstated.d. The 2020 net income is overstated. Include an explanation.
HI Exam A "Queue" is also known as what? a. Linked list b. LIFO C. FIFO d. Stack
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 Sales $ 562,795 2019 $ 299,200 338,803 Cost of goods sold Gross profit 191,488 223,992 107,712 Selling expenses 79,917 39,494 Administrative expenses 50,652 24,834 Total expenses 130,569 64,328 Income before taxes 93,423 43,384 Income tax expense 17,377 8,807 Net income $ 76,046 $ 34,577 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 Assets Current assets $ 38,127 $ 56,965 0 Long-term investments 700 97,740 Plant assets, net Total assets 107,436 $164,401 $ 136,567 Liabilities and Equity Current liabilities $ 20,348 Common stock 68,000 $ 24,003 68,000 8,500 63,898 Other paid-in capital 8,500 Retained earnings 39,719 Total liabilities and equity $164,401 $ 136,567 2020 $431,147 273,778 157,369 59,498 37,941 97,439 59,930 12,286 $ 47,644 2019 $ 50,967 4,550 57,629 $ 113,146 $ 19,801 50,000 5,556 37,789 $113,146 4

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