Indicate weather the following transactions will be included in that is, directly increase the GDP of the United Sextes.

Treetopplers, a U.S. lumber company, produces wood at a plant in Oregon on September 19, 2020. It sells the wood to Buildit and Partners, a developer, for use in the production of a new house that will be built in the United States in 2020. (Note: Focus exclusively on whether production of the wood increases GDP directly, and ignore the effect of production of the new house on GDP.) An accountant starts a client's 2020 tax return on April 14, 2021, finishing it just before midnight on April 15, 2021.

Answers

Answer 1

Answer:

Treetopplers, a U.S. lumber company, produces wood at a plant in Oregon on September 19, 2020. It sells the wood to Buildit and Partners, a developer, for use in the production of a new house that will be built in the United States in 2020. - it will not be included

An accountant starts a client's 2020 tax return on April 14, 2021, finishing it just before midnight on April 15, 2021. - excluded

Explanation:

Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year

GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export

Consumption spending includes spending by households on goods and services. Consumption spending includes :  

spending on durables - e.g. laptop  

spending on nondurables - e.g. clothes, food

spending on services  - e.g. payment of hospital bill  

the purchase of a textbook by a student is an example of consumption spending on durable goods

Investment - It includes purchases of goods and services made by businesses in the production of goods and services

the airplane purchased by the airline would be used to provide services for airline customers. Also, the packing boxes bought by Amazon would be used in delivering goods to customers  

Government spending - It includes government consumption expenditure and gross investment.  The purchase of a new  limousine for the president is an example of consumption expenditure

Items not included in the calculation off GDP includes:  

1. services not rendered to oneself

2. Activities not reported to the government  

3. illegal activities

4. sale or purchase of used products

5. sale or purchase of intermediate products

The wood sold is an intermediate good and would not be included in the GDP

The tax returns would be included in 2021s GDP and not in 2020


Related Questions

To assign overhead costs to each product, the company:_____.
a. multiplies the activity-based overhead rates per cost driver by the number of cost drivers expected to be used per product.
b. assigns the cost of each activity cost pool in total to one product line.
c. multiplies the overhead rate by the number of direct labor hours used on each product.
d. multiplies the rate of cost drivers per estimated cost for the cost pool by the estimated cost for each cost pool.

Answers

Answer:

a. multiplies the activity-based overhead rates per cost driver by the number of cost drivers expected to be used per product.

Explanation:

Costing is the measurement of the cost of production of goods and services by assessing the fixed costs and variable costs associated with each step of production.

Generally, an activity-based costing uses multiple cost pools such as manufacturing cost or customer services and multiple cost drivers such as direct labor hours worked, number of changes used in engineering department, etc.

Cost pool is simply the amount of money spent by a firm on a particular activity.

Hence, to assign overhead costs to each product, the company multiplies the activity-based overhead rates per cost driver by the number of cost drivers expected to be used per product.

In activity-based costing, the activity rate for an activity cost pool is calculated by using the following formula;

Activity rate = total overhead cost/activity for the activity cost pool.

Midsouth Stitchery wants to improve their productivity. Their process yield is currently 91.56% based on 9816 yards of material. If they are going to improve their productivity to 92.10, how many yards of finished material will they have to produce from the same amount of material input

Answers

Answer:

9,040.54 yards

Explanation:

Input material amount I = 9,816 yards

Productivity P = 92.10%

Let Output Material amount be O

O = I * P

O = 9,816 yards * 0.9210

O = 9040.536

O = 9040.54 yards

So, the unit of yards they will have to produce from the same amount of material input is 9,040.54 yards

The next two questions use the following data from TGX Global, a heavy equipment manufacturer (this information will be repeated on the next question): TGX Global sells excavators, with an average sale price of $500,000 per excavator. TGX received new orders for 90 excavators in 2018. TGX produced & delivered 120 excavators in 2018: 50 excavators were ordered in 2017 and the rest (70 excavators) were ordered in 2018. TGX received payment for 110 excavators. TGX began selling 1-year maintenance services contracts for $50,000 per excavator in 2018, which begin after the excavator is delivered. Contracts were sold on 50% of all excavator orders made in 2018 (no contracts were sold on orders placed in 2017). Assume all excavators delivered in 2018 are delivered at year end, calculate TGX’s 2018 revenue based on the transactions described above.

Answers

TGX’s 2018 revenue depends upon the given transactions is $60 million.

The calculation of TGX’s 2018 revenue depends upon the given transactions is as follows:

TGX’s 2018 Revenue  is

= TGX produced & delivered excavators in the year 2018 × Sale Price per excavator

= 120 Excavator × $500,000

= $60 Millions.

Working Notes:

1. The revenue for the year 2018 should be recorded at that time period where the products are sold.

2. The revenue for the maintenance service contract should be recorded in the year when the service is provided not in that year where the contract service should be sold as it is treated as the unearned revenue till the service is provided  

Therefore we can conclude that TGX’s 2018 revenue depends upon the given transactions is $60 million

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Describe the three levels of selectivity. Describe an example for each.

Answers

Hi, you've asked an unclear question. However, I assume you're referring to levels of college selectivity.

Three levels of selectivity (college selectivity) are:

Most selective

Extremely selective

Very selective

Most selective: Colleges with this level of selectivity are said to accept fewer than 15% of all applicants, examples include, Harvard University, Johns Hopkins University, Stanford University

, Massachusetts Institute of Technology.

Extremely selective: Colleges with this level of selectivity are said to accept fewer than 35% of all applicants. Institutions under this category include Boston University, New York University, Georgia Institute of Technology, etc.

Very selective: The Colleges under this category accept fewer than 50% of all applicants. Examples are George Washington University, Kenyon College, Lafayette College,

North Carolina State University, etc.

These are some of the selectivity levels, you could find more Information from other online resources.

A machine costing $56,894 with a 6-year life and $51,236 depreciable cost was purchased January 1. Compute the yearly depreciation expense using straight-line depreciation. Round your answer to the nearest whole dollar.

Answers

Answer:

$8539

Explanation:

Depreciation is a method of expensing the cost of an asset.

Yearly deprecation expense =depreciable cost / useful life

depreciable cost = cost of the machine - salvage value

51,236 / 6 = $8539.33

8539

To round off to the nearest dollar, look at the first number after the decimal, if it is less than 5, add zero to the units term, If it is equal or greater than 5, add 1 to the units term.

Moccasin Company manufactures cotton shirts. 18,000 shirts are produced during the first week of July. The unit quantity standard is 3 meters cloth per shirt and the actual quantity used was 0.50 meters per shirt. Determine the quantity of cloth that should be used for the actual output of 18,000 shirts.

Answers

Answer: 54,000 meters

Explanation:

When determining the quantity of cloth t be used in the making of the shirts, it is best to use the standard quantity because this is what the company thinks that it needs to be able to produce a shirt.

Quantity of cloth for 18,000 shirts:

= Number of shirts * standard quantity per shirt

= 18,000 * 3

= 54,000 meters

A research study showed that adolescents who watched more than 4 hours of TV per day were more than five times as likely to start smoking as those who watched less than 2 hours a day. The researchers speculate that TV actors’ portrayals of smoking as personally and socially rewarding were an effective indirect method of tobacco promotion.

List the factors that you think cause adolescents to start smoking. (You may select more than one answer. Click the box with a check mark for the correct answer and double click to empty the box for the wrong answer.)

Curiosity
Parents who smoke
Friends who smoke
Seeing teenagers smoke in movies and TV
Boredom
Wanting to look cool
School health classes explaining the harmful effects of smoking\
High cigarette sales taxes

Answers

Answer:

peer pressure

Explanation:

when your friend is convincing u in doing some thing wrong

Curiosity, Friends who smoke, Seeing teenagers smoke in movies and TV and Wanting to look cool are some of the reason of adolescents to start smoking.

What are the cause of smoking?

Cigarette smoking is linked to cancer, heart disease, stroke, lung disease, diabetes, and chronic obstructive pulmonary disease, which includes emphysema and chronic bronchiti.

Tobacco use raises the risk of tuberculosis, some eye illnesses, and immune system problems such as rheumatoid arthritis.

Thus, option A, C, D and F are correct.

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Construct an amortization schedule for the first three months and the final three months of payments for a 30-year, 7 percent mortgage in the amount of $90,000. What percentage of the third payment is principal

Answers

Answer:

a. First three months and final three months of payments:

Monthly Amortization Schedule  

 Beginning Balance Interest Principal Ending Balance

1 $90,000.00 $525.00 $73.77 $89,926.23

2 $89,926.23 $524.57 $74.20 $89,852.03

3 $89,852.03 $524.14 $74.63 $89,777.39

358 $1,775.56 $10.36 $588.41 $1,187.15

359 $1,187.15          $6.93 $591.84 $595.30

360 $595.30          $3.47 $595.30 $0.00

b. The percentage of the third payment that is principal is 12.46% ($74.63/$598.77 * 100)

Explanation:

a) Data and Calculations:

Mortgage loan = $90,000

Interest rate = 7%

Period of mortgage = 30 years

Repayment = monthly

Monthly Pay:   $598.77

Total number of payments = 360

Loan Payments = $215,558.01

Total Interest = $125,558.01

You have been asked by the president of your company to evaluate the proposed acquisition of a new special-purpose truck for $250,000. The truck falls into the MACRS three-year class, and it will be sold after three years for $50,000. Use of the truck will require an increase in NWC (spare parts inventory) of $5,000. The truck will have no effect on revenues, but it is expected to save the firm $80,000 per year in before-tax operating costs, mainly labor. The firm's marginal tax rate is 21 percent. What will the operating cash flow for this project be during year 3

Answers

Answer:

Please find the complete solution in the attachment file.

Explanation:

Please find the attachment table for the 3 years of cash flow:

During the year, Hamlet Inc. paid $22,000 to have bond certificates printed and engraved, paid $120,000 in legal fees, paid $18,000 to a CPA for registration information, and paid $280,000 to an underwriter as a commission. What is the amount of bond issue costs

Answers

Answer:

the issuance cost of the amount of the bond is $440,000

Explanation:

The computation of the issuance cost of the amount of the bond is given below:

Bond Certificate printing cost  $22,000

Legal fees paid $120,000

CPA registration $18,000

Underwriting Commission $280,000

Total Bond issue costs $440,000

Hence, the issuance cost of the amount of the bond is $440,000

Zell Company had sales of $1,800,000 and related cost of merchandise sold of $1,150,000 for its first year of operations ending December 31, 20Y3. Zell Company provides customers refunds and allowances for any damaged merchandise. At the end of the year, Zell Company estimates that customers will request refunds and allowances for 1.5% of sales. Assume that on February 3, 20Y4, Zell Company paid a customer a $5,000 cash refund for damaged merchandise. Required: (a) Journalize the adjusting entry on December 31, 20Y3, to record the expected customer refunds and allowances\.\* (b) Journalize the entry to record the cash refund\.\* *Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Answers

Solution :

a).      Date                 Description                       Debit($)                   Credit($)

  31st Dec 20Y3           Sales                              27,000

                              (1,800,000 x 1.5%)        

                             Customer refunds payable                                    27,000    

                             

                             Estimated sales return           16,000

                              inventory

                           Cost of merchandise sold                                        16,000

b).     Date                 Description                       Debit($)                   Credit($)

  3 Feb, 20Y4   Customer refund payable        5000

                          Cash                                                                           5000

                         Merchandise inventory              3100

                        Estimated return inventory                                        3100

Flagstaff Company has budgeted production units of 9,800 for July and 10,000 for August. The direct labor requirement per unit is 0.40 hours. Labor is paid at the rate of $20 per hour. The total cost of direct labor budgeted for the month of August is: Multiple Choice $78,400. $4,000. $80,000. $3,920. $158,400.

Answers

Answer: $80,000

Explanation:

There are 10,000 units budgeted for August.

The number of hours it takes to complete a single unit is 0.40 hours.

Each hour is going to cost $20.

Budgeted direct labor for August is:

= Units budgeted * Number of hours required per unit * Cost of labor

= 10,000 * 0.40 * 20

= $80,000

Who are the primary regulatory entities of the real estate business?

Answers

Answer:

State regulation State governments are the primary regulatory entities of the real estate business. State governments establish real estate license laws and qualifications

Explanation:

A simple definition of real estate is that it is air, water, land, and everything

affixed to the land. Real estate in the United States may be owned privately by

individuals and private entities or publicly by government entities. Private

ownership rights in this country are not absolute. The government can impose

taxes and restrictions on private ownership rights, and it can take private

property away altogether. In addition, other private parties can exert their rights

and interests on one's real property. A bank, for example, can take a property if

the owner fails to pay a mortgage. A neighbor can claim the right to walk across

one's property whether the owner likes it or not, provided he or she has done so

for a certain number of years.

In attempting to define real estate, it is essential to understand what rights and

interests parties have in a parcel of real estate. And to understand real estate

rights and interests, one must first recognize the distinctions between:

 land and real estate

 real estate and property

 real property and persnal pro[perty

You have tickets to go to Jamaica over spring break. Just this week your best friend informs you that he (she) is getting married over spring break. Your friend would like you to stay back in the city and be the wedding attendant. The tickets to Jamaica are nonrefundable. Which of the following is a sunk cost relating to your decision of attending the wedding or going on the trip to Jamaica?

a. The cost of wedding gift.
b. The cost of the airline tickets to Jamaica.
c. The cost of the clothing you will have to buy/rent to be in the wedding.
d. The cost of the rent on your apartment for the month

Answers

B it lost its value when it was non refeundable

K Company estimates that overhead costs for the next year will be $3,441,000 for indirect labor and $930,000 for factory utilities. The company uses direct labor hours as its overhead allocation base. If 93,000 direct labor hours are planned for this next year, how much overhead would be assigned to a product requiring 5 direct labor hours

Answers

Answer:

$235.00

Explanation:

Calculation to determine how much overhead would be assigned to a product requiring 5 direct labor hours

Overhead assigned to direct labor hours=[($3,441,000 + $930,000)/93000 direct labor hours]*5 direct labor hours

Overhead assigned to direct labor hours=($4,371,000/93,000)* 5 direct labor hours

Overhead assigned to direct labor hours= $47 per direct labor hour* 5 direct labor hours

Overhead assigned to direct labor hours= $235.00

Therefore how much overhead would be assigned to a product requiring 5 direct labor hours will be $235

Which of the following types of mortgages would be most advantageous to have on your house if you expected the annual rate of inflation would be higher than most people thought?
a. reverse annuity mortgage
b. interest-only mortgage
c. adjustable-rate mortgage
d. fixed-rate mortgage

Answers

Answer:

d. fixed-rate mortgage

Explanation:

Inflation can be defined as the persistent general rise in the price of goods and services in an economy at a specific period of time.

Generally, inflation usually causes the value of money to fall and as a result, it imposes more cost on an economy.

On a related note, when the level of inflation is low in a particular country; their current account balance would be high. However, when the level of inflation is high; it results in low growth and as such increases the home country's current account balance, other things being equal (ceteris paribus).

Hence, if you anticipate a higher annual rate of inflation than most people thought, the fixed-rate mortgage would be most advantageous to have on your house because the interest is fixed or constant over the life of the mortgage loan.

A fixed-rate mortgage can be defined as an installment or fully amortizing mortgage loan that has a fixed (constant) interest rate that doesn't change throughout the entire duration of the loan.

This ultimately implies that, an equal amount of money is paid as principal and interest throughout the life of the mortgage loan.

What kind of business can you start without start up capital?​

Answers

Answer:

Blog or Vlog

Explanation:

you can start a daily life Blog in social media.

vai trò của đạo đức trong doanh nghiệp là gì

Answers

Explanation:

Đạo đức kinh doanh giúp doanh nghiệp duy trì mối quan hệ tốt hơn và hài hòa với xã hội, khách hàng, nhân viên và các ngành hữu quan. ... Đạo đức kinh doanh có một vai trò quan trọng trong việc nâng cao lợi nhuận và năng suất của doanh nghiệp và cải thiện thiện chí của doanh nghiệp trên thị trường.  

đánh dấu tôi là não nhất làm ơn giúp tôi và cảm ơn

Warren Co. recorded a right-of-use asset of $820,000 in a 10-year finance lease. The interest rate charged by the lessor was 10%. The balance in the right-of-use asset after two years will be:

Answers

Answer:

$656,000

Explanation:

Calculation to determine what The balance in the right-of-use asset after two years will be

Using this formula

Right-of-use asset after 2 years balance=Value of Asset- (Value of Asset*Used year)/Estimated Life

Let plug in the formula

Right-of-use asset after 2 years balance= $820,000 - ($820,000 / 10) * 2

Right-of-use asset after 2 years balance=$820,000-$164,000

Right-of-use asset after 2 years balance= $656,000

Therefore The balance in the right-of-use asset after two years will be:$656,000

Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2016, were inventory, $51,900; total assets, $209,400; common stock, $81,000; and retained earnings, $54,682.)
CABOT CORPORATION Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Interest expense Income before taxes Income taxes 450,600 297,250 153,350 99,200 4,300 49,850 20,082 $ 29,768 Net income CABOT CORPORATION Balance Sheet December 31, 2017 Liabilities and Equity Assets Cash Short-term investments Accounts receivable, net Notes receivable (trade)* Merchandise inventory Prepaid expenses Plant assets, net Total assets $ 18,000 Accounts payable 18,500 4,600 3,600 9,400 Accrued wages payable 30,600 Income taxes payable 5,500 38,150 Long-term note payable, secured by 65,400 mortgage on plant assets 2,600 Common stock 153,300 Retained earnings 81,000 84,450 $ 257,550 $ 257,550 Total liabilities and equity
* These are short-term notes receivable arising from customer (trade) sales.
Required:
Compute the following: (1) current ratio, (2) acid-test ratio, (3) days' sales uncollected, (4) inventory turnover, (5) days' sales in inventory, (6) debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total asset turnover, (10) return on total assets, and (11) return on common stockholders' equity. (Do not round intermediate calculations.)

Answers

Answer:

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Heat Tough Inc. makes heat-proof copper cookware in the United States, and it is looking to distribute its products in Europe. Rather than build and maintain a manufacturing facility in the United Kingdom, the company decides to ship its products directly from its plant in Illinois. What type of entry mode is the company using

Answers

Answer: Exporting

Explanation:

Exporting is the cheapest method of entering another market because it does not involve the building or maintenance of any business in the new market and neither does it involve any profit sharing as all the profits go to the company exporting.

With exporting, a company just ships its products to the new market it wants to enter without establishing a presence. Companies there will then buy these goods and sell them. This is what Heat Tough Inc is doing so this must be exporting.

Timely Transport provides local delivery service for a number of downtown and suburban businesses. Delivery charges are based on distance and weight involved for each delivery: 21 cents per pound and 16 cents per mile. Also, there is a $26 handling fee per parcel.
a. Develop an expression that summarizes delivery charges. (Round your answers to 2 decimal places. Omit the "$" sign in your response.)
y = $
x1 + $
x2 + $
b. Determine the delivery charge for transporting a 50-pound parcel 30 miles. (Do not round your intermediate calculation. Round your answer to 2 decimal places. Omit the "$" sign in your response.)
y = $

Answers

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Following are the solution to the given points:

For point a:

Allow 'Y' dollars for delivery fees.

[tex]\to Y= (0.30)X_1+ (0.10)X_2 + 20[/tex]

when [tex]X_1[/tex] is the parcel's weight in pounds and [tex]X_2[/tex] is the delivery distance in miles.  

For point b:

when driving 30 kilometers with a 50-pound package:

[tex]\to X_1= 50\\\\\to X_2= 30[/tex]

Calculating the shipping fees:

[tex]\to Y= (0.30)X_1+ (0.10)X_2 + 20 \\\\\to Y= (0.30)50+ (0.10)30 + 20 \\\\[/tex]

        [tex]= (0.30)50+ (0.10)30 + 20 \\\\= 15+ 3 + 20 \\\\=\$38[/tex]

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Inacio Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory 2,300 Materials costs $ 14,400 Conversion costs $ 6,500 Percent complete with respect to materials 75% Percent complete with respect to conversion 20% Units started into production during the month 11,000 Units transferred to the next department during the month 9,900 Materials costs added during the month $ 173,500 Conversion costs added during the month $ 243,500 Ending work in process inventory: Units in ending work in process inventory 3,400 Percent complete with respect to materials 90% Percent complete with respect to conversion 30% The cost per equivalent unit for materials for the month in the first processing department is closest to: Multiple Choice $12.21 $13.15 $11.90 $14.50

Answers

Answer:

Inacio Corporation

The cost per equivalent unit for materials for the month in the first processing department is closest to:

= $14.50

Explanation:

a) Data and Calculations:

                                                        Units    Materials    Conversion

Beginning work in process           2,300     $14,400      $6,500

Percentage of completion                              75%           20%

Units started during the month   11,000

Total units available                     13,300

Units transferred to the next       9,900      100%         100%

Ending work in process               3,400        90%          30%

Costs added during the month               $173,500    $243,500

Equivalent units of production:

                                                          Units    Materials        Conversion

Units transferred to the next       9,900      9,900 (100%)   9,900 (100%)

Ending work in process               3,400       3,060 (90%)     1,020 (30%)

Equivalent units of production                   12,960             10,920

Costs of production:                   Materials  Conversion

Beginning work in process           $14,400      $6,500

Costs added during the month    173,500    243,500

Total costs of production           $187,900  $250,000

Cost per equivalent unit:             Materials  Conversion

Total costs of production            $187,900  $250,000

Equivalent units of production       12,960        10,920

Cost per equivalent unit               $14.50       $22.89

Define each of the following investment rules and discuss any potential shortcomings of each. In your definition, state the criterion for accepting or rejecting independent projects under each rule. a. Payback period. b. Average accounting return. c. Internal rate of return. d. Profitability index. e. Net present value

Answers

internal rate of return

True or false? if false explain. An internally held public debt is like a debt of the left hand owed to the right hand.

Answers

Answer:True

Explanation: AN internally held debt is like a debt of the left hand owned to the right hand. This is a true statement. Left hand and right hand is ib the same body. Similarly,internal debit is taken from public of one's own nation. Just like things are in left hand or right hand, it remains in same person. Similarly, internal debit is borrowed from the people of the nation itself and is held within the nation.

Garcia Co. issued bonds with detachable common stock warrants. Only the warrants had a known market value. Cash proceeds exceed the sum of the fair value of the warrants and the face amount of the bonds. This excess is reported as:

Answers

Answer:

Discount on bond payable

Explanation:

since in the question it is mentioned that the company has issued the common stock warrants also the cash proceeds is more than the sum of the fair value + face value

So we presume that the bond are to be sold at the discount

Therefore the excess should be reported as the discount on bond payable

Consumer Price Index (CPI) is an
A. economic condition in which there is a decline in the price of
goods and services
B. economic measurement that helps determine changes in the
purchasing power of a dollar
c. economic condition in which money loses its purchasing power
and prices rise
D. amount of goods that can be purchased with a unit of currency

Answers

Answer:

B

Explanation:

The Consumer Price Index (CPI) measures monthly changes in prices for a range of consumer products

You want to invest $18,000 and are looking for safe investment options. Your bank is offering you a certificate of deposit that pays a nominal rate of 6% that is compounded semiannually. What is the effective rate of return that you will earn from this investment

Answers

Answer:

The correct solution is "6.09%".

Explanation:

Given:

Nominal rate,

= 6%

or,

= 0.06

As we know,

⇒ [tex]EAR = [(1+\frac{APR}{m} )^m]-1[/tex]

By substituting the values, we get

             [tex]=[(1+\frac{0.06}{2} )^2]-1[/tex]  

             [tex]=[(1+0.03 )^2]-1[/tex]

             [tex]=1.0609-1[/tex]

             [tex]=6.09[/tex] (%)  

Lynn, an agent for Mindwonder Games LLC, executes an unauthorized contract with NOW Marketing Inc. The deal is highly advantageous to Mindwonder, and the company ratifies the contract. The contract is

Answers

Answer: c. valid

Explanation:

Even though at the time the contract was executed by the agent it was unauthorized, the fact that the company then ratifies the contract means that they agree with it and have now authorized it.

This would validate the contract because it now has the consent of the party that it was signed for which is Mindwonder Games LLC. Had the contract not been ratified then it would have been void.

Concord Corporation took a physical inventory on December 31 and determined that goods costing $225,000 were on hand. Not included in the physical count were $20,400 of goods purchased from Pelzer Corporation, FOB shipping point, and $22,000 of goods sold to Alvarez Company for $31,400, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end.

Required:
What amount should Stallman report as its December 31 inventory?

Answers

Answer:

$267,400

Explanation:

Calculation to determine What amount should Stallman report as its December 31 inventory?

Using this formula

December 31 inventory=Goods costing on hand+Goods purchased+FOB shipping point

Let plug in the formula

December 31 inventory=$225,000+$20,400+$22,000

December 31 inventory=$267,400

Therefore the amount that Stallman should report as its December 31 inventory is $267,400

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