(Solution) If Collier Costumes, Inc. Has The Following Items At Year-end, How Much Should It Report As Cash On The Balance Sheet? | Snapessays.com

(Solution) If Collier Costumes, Inc. has the following items at year-end, how much should it report as cash on the balance sheet?

If Collier Costumes, Inc. has the following items at year-end, how much should it report as cash on the balance sheet? Cash in bank \$42,600 Cash on hand \$580 Post-dated checks \$1,420 Certificates of deposit \$90,000 \$42,600 \$43,180 \$44,600 \$133,180 On June 1, 2014, Vision Corporation consigned 100 TVs, costing \$1,000 each, to Future Electronics. The cost of shipping the TVs amounted to \$2,500 and was paid by Vision Corporation. On December 31, Future Electronics emailed a report to Vision, indicating that 72 of the TVs had been sold for \$1,800 each. Future also included remittance for the amount due, after deducting a commission of 5%, advertising of \$500, and installation costs of \$1,440. What amount should Vision Corporation include on its December 31, 2014 balance for the consigned TVs? 0 28,000 28,700 30,643 The following is a record of Meyer Corporation's inventory transactions for the current month: October 1 Balance, 500 units @ \$24 each October 9 Sale, 500 units @ \$51 October 12 Purchase 900 units @ \$26 each October 19 Sale, 800 units @ \$51 October 25 Purchase 600 units @ \$27 each Meyer uses the periodic inventory system. Using the LIFO method, what is the amount of ending inventory on October 31? \$18,900 \$16,800 \$34,600 \$17,200

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This question was answered on: May 23, 2022

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