Entries by mary WAMBUGU

On Jan 1, Year 1, Pungent corporation acquired 75% of Summer Corporation’s 200,000 outstanding common shares for 2,850,000.

September 6, 2019 in /by

On Jan 1, Year 1, Pungent corporation acquired 75% of Summer Corporation’s 200,000 outstanding common shares for 2,850,000. On Jan 1, the book value of Summer’s net assets was 3,000,000. Book value equaled fair value for all Summner’s assets and liabilities except land, which has a fair value 200,000 greater than book value, and equipment […]

 

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lpha Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, n30 and the net method is used.

September 6, 2019 in /by

lpha Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, n30 and the net method is used. > Alpha Company purchased on account $2,600 of merchandise from Bravo Company on May 2, 2016. > Alpha Company returned, to Bravo Company, $250 of this merchandise on May 3, 2016. > Freight charges related to this transaction […]

 

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On May 15, 2016 the Smoky Bear Company inventory storage facility was completely destroyed in a fire. O’Ffsite

September 6, 2019 in /by

On May 15, 2016 the Smoky Bear Company inventory storage facility was completely destroyed in a fire. O’Ffsite accounting records reflect the normal gross profit rate is 40% of sales. Sales to the date of the fire were $1,500,000. The April 50, 2016 inventory value was $500,000. Two purchases were made during May, before the […]

 

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Alpha Company has the following account balances information for fiscal year 2015 & 2016 (all balances are normal): Alpha Company December 31

September 6, 2019 in /by

Alpha Company has the following account balances information for fiscal year 2015 & 2016 (all balances are normal): Alpha Company December 31 Accounts 2016 2015 Merchandise Inventory $1,200,000  $800,000  Office Supplies 25,000 20,000 Sales 3,000,000 2,500,000 Cost of Goods Sold 2,500,000 1,600,000 Freight Out 15,000 10,000 What is the FY 2016 inventory turnover ratio? Enter […]

 

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