June 2012
Beginner
548 pages
15h 16m
English
book
Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition
by Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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ANALYSIS OF MULTIPLE-CHOICE TYPE QUESTIONS
- Question
(L.O. 1) At December 31, 2014, a physical count of merchandise inventory belonging to Klintworth Corp. showed $500,000 to be on hand. The $500,000 was calculated before any potential necessary adjustments related to the following:
- Excluded from the $500,000 was $80,000 of goods shipped FOB shipping point by a vendor to Klintworth on December 30, 2014 and received on January 3, 2015.
- Excluded from the $500,000 was $72,000 of goods shipped FOB destination to Klintworth on December 30, 2014 and received on January 3, 2015.
- Excluded from the $500,000 was $95,000 of goods shipped FOB destination by Klintworth to a customer on December 28, 2014. The customer received the goods on January 4, 2015.
The correct amount to report for inventory on Klintworth's balance sheet at December 31, 2014 is:
- $572,000.
- $595,000.
- $675,000.
- $747,000.
Explanation: - The $80,000 should be added to the $500,000 because FOB shipping point means the title transferred when the goods left the seller's dock on December 30, 2014.
- The $72,000 is properly excluded from the ending inventory because title did not pass to Klintworth until Klintworth received the goods on January 3, 2015.
- The $95,000 should be added to the $500,000 because the goods belong to Klintworth until they are received by the customer (in 2015)
- Question
(L.O. 3) Which inventory ...
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O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.Julian F.
I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.Amir M.
I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.