Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. earnest co.'s physical inventory count on december

Earnest Co.'s physical inventory count on December 31, 2019, was $1,500,000 before considering the following...

70.2K

Verified Solution

Question

Accounting

image
Earnest Co.'s physical inventory count on December 31, 2019, was $1,500,000 before considering the following items Merchandise costing $90,000, was shipped FOB shipping point from a vendor on December 30, 2019. It was received and recorded on January 5, 2020 On December 31, 2019, 5120,000 in inventory was sold to a customer and shipped FOB destination on that day. The goods arrived on January 6, 2020 What amount should Earnost report as ending.inventory in its December 31, 2019 balance sheet? OA 51,620 000 OB. $1,500,000 OC 51,710,000 DO $1,590,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Mr. Brown the CEO of a corporate company wants to know if a new method of...

Statistics
Q

Mary has a heart rate of 72 beats per minute, a blood pressure of 118/74, a...

Medical Sciences
Q

What are the main advantages of three-phase rectification over three phase half-wave rectification? What are the main...

Electrical Engineering
Q

For finding the moment of inertia of a d isc with radius R we assume...

Physics
Q

What is the price per lb of Indonesian cinnamon if 6 lb were mixed with...

Algebra
Q

Case 3: Monitoring Activities: Employee Reimbursements In May 2007, a local chemical plant had an...

Accounting
Q

Accounts payable to me sometimes include non-current or long-term payables in certain circumstances true or...

Accounting
Q

which of these describe the character of an S-Corp? Tax Paying or Reporting

Accounting
Q

Break-even sales under present and proposed conditions Portmann Company, operating at full capacity, sold 1,000,000...

Accounting
Q

Colt Company owns a machine that can produce two specialized products Production time for Product...

Accounting
Q

2. Review Problem: Calculate the arithmetic and geometric averages, variance, and standard deviation of the...

Finance
Q

Carson Inc. Carson Inc. had the following information available at the end of its current...

Accounting