Accounting Homwork Tutoring

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On 12/31/17, Ginger Inc had a credit balance of $850,000 on its Accounts Payable. On 12/20/17 cat food shipped from Allie Inc FOB destination were received by Ginger Inc on 1/2/18. The cost of the cat food was $40,000 on the invoice. What should be the 12/31/17 ending balance in Ginger Inc's A/P

Oct 10th, 2015

Recently asked, the ending account balance of Ginger Inc's A/P is 810,000


Final balance= Starting Balance - Invoice

Oct 10th, 2015

What is the Starting balance and invoice amount?

Oct 10th, 2015

The starting balance is 850,000 and the invoice is 40,000

Oct 10th, 2015
On 1/1/18 Ginger Inc purchased 100 cans of cat food from Ollie Beef Inc at a cost of $3,000. The terms of the sale were FOB shipping point and the Freight-in to Ginger Inc was $400. The insurance cost during the transit of the cans was $100 and then Ginger Inc had to pay an employee $1000 to bring the cans to a saleable condition. What amount should Ginger Inc record in its Inventory account as the cost of the cans


Oct 10th, 2015

Hmm they can report the base cost of the cans as (3000/100) which equals $30 per can.

They can report shipping costs as (400/100)= $4 shipping per can

The upkeep or maintenance would be (1000+100)/100= $11 per can


So they can report a base price of $30 per can

And a total stocking price per can which includes, shipping, maintenance, and insurance of $45

Oct 10th, 2015

Hello

Oct 10th, 2015

Yeah?

Oct 10th, 2015

Is there any other methods of doing this?

Oct 10th, 2015

Please open a new request if you have any other new questions in addition, or send me an assignment request.

Oct 10th, 2015

Ah hmm I was just using basic division and dimensional analysis to solve this

Oct 10th, 2015

Ah hmm I was just using basic division and dimensional analysis to solve this

Oct 10th, 2015

It is a question on the last question I gave you. Is there any other way to solve the problem

Oct 10th, 2015

Since they say for the inventory account it should be the shipping and storage costs also like we went through before, so $45 is the correct answer.

Oct 10th, 2015

About the last question--it's asking for the total cost that needs to be put in the inventory account

Oct 10th, 2015

Would the insurance cost be included in the inventory costs?

Oct 10th, 2015

Yeah definitely

Oct 10th, 2015

Hello

Oct 10th, 2015

Yes?

Oct 10th, 2015

So $3000 (the amount paid for cat food) and insurance cost is $100. The salary paid to employee is also inventory?

Oct 10th, 2015

That's the maintenance costs actually but yes it fits into that category

Oct 10th, 2015

And the $400 in this question is?

Oct 10th, 2015

That is the shipping costs of the cat food to the inventory building.

Oct 10th, 2015

Where did you learn accounting if you don't mind?

Oct 10th, 2015

.

Oct 10th, 2015

Just using dimensional analysis to solve the math with basic division in this case and the business language from basic studies and business speech I've heard around online, in movies, and elsewhere.

Oct 10th, 2015

If it's harder you can look up equations online to derive things further too but almost all of it is basic algebra

Oct 10th, 2015

?? Can you use the LIFO/FIFO methods to solve problems

Oct 10th, 2015

Would you mind leaving a review? Thanks

Oct 10th, 2015

My teacher wants it done in a certain way hence the reason why I was asking

Oct 10th, 2015

I don't know about LIFO or FIFO but I could research it

Oct 10th, 2015

Why, you haven't finished helping me

Oct 10th, 2015

http://www.accountingtools.com/fifo-vs-lifo-accounting

Oct 10th, 2015

What else do you need?

Oct 10th, 2015

Oh. Is there anyone who has went to school for accounting or bookkeeping

Oct 10th, 2015

Is there anyone who went to school for bookkeeping or accounting

Oct 10th, 2015

Hmm you have to check the tutor's profile, there likely is here.

I suggest making a public bid, then checking the people's profiles from the list of names that accept your offer.

Oct 10th, 2015

Will I need to pay for the public bid?

Oct 10th, 2015

No you don't have to pay until you accept an offer

Oct 10th, 2015

Can you send me a link for the public bid

Oct 10th, 2015

It should be this https://www.studypool.com/questions/create

Oct 10th, 2015

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Oct 10th, 2015
Sep 22nd, 2017
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